Author: Jesse Andrews

What exactly is Real estate tax assessment? Glad you asked! A real estate tax assessment is the process used by local governments to determine the

What exactly is Zoning variance? Glad you asked! An exception to zoning regulations that allows property owners to use their land in a way that

What exactly is Zoning regulations? Glad you asked! Laws and regulations that govern the use of land within a particular area. Zoning regulations are used

What exactly is Zoning board? Glad you asked! A group of individuals who are responsible for reviewing and making decisions about zoning issues within a

What exactly is Zoning? Glad you asked! The process of dividing a geographic area into zones or districts for different land uses. Zoning regulations are

What exactly is Yield? Glad you asked! A measure of the return on an investment. Yield is calculated by dividing the income generated by the

What exactly is Wraparound mortgage loan? Glad you asked! A loan that allows the borrower to use the equity in their current property to finance

Wraparound Mortgage Glad you asked! A Wraparound mortgage is A type of mortgage that allows the borrower to use the equity in their current property

What exactly is Warranty of habitability? Glad you asked! A guarantee provided by the landlord to the tenant that the property they are renting is

What exactly is Warranty deed? Glad you asked! A legal document that guarantees that the seller owns the property and has the right to sell

What exactly is Walkscore? Glad you asked! A walkscore is a rating system that measures the walkability of a neighborhood or address, taking into account

What exactly is Walk-through inspection? Glad you asked! A walk-through inspection is a visual inspection of a property to assess its condition, typically performed by

What exactly is Walk-through? Glad you asked! A Walk-Through is a final inspection of a property by the buyer before closing to ensure that any

What exactly is Waiver? Glad you asked! An agreement to give up a right or claim. In real estate, a waiver may be used to

What exactly is Vendor? Glad you asked! A Vendor is a person or company that sells goods or services. In real estate, a vendor may

What exactly is Variable rate mortgage? Glad you asked! A Variable Rate Mortgage is a type of mortgage loan in which the interest rate can

What exactly is VA mortgage? Glad you asked! A mortgage loan guaranteed by the U.S. Department of Veterans Affairs (VA) that is available to eligible

What exactly is VA loan underwriting? Glad you asked! VA loan underwriting is the process of evaluating a borrower’s creditworthiness and ability to repay a

What exactly is VA loan term? Glad you asked! The length of time over which a VA loan is repaid, usually ranging from 10 to

What exactly is VA loan rate? Glad you asked! A VA Loan Rate is the interest rate charged on a VA loan. VA loan rates

What exactly is VA loan pre-approval? Glad you asked! VA Loan Pre-Approval is The process of getting approved for a VA loan before shopping for

What exactly is VA loan origination fee? Glad you asked! VA Loan Origination Fee is A fee that is charged by the lender to cover

What exactly are VA loan limits? Glad you asked! VA Loan Limits are The maximum amount of money that a borrower can borrow with a

What exactly is VA loan eligibility? Glad you asked! VA Loan Eligibility is The criteria that a borrower must meet in order to qualify for

What exactly is VA loan? Glad you asked! A VA Loan is a mortgage loan that is guaranteed by the Department of Veterans Affairs (VA)

What exactly is VA funding fee? Glad you asked! A VA Funding Fee is a one-time fee that is charged by the Department of Veterans

What exactly is VA appraisal? Glad you asked! A VA Appraisal is an appraisal of a property that is conducted for the purpose of determining

What exactly is Utility easement? Glad you asked! A Utility Easement is the right granted to a utility company or other entity to access and

What exactly is Usury? Glad you asked! Usury is The practice of charging excessive or illegal rates of interest on loans. Usury is illegal in

What exactly is a Use variance? Glad you asked! A Use Variance is a permit granted by a local government that allows a property owner

What exactly is Unimproved land? Glad you asked! Unimproved Land is Land that is undeveloped and lacks any structures or improvements. Unimproved land may have

What exactly is Uniform Residential Loan Application (URLA)? Glad you asked! Uniform Residential Loan Application is A standardized mortgage application form used by lenders to

What exactly is Underwriting? Glad you asked! Underwriting is The process of assessing a borrower’s financial profile to determine their creditworthiness and risk of default.

What exactly is Turnkey property? Glad you asked! A Turnkey Property is a property that is in move-in condition and requires no repairs or renovations.

What exactly is Truth in Lending Act (TILA)? Glad you asked! The Truth in Lending Act (TILA) is a federal law that requires lenders to

What exactly is Trustee sale? Glad you asked! A Trustee Sale is a type of foreclosure sale in which the property is sold by the

What exactly is Trust deed? Glad you asked! A Trust Deed is a legal document that serves as security for a mortgage loan, transferring ownership

What exactly is Trust? Glad you asked! A Trust is a legal arrangement in which a trustee holds and manages property on behalf of a

What exactly is Triplex? Glad you asked! A Triplex is a residential property that includes three separate living units, typically located in the same building.

What exactly is Triple net lease? Glad you asked! A Triple Net Lease is a lease agreement in which the tenant is responsible for paying

What exactly is Transfer tax? Glad you asked! A tax assessed on the transfer of ownership of real estate, typically paid by the seller or

What exactly is Transfer disclosure statement? Glad you asked! A document required in some states that provides the buyer with information about the condition and

What exactly is Townhouse? Glad you asked! A type of attached housing unit that shares a wall with one or more neighboring units and typically

What exactly is Title search report? Glad you asked! A document that summarizes the results of a title search and identifies any issues or defects

What exactly is Title search? Glad you asked! An examination of public records and other sources to verify the ownership history of a property and

What exactly is Title insurance commitment? Glad you asked! A document issued by a title company that outlines the terms and conditions of the title

What exactly is Title insurance? Glad you asked! Insurance that protects the buyer and lender against any loss or damage that may occur due to

What exactly is Title defects? Glad you asked! Any issue that affects the ownership or marketability of a property, such as unpaid taxes, liens, encroachments,

What exactly is Title contingency? Glad you asked! A condition in a real estate contract that states that the sale is contingent upon the buyer

What exactly is Title company fees? Glad you asked! Fees charged by a title company for services related to the transfer of property ownership, such

What exactly is Title company? Glad you asked! A company that researches and verifies the ownership history of a property and provides title insurance to

What exactly is Title chain? Glad you asked! The chronological order of ownership records for a specific property, which shows the transfer of title from

What exactly is Title abstract? Glad you asked! A title abstract is a summary of the history of a property’s ownership, including any liens, encumbrances,

What exactly is Title? Glad you asked! Title refers to a legal document that shows who has the legal right to own and use a

What exactly is Time is of the essence? Glad you asked! Time is of the essence is a legal term that means that time is

What exactly is Tenants in common? Glad you asked! Tenants in common are co-owners of a property in which each owner has a separate, undivided

What exactly is Tenant-in-sufferance? Glad you asked! Tenant-in-sufferance is another term for tenancy at sufferance, which occurs when a tenant continues to occupy a rental

What exactly is Tenant-at-will? Glad you asked! Tenant-at-will is another term for tenancy at will, which is a rental agreement that allows the tenant and

What exactly is Tenant screening? Glad you asked! Tenant screening is the process of verifying a tenant’s background, including their credit history, criminal history, and

What exactly is Tenant insurance? Glad you asked! Tenant insurance, also known as renters insurance, is an insurance policy that provides coverage for a tenant’s

What exactly is Tenant improvement allowance? Glad you asked! A tenant improvement allowance is a negotiated amount that a landlord provides to a tenant to

What exactly is Tenant? Glad you asked! A tenant is a person or entity that rents or leases a property from a landlord. The tenant

What exactly is Tenancy in trust? Glad you asked! Tenancy in trust occurs when a property owner transfers their property to a trustee, who holds

What exactly is Tenancy in severalty? Glad you asked! Tenancy in severalty is a type of property ownership in which an individual or entity owns

What exactly is Tenancy in common? Glad you asked! Tenancy in common is a type of joint ownership of property in which each owner has

What exactly is Tenancy by entirety? Glad you asked! A tenancy by entirety is a type of joint ownership of property that can only exist

What exactly is Tenancy at will? Glad you asked! A tenancy at will is a rental agreement that allows the tenant and the landlord to

What exactly is Tenancy at sufferance? Glad you asked! Tenancy at sufferance occurs when a tenant continues to occupy a rental property after their lease

What exactly is Tenancy? Glad you asked! The legal relationship between a landlord and a tenant, which grants the tenant the right to use and

What exactly is Tax-deferred exchange? Glad you asked! A real estate transaction in which the proceeds from the sale of one property are used to

What exactly is Tax sale? Glad you asked! A public auction in which properties with unpaid property taxes or other liens are sold to the

What exactly is Tax lien foreclosure? Glad you asked! The legal process of foreclosing on a property due to unpaid property taxes. The property may

What exactly is Tax lien certificate? Glad you asked! A certificate issued to a buyer at a tax lien auction, which gives the buyer the

What exactly is Tax lien? Glad you asked! A legal claim against a property for unpaid taxes, which can result in a tax lien certificate

What exactly is Tax deed sale? Glad you asked! A public auction in which properties with unpaid property taxes are sold to the highest bidder.

What exactly is Tax basis? Glad you asked! The original cost of a property, used to determine the amount of capital gain or loss when

What exactly is Tax abatement? Glad you asked! A reduction or elimination of property taxes for a specific period of time, typically offered as an

What exactly is Tacking? Glad you asked! The legal process of combining two or more periods of adverse possession to establish a continuous period of

What exactly is Survey? Glad you asked! A detailed map or drawing of a property that shows its boundary lines, location, and physical features, such

What exactly is Subprime loan? Glad you asked! A type of loan that is offered to borrowers who have a low credit score or limited

What exactly is Sublease agreement? Glad you asked! A legal contract between a tenant and a subtenant, allowing the subtenant to rent all or part

What exactly is Subject to mortgage? Glad you asked! When a property is sold “subject to mortgage,” the buyer agrees to take over the existing

What exactly is Subdivision? Glad you asked! A process of dividing a larger piece of land into smaller plots to create new lots that can

What exactly is Step-up in basis? Glad you asked! A tax rule that allows the cost basis of an asset to be adjusted to its

What exactly is Statute of frauds? Glad you asked! A law that requires certain types of contracts, including real estate contracts, to be in writing

What exactly is Special warranty deed? Glad you asked! A type of deed in which the seller warrants that they have not done anything to

What exactly is Special assessment district? Glad you asked! A geographic area in which a special assessment is levied to cover the cost of a

What exactly is Special assessment? Glad you asked! A fee charged to property owners to cover the cost of a specific public improvement, such as

What exactly is Single-family home? Glad you asked! A residential property that is designed for and occupied by a single family. Single-Family Home Example: Amy

What exactly is Simple interest? Glad you asked! A type of interest calculation in which interest is only applied to the principal balance, and not