First time buyers face a learning curve that can feel overwhelming if the right level of support and education is not available. It's not enough to merely educate one's self on buying strategies, mortgage application, and closing process. Buyers must also navigate through a sea of unfamiliar legalese, home building lingo and real estate specific jargon.

The glossary below is by no means complete and is no substitute for the careful guidance of an experienced real estate agent, but it can serve as a good primer for consumers getting their feet wet in real estate for the first time.
This is the third installment; you will find part 1 and part 2 interesting and useful as well.

Real Estate Settlement Procedures Act (RESPA)
Department of Housing and Urban Development consumer protection statue which protects homebuyers during the purchase and loan application processes by requiring lenders to give borrowers advance notice of closing costs.

Real Property
Includes land, building, attachments and improvements.
Sweat equity - used to describe the contribution made to a project by people who contribute their time and effort.

Tenancy by Entirety
A type of joint ownership of property that provides right of survivorship and is available only to a husband and wife.

Tenancy in Common
A type of joint ownership in a property without right of survivorship.

Title - A legal document evidencing a person's right to or ownership of a property.

Title company - A company that specializes in examining and insuring titles to real estate.

Underwriter
Lender employee responsible for approving or denying a loan based on examination of the loan application and related documents.

Helping you find your home is our goal
Getting you through the process is our expertise
 
 
Reechia & Keith
Murphy Texas Real Estate