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Real Estate Dictionary

posted by: rentedweb in Uncategorized

CC & R’s: Covenants, Conditions and Restrictions. A document that controls the use,
requirements and restrictions of a property.

Closing Date: The date that the lender releases funds to the seller and the courthouse
records the Deed under the new owner’s name.

Closing Statement or HUD Statement: The financial disclosure statement that accounts
for all of the funds received and expected at the closing of the escrow, including deposits
for taxes, hazard insurance and mortgage insurance.

Earnest Money: Money given by the buyer up front with an offer to purchase a property.
If mutual acceptance occurs, the money is deposited to an escrow account. This shows
good faith on behalf of the buyer to the seller. If the buyer should back out of the
transaction without legal reason, the earnest money is forfeited to the seller.

Escrow: A neutral third party which helps to facilitate all the parts of a real estate
transaction, handles legal documents, records the transaction, and disburses and
distributes funds.

Home Inspection Report: A qualified inspector’s report on a property’s overall condition.
The report usually covers an evaluation of both the structure and mechanical systems.
Joint Tenancy: An equal, undivided ownership of property by two or more persons. Upon
death of any owner the survivor takes the decedent’s interest in the property.

Lien: A legal hold or claim on property as security for a debt or a charge.

PITI: Principle, Interest, Taxes, Insurance.

Possession Date: This is the date when the new owners take possession of the property.
This date is specified in the Purchase & Sale Agreement.

Private Mortgage Insurance: Insurance written by a private company protecting the
lender against loss if the borrower defaults on the mortgage.

Property Status:

• Active: The home does not have an accepted offer and is available to purchase.

• Pending Inspection: Mutual acceptance has been obtained from the buyer and
seller and the contract is contingent upon the buyer obtaining a satisfactory
property inspection.

• Pending: Once the inspection process is completed, or if the inspection was waived,
the home moves to the Pending status. This is the status the home is usually in prior
to closing.

Purchase and Sale Agreement: A written document in which the purchaser agrees to buy
certain real estate and the seller agrees to sell under certain terms and conditions. Also
called a sales contract.

Realtor: A real estate broker or associate in a local real estate board affiliated with the
National Association of Realtors.

Signing Date: Buyers usually sign all paperwork at least 3 days prior to the actual closing
date. This is also the day in which Buyers are expected to bring the funds required for
purchasing the home.

Tenancy in Common: A type of joint ownership of property by two or more persons with
no right of survivorship.

Title Insurance: An insurance policy which protects the purchaser, mortgagee or other
party against liens or encumbrances against their property.

*Some definitions courtesy of Rainier Title.

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