Real Estate Terms
Click on a link below for
an alphabetized list of Real Estate and Mortgage Terms.
A commitment issued by a lender to a borrower or other
mortgage originator guaranteeing a specified interest
rate for a specified period of time at a specific cost.
Real estate agent
A person licensed to negotiate and transact the sale
of real estate.
Real Estate Settlement Procedures Act (RESPA)
A consumer protection law that requires lenders to give
borrowers advance notice of closing costs.
Land and appurtenances, including anything of a permanent
nature such as structures, trees, minerals, and the
interest, benefits, and inherent rights thereof.
A real estate agent, broker or an associate who holds
active membership in a local real estate board that
is affiliated with the National Association of Realtors.
The public official who keeps records of transactions
that affect real property in the area. Sometimes known
as a "Registrar of Deeds" or "County
The noting in the registrar’s office of the details
of a properly executed legal document, such as a deed,
a mortgage note, a satisfaction of mortgage, or an extension
of mortgage, thereby making it a part of the public
The process of paying off one loan with the proceeds
from a new loan using the same property as security.
The amount of principal that has not yet been repaid.
See principal balance.
The original amortization term minus the number of payments
that have been applied.
Rent loss insurance
Insurance that protects a landlord against loss of rent
or rental value due to fire or other casualty that renders
the leased premises unavailable for use and as a result
of which the tenant is excused from paying rent.
An arrangement made to repay delinquent installments
Replacement reserve fund
A fund set aside for replacement of common property
in a condominium, PUD, or cooperative project -- particularly
that which has a short life expectancy, such as carpeting,
A credit arrangement, such as a credit card, that allows
a customer to borrow against a preapproved line of credit
when purchasing goods and services. The borrower is
billed for the amount that is actually borrowed plus
any interest due.
Right of first refusal
A provision in an agreement that requires the owner
of a property to give another party the first opportunity
to purchase or lease the property before he or she offers
it for sale or lease to others.
Right of ingress or egress
The right to enter or leave designated premises.
Right of survivorship
In joint tenancy, the right of survivors to acquire
the interest of a deceased joint tenant.