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Glossary of Real Estate Terms

Short Sale

Definition: A short sale occurs when a homeowner sells their property for less than the amount owed on the mortgage, with the lender’s approval. This typically happens when the homeowner is facing financial hardship and is unable to keep up w...

Special Assessment

Definition: A special assessment is a one-time fee imposed on property owners by a homeowners association (HOA), condominium board, or local government to cover the cost of unexpected or necessary improvements, repairs, or infrastructure projec...

Special Warranty Deed

Definition A Special Warranty Deed is a legal document used in real estate transactions where the seller guarantees that the property has had no title defects or encumbrances during their ownership period but makes no guarantees about any ...

Subordination Agreement

Definition A Subordination Agreement is a legal document that establishes the priority of different liens or mortgages on a property, determining which lender or creditor gets paid first in case of foreclosure. It allows one debt to take p...

Survey

Definition A survey is a detailed map or report that defines a property's boundaries, dimensions, and physical features. Conducted by a licensed land surveyor, it provides critical information about property lines, easements, encroachment...

Tax Lien

Definition A tax lien is a legal claim placed on a property by a government authority due to unpaid taxes. It gives the government the right to collect the debt by seizing or selling the property if the taxes remain unpaid. Tax liens can ...

Tenancy in Common (TIC)

Definition Tenancy in Common (TIC) is a form of property ownership where two or more individuals share ownership of a property, each holding a separate, undivided interest that can be of equal or unequal proportions. Unlike other joint...

Turnkey Property

Definition A turnkey property is a fully renovated, move-in-ready home or rental property that requires no repairs or updates. These properties are often marketed to real estate investors looking for passive income, as they can be purcha...

Underwriting

Definition Underwriting is the process lenders use to assess a borrower’s financial profile and determine their eligibility for a mortgage loan. The underwriter evaluates credit history, income, debt-to-income ratio (DTI), employment stat...

Wraparound Mortgage

Definition A wraparound mortgage is a type of seller financing in which the seller provides a new mortgage to the buyer that "wraps around" the seller’s existing loan. The buyer makes payments directly to the seller, who continues paying ...

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