Earnest Money

A term commonly applied to the real estate sales agreement that acknowledges a partial payment agreement of the purchase price and binds the parties to the stated terms and conditions.

Escrow

A legal relationship between a buyer, seller and third party in which the third party holds money or papers until all conditions of a sales agreement have been fulfilled.

Good Faith Estimate

This is an estimate that follows a Pre-Qualification letter and is provided by a lender. It should give you a break down on the cost associated with your proposed loan (i.e. loan fees, appraisal fees, down payment requirements)

Letter of Commitment

A binding letter of  from a bank or other lender that agrees to loan a set sum to buy a specific property on certain terms.

Manufactured Homes

Homes built inside a factory to federal code and inspected by state agencies which are federally certified

Mobile Homes

A single-family residence, transportable in one or more sections and constructed before June 15, 1976.

Modular Homes

Homes built inside a factory built to state codes and inspected by state agencies. Sometimes referred to as Uniform Builders Code (UBC).

Personal Property

Cars, TV's, and other transitory property are personal property. A manufactured home is considered personal property unless the owner eliminates the home's title and permanently affixes it to land owned by the owner of the home (Files an Affidavit of Conversion).

Pre-Qualification Letter

A letter from a lender that qualifies you for a determined amount of money.

Private Mortgage Insurance

Typically provided by a third party that insures the amount financed over the 80% Loan To Value mark.

Real Property

Real property is a term applied to real estate - land and homes and other structures permanently affixed to land.

Site Built Homes

Houses constructed by a builder or contractor on site that must meet the standards set by a local building authority.