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Real Estate - Tax incentive programs designed to encourage, stimulate, or subsidize the ownership of real estate.
U.S. Census Bureau - Cite This Source - This Definition - Browse Related Terms: broker, Commission, Exclusive Listing, FSBO (For Sale by Owner), key lot, Multiple Listing Service (MLS), Open House, Real Estate, Real Estate Agent, Real Estate Professional, Real estate tax, REALTOR®, Trade Equity, Transfer Taxes
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Real Estate - As a part of PITI, the amount of the monthly mortgage payment which does not include the principal, interest, and insurance.
Ginnie Mae - Cite This Source - This Definition - Browse Related Terms: Charge-off, Cushion, Gift Letter, Interest, Loan, PITI, PITI Reserves, Principal, interest, taxes, and insurance payment (PITI), Principal, Interest, Taxes, and Insurance (PITI), Reinstatement Period
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Real Estate - The deduction a taxpayer can take on their tax form for interest paid on a home mortgage. The amount of money that the homeowner is not required to pay the government in taxes because he or she owns a home.
Ginnie Mae - Cite This Source - This Definition - Browse Related Terms: Before-Tax Income, Gross Income, Gross Monthly Income, Income tax credit, Keogh Funds, Low-income housing, Mortgage Interest Deduction, net income, Net Monthly Income, Property Tax Deduction, Real Estate Property Tax Deduction, Return On Average Common Equity
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Real Estate - joint tenancy - equal ownership of property by two or more parties, each with the right of survivorship.
- tenancy by the entireties - ownership of property only between husband and wife in which neither can sell without the consent of the other and the property is owned by the survivor in the event of death of either party.
- tenancy in common - equal ownership of property by two or more parties without the right of survivorship.
- tenancy in severalty - ownership of property by one legal entity or a sole party.
- tenancy at will - a license to use or occupy a property at the will of the owner.
Ginnie Mae - Cite This Source - This Definition- Browse Related Terms: Joint tenancy, Joint Tenancy (with Rights of Survivorship)
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Real Estate - Similar to a "second mortgage." See also "second mortgage" under "mortgage."
U.S. Census Bureau - Cite This Source - This Definition - Browse Related Terms: Agreement of sale, Contract for deed, Contract of sale, Contract to purchase, derivative, Indemnification, Installment contract, Land contract, Purchase agreement, Purchase Offer, Transfer of Ownership
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Real Estate - A process by which a lender uses another party to completely or partially originate, process, underwrite, close, fund, or package the mortgages it plans to deliver to the secondary mortgage market.
US Department of Housing and Urban Development - Cite This Source - This Definition - A process by which a lender uses another party to completely or partially originate, process, underwrite, close, fund, or package a mortgage loan.
See also "Mortgage Broker"
Federal Trade Commission - Cite This Source - This Definition - Browse Related Terms: application, Automated Underwriting, Loan Origination, mortgage lender, Origination, Pre-Approval, Underwriter, underwriting, Uniform Residential Loan Application
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Real Estate - An FHA-insured loan that allows a borrower to make non-luxury improvements (like renovations or repairs) to their home; Title I loans less than $7,500 don't require a property lien.
US Department of Housing and Urban Development - Cite This Source - This Definition - Browse Related Terms: Abstract of title, certificate of title, Chain of Title, Clear Title, Cloud, Cloud On The Title, Co-borrower, Encumbrance, Free and clear, Title Company, Title Defect, Title search, Transfer Tax
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Real Estate - A company that specializes in examining and insuring titles to real estate.
US Department of Housing and Urban Development - Cite This Source - This Definition - Browse Related Terms: Abstract of title, certificate of title, Chain of Title, Clear Title, Cloud, Cloud On The Title, Co-borrower, Encumbrance, Free and clear, Title 1, Title Defect, Title search, Transfer Tax
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Real Estate - An outstanding claim on a property that limits the ability to sell the property. Also referred to as a cloud on the title.
US Department of Housing and Urban Development - Cite This Source - This Definition - Browse Related Terms: Abstract of title, certificate of title, Chain of Title, Clear Title, Cloud, Cloud On The Title, Co-borrower, Encumbrance, Free and clear, Title 1, Title Company, Title search, Transfer Tax
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Real Estate - An insurance policy that protects the holder of the insurance; that is, the property owner, from loss sustained by defects in the title to the property. (Not mortgage insurance.)
U.S. Census Bureau - Cite This Source - This Definition - Insurance that protects the lender against any claims that arise from arguments about ownership of the property; also available for homebuyers. An insurance policy guaranteeing the accuracy of a title search protecting against errors. Most lenders require the buyer to purchase title insurance protecting the lender against loss in the event of a title defect. This charge is included in the closing costs. A policy that protects the buyer from title defects is known as an owner's policy and requires an additional charge.
US Department of Housing and Urban Development - Cite This Source - This Definition - A policy issued by a title insurance company insuring the purchaser against any losses resulting from errors in the title search. The cost of title insurance may be paid for by the buyer, the seller or both.
Ginnie Mae - Cite This Source - This Definition - Insurance that protects lenders and homeowners against legal problems with the title.
Federal Trade Commission - Cite This Source - This Definition - Browse Related Terms: Casualty Protection, Deductible, Disclosures, Fire insurance, Flood Insurance, Hazard Insurance, Home Warranty, Homeowner's insurance, Insurance, Liability Insurance, Mortgage Life Insurance, Owner's Policy, Perils, Property insurance, Rollover
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Real Estate - A check of public records to be sure that the seller is the recognized owner of the real estate and that there are no unsettled liens or other claims against the property.
US Department of Housing and Urban Development - Cite This Source - This Definition - A check of the public records to ensure that the seller is the legal owner of the property and to identify any liens or claims against the property.
Federal Trade Commission - Cite This Source - This Definition - Browse Related Terms: Abstract of title, certificate of title, Chain of Title, Clear Title, Cloud, Cloud On The Title, Co-borrower, Encumbrance, Free and clear, Title 1, Title Company, Title Defect, Transfer Tax
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