A property that within the same physical structure, it is able to hold two homes with two separate entrances, living rooms, dining rooms, kitchens, bedrooms and so forth.
A real estate agent or broker who in a real estate transaction represents both parties, buyer and seller. For ethical and legal reasons, an agent representing both parties must disclose the dual agency.
Real estate transaction that is fully executed in which all the conditions to perform the transaction have been fulfilled and the funds are agreed to be transferred at a later date by the buyer and seller.
Upfront payment used to secure the purchase of a property. The down payment is generally made in cash and it is then applied to the full amount of the purchase price when the transaction is closed and ownership has been transferred to the buyer.
Distressed Real Estate:
Property that was acquired with a loan which is no longer being serviced by the borrower. Generally speaking, a distressed property goes into several legal states which include foreclosure, short sale or repossession.
A real estate brokerage firm that offers some type of discount or rebate on commissions to customers.
The process in which the cost of a property is spread over a specific period of time.
In real estate the term is generally used to describe a title that contains irregularities or inaccuracies.
A set of records, whether theyâ€™d be electronic or physical, found in the public registry where deeds and other real estate related documents are recorded and kept.
An official document that establishes the ownership of a property.
The act of securing a loan from one lender to pay off multiple loans by just making one payment to one lender. Generally this is done to secure a lower interest rate as the lender is able to negotiate with the multiple lenders lower rates.