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Take a look at our real estate glossary to learn definitions of common words and phrases used in the industry.
The failure to fulfill a duty or promise or discharge an obligation, such as making monthly mortgage payments.
Any repair or maintenance of a piece of property that has been postponed, resulting in a decline in property value.
A mortgage that involves a borrower who is behind on payments. If the borrower cannot bring the payments up to date within a specified number of days, the lender may begin foreclosure proceedings.
A project in which the owner contracts directly with an individual or company to perform design and construction.
A statement to a potential buyer listing information relevant to a piece of property, such as the presence of radon or lead paint.
Fees that a borrower pays at the time the lender makes the loan. A point equals 1 percent of the total loan amount.
A list of documents a lender requires when a potential submits a loan application.. The required documents range from paycheck stubs to credit card statements.
The amount of money a buyer agrees to give the seller when a sales agreement is signed. Complete financing is later secured with a lender.
A construction material composed of gypsum or plaster wrapped in paper and produced in large sheets that can be nailed to wall studs.
Housing Trends eNewsletter is filled with U.S. Census Bureau key market indicators, consumer videos, blogs, a real estate glossary, mortgage rates and calculators, consumer articles, real estate radio, realtor.com® local community reports and local and national real estate sales and price activity provided by local MLSs and the National Association of REALTORS®.
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