Walk-Through
A final inspection of a property before it changes ownership.
VA (Veterans Administration)
A federal agency designed to help veterans enter the housing market.
Town House
Also known as a row house, generally refers to a type of dwelling having two floors, with the living area and kitchen on the first floor, and the bedrooms on the second. Town houses share [...]
Title Search
An examination of the public records to determine whether the current title is clear or defective.
Title Insurance
An insurance policy that protects against losses arising from title defects such as forged or misfiled documents.
Title
Lawful ownership of property.
Short Sale
To sell a home through negotiation with the bank or lender, who agrees to accept less than the full amount owed to satisfy the debt allowing the debt to be ‘paid off’, short. Short sales [...]
Short Refinance
Short refinance is the replacement of a mortgage, usually with a reduced mortgage, when the borrower is already in default. This is done to transition the borrower to a more affordable payment structure. The lender [...]
Serious Delinquency
A single-family mortgage that is 90 days or more past due, or a multifamily mortgage that is two months or more past due.
Residential Sales Council
A not-for-profit affiliate of the NATIONAL ASSOCIATION OF REALTORS®. The Council awards the Certified Residential Specialist (CRS) Designation, to experienced members who have completed an advanced course of study in residential real estate.
Refinance
Obtaining a new loan to pay off an existing loan. Refinancing is a popular practice when interest rates drop.