Good Morning Readers,
Excited to say that I will be finishing up the Real Estate Alphabet today! Here are letters R-T
Revolving Debt: A credit arrangement, such as a credit card, that allows a customer to borrow against a preapproved line of credit when purchasing goods and services. The borrower is billed for the amount that is actually borrowed plus any interest due.
Second Mortgage: A mortgage that has a lien position subordinate to the first mortgage.
Second Loan: A loan that is backed by collateral.
Subdivision: A housing development that is created by dividing a tract of land into individual lots for sale or lease.
Title Insurance: Insurance that protects the lender (lender's policy) or the buyer (owner's policy) against loss arising from disputes over ownership of a property
Transfer of ownership: Any means by which the ownership of a property changes hands. Lenders consider all of the following situations to be a transfer of ownership: the purchase of a property "subject to" the mortgage, the assumption of the mortgage debt by the property purchaser, and any exchange of possession of the property under a land sales contract or any other land trust device.
Stay tuned tomorrow I will be talking about the hottest trends in Real Estate! If you have any questions regarding the real estate language or want to know anything else about the market, feel free to contact me at 7809190201
Your friendly neighbourhood Realtor,