Nathan Colmer | Van Dyk Group
C: 609.290.4293 | O: 609.492.1511
Nathan Colmer | Van Dyk Group
C: 609.290.4293 | O: 609.492.1511
Every industry has its own language and the real estate industry can be one of the most confusing! From home terms to lender's jargon and everything in between understanidn LBI real estate terms is a critical first step in navigating the Long Beach Island real estate market. Browse my alphabetical list of terms most commonly found and enjoy this LBI real estate disctionary!
Below is a list of terms most often used in the LBI real estate market. They are sorted aplhapbeiclaly and cover a ragne of topics incuding buyers terms, sellers terms, lender language, apprasials, inspections and so on.
Cash Transaction
Chain of Title
Clear Title
Closing (LBI real estate)
Closing Costs
Co-Borrower
collateral
Commission
Common Area Assessments for Condos
Condominimum Common Areas
common law
community property
Comparative Market Analysis
Comparable Sales in the LBI Real Estate Market
Condominium
Condominium Conversion on LBI
condominium hotel
Construction Loan
Contingency
contract
Conventional Mortgage
convertible ARM
cooperative (co-op)
cost of funds index (COFI)
credit
Credit History
creditor
Credit Report
Credit Score
debt
Deed
Deed-in-Lieu
Default
delinquency
Deposit
depreciation
discount points
Dock-o-Minimum
down payment
Dual Agency
due-on-sale provision
Fair Credit Reporting Act
Fair Housing Act
Fair Market Value (FMV)
Fannie Mae
Federal Housing Administration
Federal Housing Administration (FHA) Loans on LBI
Fee Simple Ownership on Long Beach Island
fee simple estate
FHA Mortgage
Fiduciary
firm commitment
FIRM Maps
First Mortgage
fixed-rate mortgage
fixture
LBI Real Estate House Flipping
Float Down
flood insurance
Flood Zones
For Sale by Owner (FSBO)
Foreclosed Home
Foreclosure
Freddie Mac
government loan (mortgage)
Government National Mortgage Association (Ginnie Mae)
grantee
grantor
hazard insurance
Home Equity Conversion Mortgage (HECM)
home equity line of credit
home inspection
homeowners' association
homeowner's insurance
homeowner's warranty
HUD median income
HUD-1 settlement statement
late charge
lease
leasehold estate
lease option
legal description
lender
liabilities
liability insurance
lien
life cap
line of credit
liquid asset
loan
loan officer
loan origination
loan servicing
loan-to-value (LTV)
lock-in
lock-in period
margin
maturity
merged credit report
modification
mortgage
mortgage banker
mortgage broker
Mortgage Default
mortgagee
mortgage insurance (MI)
mortgage insurance premium (MIP)
mortgage life and disability insurance
mortgagor
multidwelling units
negative amortization
no cash-out refinance
no-cost loan
note
note rate
no-cost loan
notice of default
partial payment
payment change date
periodic payment cap
periodic rate cap
personal property
PITI
PITI reserves
planned unit development (PUD)
point
power of attorney
pre-approval
prepayment
prepayment penalty
pre-qualification
prime rate
principal
principal balance
principal, interest, taxes, and insurance (PITI)
private mortgage insurance (MI)
promissory note
public auction
PUD (Planned Unit Development)
purchase agreement
purchase money transaction
rate lock
real estate agent
Real Estate Settlement Procedures Act (RESPA)
real property
Realtor
recorder
recording
refinance transaction
remaining balance
remaining term
rent loss insurance
repayment plan
replacement reserve fund
revolving debt
right of first refusal
right of ingress or egress
right of survivorship
sale-leaseback
second mortgage
secondary market
secured loan
security
seller carry-back
servicer
servicing
settlement statement
subdivision
subordinate financing
survey
sweat equity
tenancy in common
third-party origination
title
title company
title insurance
title search
transfer of ownership
transfer tax
Treasury index
Truth-in-Lending
two-step mortgage
two- to four-family property
trustee