- Recording Fee
- A charge for recording the transfer of a property, paid to a city,
county, or other appropriate branch of government.
- Real
Estate Settlement Procedure Act (RESPA)
- A federal law requiring lenders to provide home buyers with
information about settlement costs.
- R-Value
- The resistance of insulation materials (including windows) to heat
passing through it. The higher the number, the greater the
insulating value.
- Sales Contract
- A contract between a buyer and seller which should explain, in
detail, exactly what the purchase includes, what guarantees there are,
when the buyer can move in, what the closing costs are, and what
recourse the parties have if the contract is not fulfilled or if the
buyer cannot get a mortgage commitment at the agreed-upon terms.
- Shared Appreciation
Mortgage
- A loan in which partners agree to share specified portions of the
down payment, monthly payment and appreciation.
- Tenancy in Common
- A form of ownership in which the tenants own separate but equal
parts. To inherit the property, a surviving tenant would either
have to be mentioned in the will or, in the absence of a will, be
eligible through state inheritance laws.
- Title
- Evidence (usually in the form of a certificate of deed) of a
person's legal right to ownership of a property.
- Title Insurance
- An insurance policy which insures against errors in the title
search, essentially guaranteeing the buyer's and lender's financial
interest in the property.
- Transfer Taxes
- Taxes levied on the transfer of property or on real estate loans by
state and/or local jurisdictions.
- Underwriting
- The process of deciding whether to make a loan. The decision
is based on credit, employment, assets and other factors.
- Veterans Administration
(VA)
- A federal agency that insures mortgage loans with very liberal
down payment requirements for honorably discharged veterans and their
surviving spouses.
- Walk-Through
- A final inspection of a home before settlement to search for
problems that need to be corrected before ownership changes hands.
- Warranty
- A promise, either written or implied, that the material and
workmanship of a product is defect free or will meet a specified level
of performance over a specified period of time. Written warranties
on new homes are either backed by warranty companies or by the builders
themselves.
- Zoning
- Regulations established by local governments
regarding the location, height and use for any given piece of property
within a specific area.
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500 Mena Street, P O Box 192, Mena, AR 71953
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