18
December
2007
real estate vocabulary - part 1
Posted by
admin under:
real estate .
Sometimes understanding real estate terms are a bit to understand especially to those who are newbies to this industry. Just like my friend who works in nursing homes in the bay area. She’s actually buying a property in the area but she had a lot of difficulty understanding the terms and jargons used by the agent.
Here are some words, which you should familiarize yourself with:
First is the word Lien. This is actually lien means the bank has your home as a security and if you do not pay your monthly mortgage payment, they have the right to sell your home and get the money.
Another is the Deed Of Trust which is the instrument banks use to put a lien on your property.
That would be it for now. I’ll add a few words to our real estate vocabulary in the next few days.
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