First-time buyers and sellers should become familiar with the words used in real estate transactions. Jim offers the following list with some caveats:
Terms are defined as they are commonly understood in the mortgage and real estate industry. The same terms may have different meanings in another context.
The definitions are intentionally general, non-technical and short. They do not encompass all possible meanings or nuances that a term may acquire in legal use.
State laws, as well as custom and use in various States or regions of the country, may modify or completely change the meanings of certain terms defined.
Before signing any documents or depositing any money preparatory to entering into a real estate contract, the purchaser should consult with an attorney of his choice to ensure that his rights are properly protected.