Buying Home Tip
Buying Home Tip
Buying Home Tip

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Real Estate Terms of the Day for Buying Home Tip



DEBT SERVICE
The amount of money needed to meet the periodic payments of principal and interest when a debt is amortized.

TENANCY IN SEVERALTY
Ownership of property vested in one person alone, and not held jointly with another; also called Several Tenancy or Sole Tenancy.

ENTIRETY, TENANCY BY
A form of joint ownership of property between husband and wife with the right of survivorship.

POWER OF ATTORNEY
A written instrument authorizing a person(the attorney-in-fact) to act as the agent on behalf of another to the extent indicated in the instrument.

CERTIFICATE OF VETERAN STATUS
FHA form filled out by the VA to establish a borrower's eligibility for an FHA Vet loan. Obtainable through local VA office by submitting form DD 214 (Separation Paper) with form 26-8261a (request for certificate of veteran status).

PREMISES
The subject property, such as the property which is deeded or the unit that is leased.

TURNKEY PROJECT
A development term meaning the complete construction package from ground breaking to the completion of the building. All that is left undone is to turn over the keys to the buyer.

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