Buying Guide Home New
Buying Guide Home New
Buying Guide Home New

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Real Estate Terms of the Day for Buying Guide Home New



DOUBLE ESCROW
An escrow set up to handle the concurrent sale of one property and purchase of another property by same party.

ORIGINATION FEE
The finance fee charged by a lender for placing a mortgage, which covers initial costs such as preparation of documents and credit, inspection and appraisal fees.

AGENT
One who is authorized to represent and to act on behalf of another person (called the principal). A real estate broker is the agent of his client, be it the seller or buyer, to whom he owes a fiduciary obligation. A salesman is the agent of his broker and does not have a direct personal contractual relationship with either the seller or buyer.

DISCLAIMER
A statement denying legal responsibility, frequently found in the form of, "There are no promises, representations, oral understandings or agreements except as contained herein."

NATIONAL ASSOCIATION OF REALTORS
Formerly known as the National Association of Real Estate Boards (NAREB), it is the largest and most prestigious real estate organization in the world.

COMMON WALL
A wall separating two living units.

MORTGAGE
A legal document by which real property is pledged as security for the repayment of a loan.

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