Glossary of Terms
Don't be confused about the terminology used in the industry, find out what it all means here.
A building containing four dwelling units.
The rate of interest used to calculate whether or not a borrower qualifies for a mortgage.
Those guidelines set by lenders to be used when deciding whether or not an applicant will be given a loan.
Also known as conditional acceptance. Agreeing to enter a contract provided certain conditions are met.
A purchaser who has been pre-approved for financing.
QUALIFIED FEE ESTATE
A legal interest in land which is limited.
Literally, the amount.
A measurement from the Government Survey Method, measuring 2,640 feet on each side and containing 160 acres.
The legal right of an owner or tenant to have uninterrupted use of the property or premises without interference.
QUIT CLAIM DEED
A conveyance which releases any interest the conveying party may have in a property without any warranty as to that partys claim.