Home Buyer's Vocabulary Preface
The potential home buyer will find this Vocabulary helpful for
understanding words and terms used in real estate transactions.
There are, however, some factors that may affect these
- Terms are defined as they are commonly understood in the
mortgage and real estate industry. The same terms may have
different meanings in another context.
- The definitions are intentionally general, non- technical and
short. They do not encompass all possible meanings or nuances that
a term may acquire in legal use.
- State laws, as well as custom and use in various States or
regions of the country, may modify or completely change the
meanings of certain terms defined.
Before signing any documents or depositing any money preparatory
to entering into a real estate contract, the purchaser should
consult with an attorney of his choice to ensure that his rights
are properly protected.
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