LISTING INFO 

Change Orders A change in the original construction plans ordered by the property owner or general contractor.  Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale...

Liability Insurance Insurance coverage that protects property owners against claims of negligence, personal injury or property damage to another party.  Real estate words and definition For other words and definitions related to real estate auctions For all...

Chain of Title The history of all of the documents that have transferred title to a parcel of real property, starting with the earliest existing document and ending with the most recent.  Real estate words and definition For other words and definitions related to...

Liabilities A person’s debts and other financial obligations.  Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale ContactGet InTouchEmail: 411@myersjackson.com Phone:...

Certificate of Deposit A document issued by the U.S. Department of Veterans Affairs (VA) certifying a veteran’s eligibility for a VA-guaranteed mortgage loan.  Real estate words and definition For other words and definitions related to real estate auctions For...

Lease-Purchase Option An option sometimes used by sellers to rent a property to a consumer, who has the option to buy the home within a specified period of time. Typically, part of each rental payment is put aside for the purpose of accumulating funds to pay the down...

Fixed-Period Adjustable-Rate Mortgage An adjustable-rate mortgage (ARM) that offers a fixed rate for an initial period, typically three to ten years, and then adjusts every six months, annually, or at another specified period, for the remainder of the term. Also known...

First-Time Home Buyer A person with no ownership interest in a principal residence during the three-year period preceding the purchase of the security property.  Real estate words and definition For other words and definitions related to real estate auctions For...

Late Charge A penalty imposed by the lender when a borrower fails to make a scheduled payment on time.  Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale ContactGet...

Certificate of Deposit A document issued by a bank or other financial institution that is evidence of a deposit, with theissuer’s promise to return the deposit plus earnings at a specified interest rate within a specified time period.  Real estate words and...

Keogh Funds A tax-deferred retirement-savings plan for small business owners or self-employed individuals who have earned income from their trade or business. Contributions to the Keogh plan are tax-deductible.  Real estate words and definition For other words...

Junior Mortgage A loan that is subordinate to the primary loan or first-lien mortgage loan, such as a second or third mortgage.  Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and...

Cash-out Refinance A refinance transaction in which the borrower receives additional funds over and above the amount needed to repay the existing mortgage, closing costs, points, and any subordinate liens.  Real estate words and definition For other words and...

First Mortgage A mortgage that is the primary lien against a property.  Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale ContactGet InTouchEmail: 411@myersjackson.com...

Capacity Your ability to make your mortgage payments on time. This depends on your income and income stability (job history and security), your assets and savings, and the amount of your income each month that is left over after you’ve paid for your housing costs,...

Jumbo Loan A loan that exceeds the mortgage amount eligible for purchase by Fannie Mae or Freddie Mac. Also called “non-conforming loan.”  Real estate words and definition For other words and definitions related to real estate auctions For all active auctions,...

Judgment Lien A lien on the property of a debtor resulting from the decree of a court.  Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale ContactGet InTouchEmail:...

Cap For an adjustable-rate mortgage (ARM), a limitation on the amount the interest rate or mortgage payments may increase or decrease. See also “LifetimePayment Cap,” “Lifetime Rate Cap,” “Periodic Payment Cap,” and “Periodic Rate Cap.”  Real estate words and...

Investment Property A property purchased to generate rental income, tax benefits, or profitable resale rather than to serve as the borrower’s primary residence. Contrast with “second home.”  Real estate words and definition For other words and definitions related...