A written agreement between the property owner and a
tenant that states the payment and conditions under which the tenant
may possess the real estate for a specified period of time.
An financing option that allows home buyers to lease a home with an
option to buy.legal description
A specific property description, recognized by law where a specific
property can be located without oral testimony.
A legal claim against a property that must be paid off when the
property is sold. Such as a mortgage.
Use with adjustable-rate mortgages (ARM). A limit on the
amount the interest rate can increase or decrease over the life of the
How a lender refers to the process of obtaining new loans.
The cost a lender charges to start a new loan.
The percentage between the amount of the loan and the
appraised value or sales price (whichever is lower).
An agreement in where the lender guarantees a specified
interest rate for a certain amount of time at a certain cost to the
The time period where the lender has guaranteed an interest rate to a