by Myers Jackson | Dec 31, 2024 | Auction News
Real Estate Settlement Procedures Act (RESPA) A federal law that requires lenders to provide home mortgage borrowers with information about transaction-related costs prior to settlement, as well as information during the life of the loan regarding servicing and escrow...
by Myers Jackson | Dec 31, 2024 | Auction News
Real Estate Professional An individual who provides services in buying and selling homes. The real estate professional is paid a percentage of the home sale price by the seller. Unless you’ve specifically contracted with a buyer’s agent, the real estate professional...
by Myers Jackson | Dec 31, 2024 | Auction News
Ratified Sales Contract A contract that shows both you and the seller of the house have agreed to your offer. This offer may include sales contingencies, such as obtaining a mortgage of a certain type and rate, getting an acceptable inspection, making repairs, closing...
by Myers Jackson | Dec 31, 2024 | Auction News
Rate Lock An agreement in which an interest rate is “locked in” or guaranteed for a specified period of time prior to closing. See also “Lock-in Rate.” Real estate words and definition CLICK THIS BUTTON For other words and definitions related to real estate...
by Myers Jackson | Dec 31, 2024 | Auction News
Rate Cap The limit on the amount an interest rate on an adjustable-rate mortgage (ARM) can increase or decrease during an adjustment period. Real estate words and definition CLICK THIS BUTTON For other words and definitions related to real estate auctions CLICK...
by Myers Jackson | Dec 31, 2024 | Auction News
Radon A toxic gas found in the soil beneath a house that can contribute to cancer and other illnesses. Real estate words and definition CLICK THIS BUTTON For other words and definitions related to real estate auctions CLICK THIS BUTTON For all active auctions,...
