Glossary

One who is prepared to buy property on the seller's terms and is ready to take positive steps to consummate the transaction.

An individual who is licensed to negotiate and arrange real estate sales; works for a real estate broker.

Land, and generally whatever is erected upon it or affixed thereto.

The act of recording or entering in a book of public record instruments affecting the title to real property.

The right of a mortgagor to redeem the property by paying a debt after the expiration date and before sale at foreclosure: the right of an owner to reclaim the owner's property after the sale for taxes.

Paying off one loan by obtaining another; refinancing is generally done to secure better loan terms (like a lower interest rate).

Assists low- to moderate-income home buyers in purchasing a home by allowing them to lease a home with an option to buy; the rent payment is made up of the monthly rental payment plus an additional amount that is credited to an account for use as a down payment.