We are not lawyers, we are real estate investors!
This is an exhaustive glossary for USA, Canada, Australia and New Zealand
Deeds of Trusts and Mortgages, Title Companies and Lawyer Closings, lots to know. We place great terms here.
The provinces have different terms and procedures from each other. We do our best to list terms to know in canada.
The states, especially in Lease Options, have unique differences.
The North Island and the South Island have close similarities, but Lease Options are brand new, and Wraps are not favored by the banks.
A building containing four dwelling units.
The rate of interest used to calculate whether or not a borrower qualifies for a mortgage.
Those guidelines set by lenders to be used when deciding whether or not an applicant will be given a loan.
Also known as “conditional acceptance”. Agreeing to enter a contract provided certain conditions are met.
A purchaser who has been pre-approved for financing.
QUALIFIED FEE ESTATE:
A legal interest in land which is limited.
Literally, the amount.
The legal right of an owner or tenant to have uninterrupted use of the property or premises without interference.
QUIT CLAIM DEED:
A conveyance which releases any interest the conveying party may have in a property without any warranty as to that party’s claim.