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Purchase Terminology

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Freedom Mortgage Purchase Terminology

Created Date 05.18.21
Last Updated 05.18.21
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  • All information pertaining to a particular property maintained by local municipalities.
  • A change to an existing portion of the contract.
  • A rate that may increase or decrease based on market conditions.
  • 3rd party report that determines the fair market value of a property.
  • Increasing equity resulting from an increase in property values.
  • The purchase of a house without any improvements required by the seller.
  • Determined by local government as a way to determine property tax levels.
  • Breaking the terms set forth in a contract.
  • Realtor who represents a person seeking to purchase a home.
  • This occurs when supply for homes is higher than demand, which lowers competition and housing prices
  • Date which buyers and sellers meet to fund the sale of a home and transfer ownership.
  • Costs associated with obtaining a mortgage.
  • The money the Realtor is owed when a sale closes.
  • Non-binding agreement that lets the Realtor know that credit, income and assets have been confirmed.
  • Properties with similar size/qualities in the immediate area of a subject property.
  • Requirements that must be met before a real estate sale can close.
  • The deed is the legal document that facilitates the transfer from one party to another.
  • Amount of money the buyer has saved to use to help fund the purchase of a new home.
  • When the realtor represents both the buyer and the seller in a real estate transaction.
  • The period in which the buyer has to discover negative information in regards to a house.
  • A deposit by the buyer and generally held in escrow.
  • Money that is secured by a third party until transaction is 100% complete.
  • An extension of time to the commitment or closing date.
  • This is the $ amount determined by an appraiser that a property would sell for in the open market.
  • Provides federally backed home loans, with more lenient underwriting and down payment requirements.
  • When a home is sold by the owner without the use of a Realtor.
  • Determines the condition of a home, including the foundation, roof, plumbing, heating, etc
  • Covers problems within one's home after purchase.
  • Management organizations that oversees a particular group of homes.
  • Property insurance that covers losses and damages to an individual's residence.
  • A claim or legal right against a property.
  • THe amount for which the seller's real estate agent has determined the home could sell for.
  • An agreement that represents the right of the real estate agent to handle the sale of a home.
  • A real estate professional who represents the seller in a real estate transaction.
  • Used to store keys to a home for sale so buyer's and seller's agents alike can gain access to it.
  • A lender's rate lock guarantees a specific rate for a fixed period of time.
  • A database established by a group of real estate brokers to provide data about properties for sale.
  • When a lender verbally determines a borrower qualifies for a particular loan amount.
  • When the lender has verified credit, income and assets and has verified the borrower is pre-approved
  • This is a legal document in the closing package that states a borrower agrees to pay back their loan
  • This group comprises all Realtors in a particular area.
  • Lists a property for sale and represents the person selling the home is a real estate transaction.
  • This occurs when the demand is far higher than the supply, which increases housing price/competition
  • A short sale happens when a homeowner agrees to sell their property for less than what it's worth.
  • Covers borrowers in the event another party lays claim to a residence after the sale.
  • An underwriter reviews and verifies that information is accurate and meets guidelines.
  • When both the home seller and buyer have signed the sales contract.
  • Financial inspection of a home by the buyers before closing to ensure the condition of a home.