LISTING INFO

General Contractor A person who oversees a home improvement or construction project and handles various aspects such as scheduling workers and ordering supplies.  Real estate words and definition For other words and definitions related to real estate auctions For...

Exclusive Right-to-Sell Listing The traditional kind of listing agreement under which the property owner appoints a real estate broker (known as the listing broker) as exclusive agent to sell the property on the owner’s stated terms, and agrees to pay the listing...

Fully Amortized Mortgage A mortgage in which the monthly payments are designed to retire the obligation at the end of the mortgage term.  Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and...

Eviction The legal act of removing someone from real 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 Phone:...

Escrow Analysis The accounting that a mortgage servicer performs to determine the appropriate balances for the escrow account, compute the borrower’s monthly escrow payments, and determine whether any shortages, surpluses or deficiencies exist in the account....

Forfeiture The loss of money, property, rights, or privileges due to a breach of a legal obligation.  Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale ContactGet...

Escrow Account An account that a mortgage servicer establishes on behalf of a borrower to pay taxes, insurance premiums, or other charges when they are due. Sometimes referred to as an “impound” or “reserve” account.  Real estate words and definition For other...

Escrow An item of value, money, or documents deposited with a third party to be delivered upon the fulfillment of a condition. For example, the deposit by a borrower with the lender of funds to pay taxes and insurance premiums when they become due, or the deposit of...

Equity The value in your home above the total amount of the liens against your home. If you owe $100,000 on your house but it is worth $130,000, you have $30,000 of equity.  Real estate words and definition For other words and definitions related to real estate...

Equal Credit Opportunity Act (ECOA) A federal law that requires lenders to make credit equally available without regard to the applicant’s race, color, religion, national origin, age, sex, or marital status; the fact that all or part of the applicant’s income is...

Foreclosure A legal action that ends all ownership rights in a home when the hoebuyer fails to make the mortgage payments or is otherwise in default under the terms of the mortgage.  Real estate words and definition For other words and definitions related to real...

Encumbrance Any claim on a property, such as a lien, mortgage or easement.  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:...

Encroachment The intrusion onto another’s property without right or permission.  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:...

Employer-Assisted Housing A program in which companies assist their employees in purchasing homes by providing assistance with the down payment, closing costs, or monthly payments.  Real estate words and definition For other words and definitions related to real...

Easement A right to the use of, or access to, land owned by another.  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...

Flood Insurance Insurance that compensates for physical property damage resulting from flooding. It is required for properties located in federally designated flood hazard zones.  Real estate words and definition For other words and definitions related to real...

Flood Certification Fee A fee charged by independent mapping firms to identify properties located in areas designated as flood zones.  Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and...

Buydown Account An account in which funds are held so that they can be applied as part of the monthly mortgage payment as each payment comes due during the period that an interest rate buydown plan is in effect.  Real estate words and definition For other words...

Buydown An arrangement whereby the property developer or another third party provides an interest subsidy to reduce the borrower’s monthly payments typically in the early years of the loan.  Real estate words and definition For other words and definitions related...

Building Code Local regulations that set forth the standards and requirements for the construction, maintenance and occupancy of buildings. The codes are designed to provide for the safety, health and welfare of the public.  Real estate words and definition For...