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10 Cards in this Set
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Sales contract |
An agreement of sale is a legal document that outlines the terms of a real estate transaction. It lists the price and other details of the transaction, and is signed by the seller and the buyer. An agreement of sale is also known as the contract of purchase, contract for sale, contract agreement or sale agreement. |
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Secondary market |
The secondary market in real estate is where lenders and investors buy and sell existing mortgages or mortgage-backed securities. 抵押贷款担保证件 This frees up money for additional mortgage lending. So, you can think of the secondary market as the “resale marketplace” of loans. |
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Sole proprietorship 独有的所有权 Also known as severalty |
Is a title ownership just by your self. A sole proprietorship is a one-owner business. Unlike a corporation, LLC, or partnership, it is not a separate legal entity. The business owner (proprietor) personally owns all the assets of the business and is in sole charge of its operation.
occurs when the property is owned by one individual, corporation, or other entity. The term comes from the fact that a sole owner is severed or cut off any right to ownership from other owners. |
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special warranty deed |
A deed in which the grantor warrants only against defects occurring during their ownership. |
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Special agent |
A special agent is a real estate agent hired to do a specific task or specific job by the client or the principal. Note: A client and a principal are the same thing. This is the most basic and important information you need to know about a special agent's job. |
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Subordination 处于次要地位的clause |
When you take out a mortgage loan, the lender will likely include a subordination clause. Within this clause, the lender essentially states that their lien will take precedence优先 over any other liens placed on the house. A subordination clause serves to protect the lender in case you default. In real estate subordination refers the order of liens on a property, usually liens have a chronological priority 按时间排列的先后顺序. The first lien to be recorded is the first to get paid etc. To adjust the priority of a lien a lender may require a subordination clause. A subordination clause effectively makes the current claim senior to any existing claims that have already been recorded. Subordination Clauses are typically used when a home loan is refinance and there are existing liens on a property. Refinancing generally results in the original home loan being paid off and a new loan getting issued with a new interest rate. Chronologically that would put the new loan at the end of the line but mortgage lenders required that their loans to be put first in line, in order to complete the refinance, other lien holders would have to agree to be subordinate to the refinancing loan but fortunately not all lien holders may agree to the subordination clause. For example if you fall behind your taxes the IRS may put a lien on your home to ensure they get paid back if you try to refinance the IRS will ask you to decided whether or not be subordinate to your loan, they may agree but if they don’t your refinance may not be approved.
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steering |
“Steering” is the practice of influencing a buyer's choice of communities based upon one of the protected characteristics under the Fair Housing Act, which are race, color, religion, gender, disability, familial status, or national origin. |
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Safety clause |
A safety protection clause entitles a real estate broker to a commission if a sale occurs after the listing agreement expires. |
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Severalty estate |
An estate in severalty is an estate that is owned by just one person. It doesn't mean several people own the property, which the name might imply. No one else holds an interest in the property like the owner does. The owner also has all of the obligations to the property. |
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secondary mortgage market |
Resale market place “Resale marketplace” for existing loans. It is a market of packaged home loans that are resold securities to investors. Major players are Fannie Mae and Freddie Mac |
