{"id":1179,"date":"2021-01-11T06:00:19","date_gmt":"2021-01-11T11:00:19","guid":{"rendered":"https:\/\/www.deeds.com\/articles\/?p=1179"},"modified":"2024-04-25T23:20:04","modified_gmt":"2024-04-26T03:20:04","slug":"what-does-that-mean-a-guide-to-real-estate-lingo","status":"publish","type":"post","link":"https:\/\/www.deeds.com\/articles\/what-does-that-mean-a-guide-to-real-estate-lingo\/","title":{"rendered":"What Does That Mean? A Guide to Real Estate Lingo"},"content":{"rendered":"\n<div class=\"wp-block-image\"><figure class=\"aligncenter is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2021\/01\/common-real-estate-terms-1024x296.jpg\" alt=\"Image of a page out of a dictionary. Captioned: What Does That Mean? A Guide to Real Estate Lingo.\" class=\"wp-image-1180\" width=\"1024\" height=\"296\" srcset=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2021\/01\/common-real-estate-terms-1024x296.jpg 1024w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2021\/01\/common-real-estate-terms-300x87.jpg 300w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2021\/01\/common-real-estate-terms-768x222.jpg 768w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2021\/01\/common-real-estate-terms.jpg 1278w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure><\/div>\n\n\n\n<p>When embarking on a home shopping experience, or simply\nreading up on deeds, you enter a world of legal jargon and terms of art. We\u2019re\non a mission&nbsp;to help our readers become fluent in the language of deeds!\nIn this spirit, we offer a concise guide to the key terminology every loan\napplicant and homeowner needs to know \u2014 categorized for ease of reference into\nfive sections:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Mortgage Terminology <\/li><li>Deed Talk<\/li><li>Speaking of Titles<\/li><li>Real Estate Language<\/li><li>Death &amp; Taxes<\/li><\/ul>\n\n\n\n<p>OK, let\u2019s jump in!<\/p>\n\n\n\n<!--more-->\n\n\n\n<h2 class=\"wp-block-heading\">Mortgage Terminology<\/h2>\n\n\n\n<p>The process of applying for a loan to buy a new home is a\ncrash course (or a refresher course) in industry lingo. The more you know, the\nbetter questions you ask your mortgage specialist, so here are some of the\nterms to look for.<\/p>\n\n\n\n<p><strong>Appraisal:<\/strong> A professional evaluation your lender will\norder to know the individual property\u2019s current worth.<\/p>\n\n\n\n<p><strong>Bridge loan:<\/strong> A short-term loan, sometimes used to buy\na new home by drawing on the owner\u2019s equity from a home to be sold.<\/p>\n\n\n\n<p><strong>Debt-to-income ratio:<\/strong> A person\u2019s DTI ratio indicates\nthe portion of income needed to pay all their monthly bills and charges. As a\nrule, a buyer\u2019s <a href=\"https:\/\/www.deeds.com\/articles\/how-getting-a-mortgage-with-a-co-borrower-affects-the-deed\/\">DTI\nratio<\/a> should be under 43%.<\/p>\n\n\n\n<p><strong>Deed in lieu of foreclosure:<\/strong> Conveyance of title to\nthe mortgagee by a mortgagor in default to avoid a record of foreclosure. See <a href=\"https:\/\/www.deeds.com\/articles\/understanding-the-deed-in-lieu-of-foreclosure-process\/\">more\nhere about deeds in lieu<\/a> and <strong>short sales<\/strong>.<\/p>\n\n\n\n<p><strong>Deed of trust:<\/strong> A deed held by a&nbsp;trustee to until\nthe buyer pays off the loan. In some states, a <a href=\"https:\/\/www.deeds.com\/articles\/what-is-a-deed-of-trust\/\">deed of trust<\/a>\nis used rather than a mortgage.<\/p>\n\n\n\n<p><strong>Forbearance:<\/strong> A lender\u2019s agreement to allow delayed\nmortgage payments, giving the borrower time to bring an account up-to-date.<\/p>\n\n\n\n<p><strong>Foreclosure:<\/strong> Legal action to force a mortgage repayment,\nwhich can result in a <a href=\"https:\/\/www.deeds.com\/articles\/what-to-know-before-you-buy-a-foreclosed-home\/\">sale\nof the foreclosed home<\/a>.<\/p>\n\n\n\n<p><strong>Government-backed loan:<\/strong> A mortgage loan whose repayment\nto the lender is guaranteed by a government agency, such as the Federal Housing\nAdministration (FHA loan), the Agriculture Department (USDA loan), or the\nDepart\u00adment of Veteran Affairs (VA loan). A <strong>conventional mortgage loan,<\/strong> in\ncontrast, has no fed\u00aderal guarantee of repayment for the lender. The Federal\nHome Loan Mortgage Corporation (Freddie Mac) and the Federal National Mortgage\nAssociation (Fannie Mae) buy both types of mortgages.<\/p>\n\n\n\n<p><strong>HELOC:<\/strong> A <a href=\"https:\/\/www.deeds.com\/articles\/heloc-how-home-equity-lines-of-credit-impact-a-homes-title\/\">home\nequity line of credit<\/a> \u2014 a credit charge account of homeowner tapping\nthe paid-off value in a home. Contrast to a home equity loan, taken out by a\nhomeowner to tap the paid-off value in a home.<\/p>\n\n\n\n<p><strong>Judicial foreclosure:<\/strong> A court proceeding enabling a\ndebtor\u2019s property to be sold on behalf of a creditor.<\/p>\n\n\n\n<p><strong>Principal:<\/strong> The core amount of the loan, on which the\nborrower pays interest. Many mortgage agreements allow borrowers to make extra\npayments on the principal, to save on interest and pay off the loan more\nquickly.<\/p>\n\n\n\n<p><strong>Private mortgage insurance (PMI):<\/strong> Insur\u00adance coverage\npaid by a borrower with a high loan-to-value ratio, to lower the lender\u2019s risk.\nAn <strong>LTV&nbsp;ratio<\/strong> of 80%, for a buyer putting 20% down, is enough to avoid\nPMI.<\/p>\n\n\n\n<p><strong>Reverse mortgage:<\/strong> For homeowners with most of their\nmortgage paid off, this option means the lender makes monthly payments to the\nhomeowner. <a href=\"https:\/\/www.deeds.com\/articles\/should-you-get-a-reverse-mortgage-consider-this\/\">See\nmore here on reverse mortgages and cash-out loans<\/a>.<\/p>\n\n\n\n<p><strong>Underwriter:<\/strong> The lender\u2019s underwriter has the role of\nverifying applicants\u2019 financial details and the property facts, in order to\ngrant final mortgage approval. Underwriting is at work when the mortgage\nspecialist calls for pay stubs, sources of money, employment history, and additional\ndocumentation.<\/p>\n\n\n\n<p><strong>Transfer tax:<\/strong> A tax the state may require when the\ntitle to a home is conveyed by deed.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Speaking of Titles<\/h2>\n\n\n\n<p>The<strong> title<\/strong>, which represents ownership, proves the\ncurrent status of the home as a result of its entire history of ownership, or <strong>chain\nof title<\/strong>. Each transfer of ownership occurs by a deed and is called a <strong>conveyance<\/strong>.<\/p>\n\n\n\n<p>The title might be <strong><a href=\"https:\/\/www.deeds.com\/articles\/hows-your-property-vested-it-matters-as-much-as-your-will-or-trust\/\">vested<\/a><\/strong>\nin various ways:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Sole ownership<\/strong>, when the home is\nindividually owned.<\/li><li><strong>Joint ownership<\/strong>, when the home is\nco-owned. <\/li><li>Co-owners who are&nbsp;<strong>joint tenants with\nrights of survivorship<\/strong> enjoy equal shares. Upon the death of one owner,\nthat interest passes automatically to the surviving owner(s).&nbsp;<\/li><li>Right of survivorship also vests in a <strong>tenancy\nby the entirety<\/strong>, so the surviving owner gets the title to a co-owner\u2019s\nshare upon death of the co-owner, immediately and without probate.<\/li><li>Co-owners who are&nbsp;<strong>tenants in common<\/strong> may\nbequeath their interests to others, and the property is probated when one owner\ndies.<\/li><li><strong>Community property<\/strong> is co-ownership lim\u00adited\nto spouses and life partners in a number of states. The house acquired by the marriage\npartners&nbsp;belongs to them&nbsp;in equal,&nbsp;transferable shares. Where community\nproperty with survivorship rights is allowed, the home can avoid&nbsp;probate,\nwith the deceased marriage partner\u2019s interest automatically vesting&nbsp;in the\nsurviving co-owner.<\/li><\/ul>\n\n\n\n<p><strong>Encumbrance:<\/strong> A claim or liability on the real estate.\nA lien, for example, is one party\u2019s claim against the property of another for\nsome debt or charge. In addition to a mortgage, common liens include:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Judgment liens:<\/strong> Ordered in a court case. <\/li><li><strong>Mechanics\u2019 liens:<\/strong> Claims for unpaid\nconstruction work or materials. <\/li><\/ul>\n\n\n\n<p><strong>Covenant:<\/strong> Specified limit on the use and enjoyment of\nthe property. A <strong>covenant running with the land<\/strong> binds all future owners.\nAlso called <strong>deed restrictions<\/strong>, some restrictive covenants have\nperpetuated <a href=\"https:\/\/www.deeds.com\/articles\/is-a-hurtful-deed-restriction-lurking-in-your-deed\/\">discriminatory\npractices<\/a>.<\/p>\n\n\n\n<p><strong>Easement:<\/strong> Right-of-way permission for non-owners. For\na detailed exploration, see our <a href=\"https:\/\/www.deeds.com\/articles\/the-real-estate-easement-a-guide-and-glossary\/\">easement\nguide and glossary<\/a>. <\/p>\n\n\n\n<p><strong>Encroachment:<\/strong> An overhang or intrusion by some\nstructure or object over the property line.<\/p>\n\n\n\n<p><strong>Title search:<\/strong> A verification, by examining the <strong>chain\nof title<\/strong> in the county records, that today\u2019s owner has the right to transfer\na piece of real estate. A <strong>cloud on title<\/strong> is a significant claim uncovered\nagainst the property\u2019s value.<\/p>\n\n\n\n<p><strong>Opinion of title:<\/strong> An attorney\u2019s opinion of the status\nof ownership, given the information available in public records. <\/p>\n\n\n\n<p><strong>Abstract of title:<\/strong> Title history and status, based on\na title examination. <\/p>\n\n\n\n<p><strong>Quiet title:<\/strong> A court action to clear a questionable\nproperty title so it can be insured. <\/p>\n\n\n\n<p><strong>Title insurance:<\/strong> A policy shielding its beneficiary\nfrom financial loss resulting from <a href=\"https:\/\/www.deeds.com\/articles\/unexpected-real-estate-title-defects-how-to-file-a-claim-with-the-insurance-company\/\">undisclosed\ntitle defects<\/a>&nbsp;and unrecorded easements. Title insurance also\ncovers fraud, forgery, and&nbsp;<a href=\"https:\/\/www.deeds.com\/articles\/7-common-title-problems-in-real-estate-deals\/\">various\ntitle problems<\/a>. The buyer must obtain a <strong>lender\u2019s policy<\/strong> to\nprotect the mortgage lender. Purchasing <strong>owner\u2019s insurance<\/strong> is optional \u2014\nbut <a href=\"https:\/\/www.deeds.com\/articles\/home-buyers-cover-your-assets-choosing-between-standard-and-extended-title-insurance\/\">the\nowner\u2019s policy is recommended<\/a>.<\/p>\n\n\n\n<p><strong>Homeowner\u2019s insurance:<\/strong> A policy protecting the value\nof the home from various risks.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Real Estate Language<\/h2>\n\n\n\n<p><strong>Agent:<\/strong> A person with authority to represent another. In\ncontrast to a broker, who connects people to help them negotiate a house sale,\nan agent has <strong><a href=\"https:\/\/www.deeds.com\/articles\/your-real-estate-agents-fiduciary-duties\/\">fiduciary\nduties<\/a><\/strong> to a particular client.<\/p>\n\n\n\n<p><strong>Closing costs:<\/strong> Costs of a real estate transaction,\nmade at settlement.<\/p>\n\n\n\n<p><strong>Co-op:<\/strong> A real estate corporation whose members\npurchase shares in a building and surrounding property. Rather than deeds, <a href=\"https:\/\/www.deeds.com\/articles\/owning-a-co-op-different-from-traditional-real-estate\/\">co-op\nbuyers hold stock certificates<\/a>.<\/p>\n\n\n\n<p><strong>Contract for deed:<\/strong> Seller-financed agreement of sale,\nanticipating a transfer of title when the buyer <a href=\"https:\/\/www.deeds.com\/articles\/category\/contract-for-deed\/#:~:text=Also%20known%20as%20an%20installment,sends%20the%20seller%20monthly%20installments.\">completes\nthe installment pay\u00adments<\/a>.<\/p>\n\n\n\n<p><strong>Disclaimer of interest: <\/strong>The legal <a href=\"https:\/\/www.deeds.com\/articles\/category\/disclaimer-of-interest\/\">refusal\nto accept a deed<\/a>.<\/p>\n\n\n\n<p><strong>Disclosure:<\/strong> Form enabling notification to the buyer\nabout a property\u2019s condition, potential hazards and material defects. <\/p>\n\n\n\n<p><strong>Escrow:<\/strong> The deposit of funds or legal instruments with\na neutral party \u2014 such as a lender or real estate broker \u2014 to later transfer a\ndown payment or to pay taxes, insurance, or other costs. <\/p>\n\n\n\n<p><strong>Homeowners\u2019 association (HOA):<\/strong> An organization of neighborhood\nor condominium owners, responsible for maintaining and managing common areas. <\/p>\n\n\n\n<p><strong>Remote online notarization (RON):<\/strong> A fast-moving trend\nwhich goes beyond <a href=\"https:\/\/www.deeds.com\/articles\/deeds-by-distance-which-states-are-moving-to-remote-notarization\/\">digital\nnotarization<\/a> (eSigning and eNotarizing) and allows signing and\nnotarization from a distance.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Deed Talk<\/h2>\n\n\n\n<p>A deed is a written legal instrument that passestitle\nto a <strong>grantee<\/strong> (the new owner or owners). It is typically drafted by or on\nbehalf of the<strong> grantor<\/strong> (seller or giver). The deed represents the\ngrantor\u2019s interest in the property and references the prior deed, and names the\nseller, a buyer and the vesting of the transferred title (see the above\nSpeaking of Titles section). It also sets for the price, a property\ndescription, and a citation to the recording information of an earlier deed.\nSome types of deeds include:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>General warranty deed:<\/strong> A deed denoting an\nunlimited guarantee of title.<\/li><li><strong>Quitclaim deed:<\/strong> A deed, containing no\nwarranty of title, that only relinquishes or releases a claim on real estate.\nThe <a href=\"https:\/\/www.deeds.com\/quitclaim-deed\/\">quitclaim\ndeed<\/a> is sometimes used to remove a cloud on a title.<\/li><li><strong>Grant deed:<\/strong> A moderate level of risk is\npresented with the grant deed. The conveyor of a <a href=\"https:\/\/www.deeds.com\/articles\/how-does-a-grant-deed-work\/\">grant deed<\/a>\noffers the buyer stronger protections than a quitclaim gives, but lesser\nprotections than a general warranty deed provides. For other examples of\nsplitting the risk, see the <strong><a href=\"https:\/\/www.deeds.com\/articles\/you-have-the-deed-and-keys-to-your-new-home-what-about-a-guarantee\/\">limited\nwarranty or special warranty deeds<\/a><\/strong>.<\/li><li><strong>Bargain and sale deed:<\/strong> A form of deed by\nwhich the buyer assumes the house as-is. See <a href=\"https:\/\/www.deeds.com\/articles\/bargain-and-sale-vs-quitclaim-deeds-a-concise-guide\/\">this\narticle for an explanation of the difference<\/a> between a quitclaim and\na bargain and sale deed.<\/li><\/ul>\n\n\n\n<p>Among various other deed types, note the <strong>correction deed <\/strong>\u2014\nan instrument to remedy&nbsp;<a href=\"https:\/\/www.deeds.com\/articles\/an-error-in-the-legal-description-of-the-deed-what-happens-now\/\">mistakes\nin the property\u2019s&nbsp;legal description<\/a> by stating the error, and\nrestating the description in corrected form. &nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Death and Taxes<\/h2>\n\n\n\n<p>For homeowners, it\u2019s especially important to have an <strong>estate\nplan<\/strong> \u2014 that is, to plan out how the value of one\u2019s assets pass on to\nsurviving recipients after the owner\u2019s death. The vocabulary of estate planning\nreflects the elements of the continued chain of title that transcends\nindividual lives. <\/p>\n\n\n\n<p><strong>Acknowledgment:<\/strong> A formal attestation before an\nauthorized official that a person voluntarily executed a will or other\ndocument. A <strong>notary public<\/strong> is an example of a person authorized to take\noaths and acknowledgments.<\/p>\n\n\n\n<p><strong>Beneficiary:<\/strong> Future recipient named in an owner\u2019s will,\ntrust, or beneficiary deed (see <strong>transfer on death&nbsp;deed<\/strong>, below).<\/p>\n\n\n\n<p><strong>Capital gains:<\/strong> Any profit made when selling the home\nover the original cost basis, or purchase price.<\/p>\n\n\n\n<p><strong>Deed of distribution<\/strong>: Instrument to convey property\nleft in the will to multiple parties, identifying the new owners and their\ninterests.<\/p>\n\n\n\n<p><strong>Executor\u2019s deed:<\/strong> Instrument for transferring the home\nto the will\u2019s beneficiaries or to a different buyer. An <strong>administrator\u2019s deed<\/strong>\nis used by a court-appointed personal representative to transfer the real\nestate of someone who died <strong>intestate<\/strong> (without a will). <\/p>\n\n\n\n<p><strong>Holographic will: <\/strong>A handwritten will, allowed in some\nstates. <\/p>\n\n\n\n<p><strong>Intestate succession:<\/strong> State law indicating the\nrelatives next in line to receive property if the deceased person left no will.\nProperty will <strong>escheat <\/strong>(transfer to the state) if no will or eligible heirs\ncan be located.<\/p>\n\n\n\n<p><strong>Life estate<\/strong>: Ownership rights in the home during\nlife, while preserving the property\u2019s value for a beneficiary after death. The\nrecipient of the later interest is the <strong>remainder interest<\/strong> holder. <\/p>\n\n\n\n<p><strong>Personal representative:<\/strong> A person authorized by the\nprobate court to distribute estate assets. Called an <strong>executor<\/strong> if\nappointed by the deceased person through a will; or an <strong>administrator <\/strong>if\ncourt-appointed.<\/p>\n\n\n\n<p><strong>Probate:<\/strong> The procedure overseen by the county court for\nproving a will is valid and distributing the property of a person who has died.<\/p>\n\n\n\n<p><strong>Tax lien:<\/strong> A claim by the local, state, or federal\ngovernment on the title to property for unpaid taxes.<\/p>\n\n\n\n<p><strong>Trust:<\/strong> A legal arrangement in which\nthe title is held, and property is managed and controlled, for the benefit of another\nparty. A <strong>trustee<\/strong> holds title on behalf of a <strong>beneficiary<\/strong>.<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>A <strong>revocable (living) trust<\/strong> remains under\nthe tax identity of the trust\u2019s creator. Its creator may change or amend the beneficiaries\u2019\nright to acquire the property.&nbsp;<\/li><li>An <strong>irrevocable trust<\/strong> becomes a separate\ntax entity, and avoids estate tax and probate. <\/li><li>A<strong> testamentary trust<\/strong> is written into a will,\nand effective upon death.<\/li><\/ul>\n\n\n\n<p><strong>Transfer on death deed:<\/strong> Allowed for real estate in\nsome states, the <strong><a href=\"https:\/\/www.deeds.com\/articles\/update-the-state-of-the-transfer-on-death-deed\/\">transfer\non death deed<\/a><\/strong>, also called a <strong>beneficiary deed<\/strong>, conveys a\nhome and all related obligations to a beneficiary, without probate, after the\ndeath of its creator. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Thanks to Our Readers.<\/h2>\n\n\n\n<p>We aim to help every reader engage with real estate deeds in an informed way. We thank our readers for taking a voyage through the verbiage of real estate with <em>Deeds.com<\/em>!<\/p>\n\n\n\n<p class=\"has-small-font-size\">Photo: <a href=\"https:\/\/pixabay.com\/photos\/dictionary-reference-book-learning-1619740\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">stevepb<\/a>, via Pixabay. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>When embarking on a home shopping experience, or simply reading up on deeds, you enter a world of legal jargon and terms of art. We\u2019re on a mission&nbsp;to help our readers become fluent in the language of deeds! In this spirit, we offer a concise guide to the key terminology every loan applicant and homeowner [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[71],"tags":[],"class_list":["post-1179","post","type-post","status-publish","format-standard","hentry","category-general"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>What Does That Mean? A Guide to Real Estate Lingo - Deeds.com<\/title>\n<meta name=\"description\" content=\"We\u2019re on a mission to help our readers become fluent in the language of deeds! 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