In a real estate transaction, the term pertains to the fiduciary duty of a broker or real estate agent to disclose to the parties involved in the transaction all their knowledge pertaining to the transaction/property that has or may have a bearing on the decision making abilities of the parties involved.
A process in which the lender establishes that the borrower is no longer solvent due to lack of timely payments and unless the borrower makes payments or works out an arrangement with the lender, the lender attempts to sell the property to recover the loan.
Situation in which the borrower has failed to make the accorded payments under the term of a loan and the lender agrees not to take any action in exchange for some type of modified repayment plan.
For Sale by Owner (FSB0):
A property that has been placed on the market by an individual other than a brokerage or real estate agent (generally the owner of the property.)
Insurance policy that insures lenders and homeowners against loses caused by floods.
In real estate, this term is generally used to refer to a condo or apartment dwellings.
Fixed Rate Mortgage:
A mortgage type in which the monthly payments are always the same because the interest rates, life span of the loan and so on are fixed.
In real estate terminology, this term pertains to the costs associated with property ownership that are always constant.
Annual Percentage Rate that is fixed throughout the life of a loan regardless of the changes in the prime interest rate charged by banks.
In the event that there is a default on a mortgage, it is the loan that gets paid first.
Also known as a referral fee, a fee that is paid to a party who refers a buyer or seller of a property.
Acronym that stands for Fair Isaac Corporation. This term is used to refer to an individualâ€™s credit score based on their credit history and lenders use this score to determine an individualâ€™s ability to pay back a loan.