Title Insurance and Closing Services Since 1954
The Real Estate Industry has its own unique language and, without some knowledge of this language, you may find yourself a bit confused if you become involved in a real estate transaction. Wayne County Title Agency, Inc. has compiled the following Definition of Terms commonly used in the real estate industry. Whether you are entering the real estate market for the first time or have invested in it before, this handy reference will provide an understanding of basic real estate words and phrases.
A loan for purchase of land in which the Veteran’s Administration guarantees the lender payment of a home mortgage by a qualified veteran.
A long-term loan having an interest rate which fluctuates with a reference index and generally reflects the current market rate of interest.
A lien either express or implied given to a vendor for the remaining unpaid and unsecured part of a purchase price.
Used to refer to the county or place in which an acknowledgment is made before a notary; also refers to the county in which a lawsuit may be filed or tried.
To become owned by.
Present ownership rights, absolute and fixed.