by Kayla Testaverde | Aug 29, 2022 | Real estate glossary
Title insurance offers protection to lenders and buyers againsts financial damages that could arise from disputes over property. Mortgage lenders typically require title insurance because it protects both the homeowner and...
by Kayla Testaverde | Aug 29, 2022 | Real estate glossary
A title is a legal term that refers to the ownership of a property. By holding a title to a home, a person has legal rights and responsibilities and ownership control of the home. Titles may be an individual or two or more people, and can also be held by companies...
by Kayla Testaverde | Aug 29, 2022 | Real estate glossary
A tenant is a person who rents property from a landlord. The monthly rent and terms are outlined in a lease agreement, which typically lasts 12...
by Kayla Testaverde | Aug 29, 2022 | Real estate glossary
Staging is the preparation for listing a house on the market. Staging may involve redecorating, cleaning and decluttering, or making other aesthetic changes to make the home appealing to the highest amount of buyers...
by Kayla Testaverde | Aug 29, 2022 | Real estate glossary
A showing is a private viewing of a property. The buyer’s agent will reserve a time for a client to private view a...
by Kayla Testaverde | Aug 29, 2022 | Real estate glossary
Usually, when a person buys a home it comes with a home warranty, or the buyer will need to purchase a warranty. The home warranty will pay for any damage to the home. For example, if you were to purchase a home and discover that the furnace needs to be replaced, the...
by Kayla Testaverde | Aug 29, 2022 | Real estate glossary
When a home is sold for less than the total amount of a loan, this is called a short sale. A homeowner may utilize this type of sale as it carries a lower consequence on credit than a foreclosure and may prevent a potential lawsuit due to loan deficiency. This type of...
by Kayla Testaverde | Aug 29, 2022 | Real estate glossary
A home inspection is a detailed and thorough review of a property prior to the sale of a home. A home inspection will cover the roof, construction, mechanical and heating systems, and more. Inspections are typically completed by a licensed professional who will...
by Kayla Testaverde | Aug 29, 2022 | Real estate glossary
A second mortgage may be taken on a property’s equity. These types of loans require the borrower to use their property as collateral. If a home were to enter foreclosure, the initial purchase loan is the first loan in...
by Kayla Testaverde | Aug 29, 2022 | Real estate glossary
A HELOC is a home equity line of credit that is extended to a homeowner, typically for large purchases. This line of credit is very similar to a credit card, where a borrower is allowed to borrow a certain amount and it is paid back with interest. Many homeowners will...
