FIND THE DEFINITION FOR ANY REAL ESTATE
Click on the letters above for terms beginning with that
letter, and then click on the term below.
Don’t see a term here?
Feel free to ask us. (Unfortunately, however, we cannot give you
real estate or legal advice.)
like “air”) – A party who may be entitled to receive some or
all of the assets of a deceased individual.
ASSOCIATION (HOA) – An association of property owners
in a particular neighborhood or development, often mandatory,
created to enhance and benefit the community.
Mandatory associations are normally created by the developer
when the neighborhood is being built, and normally require payment
of monthly dues or fees, and adherence to rules and regulations
within the community. Most often set up as a non-profit corporation.
INSURANCE – An insurance policy to cover the repair or
replacement of a building or other improvement on a property
when it is damaged or destroyed.
Lenders will normally require enough insurance to cover
at least the balance of the loan on the property.
WARRANTY – A policy to cover repairs on certain or all
defects in a house, or to cover repairs when appliances or other
systems break, during a set period of time.
– The Department of Housing and Urban Development.
A cabinet level branch of the U.S. government.
HUD-1 – The
standardized form used as a settlement statement at the closing
of the purchase of a property.
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