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ELIMINATING THE CONFUSION OF LISTING CONTRACTS A, A-C, C-F, F-L, L-P, P-T, T-Z Permanent Mortgage - A mortgage on completed construction on the same property under one mortgage or trust deed. PMI Private Mortgage Insurance - Insurance similar to FHA or VA insurance, insuring part of the first mortgage or deed of trust, enabling a lender to make a conventional loan of a higher percentage of the property value. Points - A point is equal to one percent of the principal amount of your mortgage. For example, if you get a mortgage for $100,000, one point means you pay $1000 to the lender. Lenders frequently charge points in both fixed-rate and adjustable-rate mortgages in order to increase the yield of the mortgage and to cover loan closing costs. These points are usually collected at closing and may be paid by the borrower or the home seller, or may be split between them. Property - Tax Generally, tax levied on both real and personal property. Prorate - To divide in proportionate shares, such as taxes, insurance, rent, or other items. Purchase Money Mortgage - A Mortgage given by the buyer to the seller as part of the purchase consideration, as opposed to a hard money mortgage. Quit Claim Deed - A deed operating as a release; intended to pass any title, interest, or claim which the grantor may have in the property. Real Estate - Land and anything permanently affixed to the land, and those things attached to the building. Recital - Setting forth in a deed or other writing some explanation for the transaction. Recourse - The right of the holder of a note secured by a mortgage or deed of trust to look personally to the borrower or endorser for payment. Refinancing The repayment of a debt from the proceeds of a new loan using the same property as security. Reissue rate - A charge for a title insurance policy if a previous policy on the same property was issued within a specified period. Reissue is less than the original charge. REIT (Real Estate Investment Trusts) - A method in investing in real estate in a group, with certain tax advantages. Release - An instrument releasing property from the lien of the mortgage, judgment, etc. Recision of Contract - Annulling a contract and placing the parties to it in a position as if there had not been a contract. RESPA (Real Estate Settlement Procedures Act) - A federal statute requiring disclosure of certain costs in the sale of residential improved property which is to be financed by a federally insured lender. Revenue Stamps - Formerly federal tax on a sale of real property. Canceled and replaced by state tax stamps. Secondary Financing - A loan secured by a mortgage or trust deed, which lien is junior to another mortgage or trust deed. Secondary Mortgage - The buying and selling of first mortgages of trust deeds by banks, insurance companies, government agencies, and other mortgagees. Security - Real or personal property pledged by a borrower, as additional protection for the lender's interest. Septic System - A sewage system, whereby waste is drained through pipes and a tile field into aseptic tank. Set Back Ordinance - Regulates the distance from the lot line to the point where improvements maybe constructed. Settlement Statement - A statement prepared by broker, escrow, or lender, giving a complete breakdown of costs involved in a real estate sale. Sheriff's Deed - Deed given at sheriff's sale in foreclosure of mortgage. Signed Sealed and Delivered - A phrase indicating that everything necessary to convey has been done by the grantor. Specific Performance - An action to compel the performance of a contract, when money damages for breach would not be satisfactory. Statutory Lien - An involuntary lien, includes tax liens, judgment liens, mechanic liens, etc. Substitute of Trustee - A document which is recorded to change the trustee under the deed of trust.
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