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Real Estate Terms
Why Real Estate is Important
Real estate is property consisting of land and the buildings on it, along with its natural resources such as crops, minerals or water; immovable property of this nature; an interest vested in this (also) an item of real property, (more generally) buildings or housing in general.
Escrow
until a particular condition has been met (e.g., the fulfillment of a purchase agreement). Escrow is an important part of purchasing a home. It protects buyers and sellers during home sales and offers a convenient way for you to pay for your taxes and insurance.
What CMA
A comparative market analysis (CMA) is an estimate of a home’s value used to help sellers set listing prices, and to help buyers make competitive offers. The analysis considers the location, age, size, construction, style, condition, and other factors for the subject property and comparable.
What NHD?
The Natural Hazards Disclosure Act, under Sec. 1103 of the California Civil Code, states that real estate seller and brokers are legally required to disclose if the property being sold lies within one or more state or locally mapped hazard areas.
Title Insurance
Title insurance is a form of indemnity insurance predominantly found in the United States and Canada which insures against financial loss from defects in title to real property and from the invalidity or unenforceability of mortgage loans.
What TDS
A transfer disclosure statement (TDS) is required by California law in section 1102 of the California Civil Code. This law requires that every residential seller complete a TDS for the buyer. The purpose of the TDS is to let a buyer know of major defects in a property as required by California law.
What HELOC?
A home equity line of credit, sometimes called a HELOC, is a loan in which the lender agrees to lend using a borrowers home equity as collateral. There is maximum amount and an agreed period of time (term) involved and this varies from lender to lender. Many homeowners will use home equity lines of credit for large expenses such as education, home repairs, or medical bills.
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