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 Sales Contract. A
contract between a buyer and seller which should explain, in detail,
exactly what the purchase includes, what guarantees there are, when
the buyer can move in, what the closing costs are, and what recourse
the parties have if the contract is not fulfilled or if the buyer
cannot get a mortgage commitment at the agreed-upon terms.
Settlement. (See
Closing).
Shared Appreciation Mortgage.
A loan in which partners agree to share specified portions of the
downpayment, monthly payment, and appreciation.
Tenancy in Common. A
form of ownership in which the tenants own separate but equal parts.
To inherit the property, a surviving tenant would either have to be
mentioned in the will or, in the absence of a will, be eligible
through state inheritance laws.
Title. Evidence (usually
in the form of a certificate or deed) of a person’s legal right to
ownership of a property.
Transfer Taxes. Taxes levied on the transfer of property or
on real estate loans by state and/or local jurisdictions.
Veterans Administration (VA).
A federal agency which insures mortgage loans with very liberal
downpayment requirements for honorably discharged veterans and their
surviving spouses.
Walk-Through. A final
inspection of a home before settlement to search for problems that
need to be corrected before ownership changes hands.
Warranty. A promise,
either written or implied, that the material and workmanship of a
product is defect-free or will meet a specified level of performance
over a specified period of time. Written warranties on new homes are
either backed by insurance companies or by the builders themselves.
Zoning.
Regulations established by local governments regarding the location,
height, and use for any given piece of property within a specific
area.
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