Learning Center Glossary
A contract in which one party (the tenant) pays the other (the landlord) rent in exchange for the possession and use of real estate.
A lease that includes an option to purchase the leased property during the term of the lease.
A variation on the lease/option, in which the parties sign a purchase contract (instead of an option) and the prospective buyer leases the property for an extended period before closing.
A debt or obligation; legal responsibility.
A claim upon a piece of property for the payment or satisfaction of a debt or obligation.
A contract between a real estate broker and a property seller, by which the seller makes the broker his or her agent in order to put the property up for sale.
|Loan Origination Fee||
The fee charged by a lender to prepare all the documents associated with a mortgage.
|Loan-to-Value Ratio (LTV)||
The relationship between the loan amount and either the sales price or the appraised value of the property (whichever is less), expressed as a percentage.
Agreement where a lender guarantees a loan applicant a particular interest rate if the transaction closes within a specified period.