Abstract of Title is the summarized historical legal record of a piece of property. 

Abstract of title is a record of the title history of a property or other significant asset, including transfers, liens, and legal actions that are connected to the property. Any owner who does not have access to their abstract of title can work with a title company or the county recorder with jurisdiction over the property to obtain the abstract, or to recreate the abstract. Abstract of title is a record of the title history of a property or other significant asset, including transfers, liens, and legal actions that are connected to the property. While the Torrens system was adopted by many U.S. states around the turn of the 20th century, today only a few states maintain Torrens title systems to monitor property transactions. Named for Australian economist and politician Robert Torrens, this system was initially implemented to simplify the system of land transfers through registering title deeds through the state, and to resolve the inadequacies of the preceding property registration systems .

Abstract Of Title

Adverse possession is a principle of real estate law that allows a person who possesses someone else's land for an extended period of time to claim legal title to that land. 

To successfully claim land under adverse possession, the claimant must demonstrate that his or her occupation of the land meets the following requirements:
**Continuous use:** Under this condition, the adverse possessor must show they've been in continuous possession of the property in question. As mentioned above, adverse possession is a legal situation that occurs when one party is granted title to another person's property by taking possession over it. The term adverse possession refers to a legal principle that grants title to someone who resides on or is in possession of another person's land. The property's title is granted to the possessor as long as certain conditions are met including whether they infringe on the rights of the actual owner and whether they are in continuous possession of the property.

Adverse Possession

An affidavit of title is a document provided by the seller of a piece of property showing the status of the property, including ownership and legal issues.

An affidavit of title is a legal document provided by the seller of a piece of property that explicitly states the status of potential legal issues involving the property or the seller. For example, someone looking to sell real estate would need to provide an affidavit of title indicating that the property is theirs to sell, that the property is not being sold to another party, that there are no liens or unpaid taxes against the property, and that the seller is not in bankruptcy proceedings. An affidavit of title is a legal document provided by the seller of a piece of property that explicitly states the status of potential legal issues involving the property or the seller. An affidavit of title is a notarized, legal document provided by the seller of a piece of property attesting to the status of and certain facts about the property, including ownership and the presence of any legal issues. I/We know of no facts by reason of which such possession or title might have been called into question or by reason of which any claim to any part of said property or interest therein adverse to said ownership might have been set up. There are no judgments against such owner or owners unpaid or unsatisfied of record entered in any Court of this State or of the United States.

Affidavit Of Title

Amenities are characteristics of a residential or commercial property that are considered beneficial by potential buyers or tenants.

The term amenity refers to a feature of a property that makes it more valuable to potential buyers or tenants. Industry research has shown that these improvements tend to fall into one of four categories:
Fitness and health-related options such as gyms or on-site training facilities
Amenities that serve as distractions from everyday routines such as game rooms, rooftop lounges, or socializing space
Flexible, comfortable workspaces such as open floor plans, noise control, or other technological infrastructure
Natural environments like green terraces outside or walking paths
These principles have also expanded beyond office developments to other projects such as hospitals or universities seeking to market themselves in increasingly competitive environments. Amenities typically boost the value and/or appeal of a property and can be divided into several different categories including public and property-specific. Amenities fall into two general categories—public amenities and property-specific. The term amenity refers to a feature of a property that makes it more valuable to potential buyers or tenants.

Amenity

An appraised value is a professional assessment of the condition and worth of a piece of property at a specific point in time.

An appraised value is an evaluation of a property's value based on a given point in time. The appraised value of a property can differ from the market value and even an agreed upon purchase price for a home. The appraised value may or may not correspond to the actual market value, or selling price of a home or other asset. Appraised value is a professional judgement of a property's worth, which may not correspond to its actual market value or selling price. An appraised value is an evaluation of a property's value based on a given point in time.

Appraised Value

An appraiser is a professional with the knowledge and expertise necessary to estimate the value of an asset.

The term appraiser refers to a professional who determines the market value of an asset, notably in the real estate industry. An appraiser is a professional who determines the market value of an asset such as jewelry, art, gems, family heirlooms, and real estate. In the case of real estate, for instance, this may include assessing things like the overall noise levels of the area, the proximity of the property to sources of recurring loud disturbances such as an airport or a railroad line, as well as the view offered by the property. The term appraiser refers to a professional who determines the market value of an asset, notably in the real estate industry. After collecting and documenting the information from their findings of the asset, appraisers may then use that information to compare the asset to other similar pieces of property that were sold recently.

Appraiser

An assignor is a person or entity who transfers rights they hold to another entity as part of a property sale or to grant them control of an asset.

An assignor is a person, company, or other entity who transfers rights that they hold to another entity. The assignor who grants power of attorney of property can tailor the rights assigned to the agent to be for a specific set of assets and a defined period of time. The assignment of power of attorney can grant broad rights or be limited in scope by the terms set by the assignor. For example, a party (the assignor) that enters into a contract to sell a piece of property can assign the proceeds or benefits of the contract to a third party (the assignee) such as a charity or a trust. It is possible that the terms of power of attorney might allow an assignee to act in his or her own self-interest rather than for the interests of the assignor.

Assignor

Automated Valuation Model (AVM) is a real estate appraisal approach that uses statistical modeling techniques and software to value properties.

Automated Valuation Models (AVMs): A brave new world?

Table of Contents
Expand What Is an Automated Valuation Model (AVM)?
How Do Automated Valuation Models (AVMs) Work?
Pros and Cons of Automated Valuation Models (AVMs) in Real Estate While AVMs initially were used to value residential real estate, their use has expanded to other types, including commercial real estate. Automated valuation models (AVMs) are software-based pricing models used in the real estate market to value properties. They can make numerous calculations and comparisons in seconds, and they don’t need to physically drive out to view a property or similar properties (“comps” being a key factor when appraising and pricing a particular piece of real estate).
All of this lowers the cost of valuing a property or multiple properties.

Automated Valuation Model (AVM)

A best and final offer is a prospective homebuyer's last and highest offer, submitted in a bidding war for a property.

A best and final offer in real estate is a prospective buyer's last and highest offer for a property. The best and final offer in a real estate bid is the most favorable terms the buyer is willing to offer the seller for the purchase of the property. A seller who receives multiple offers will resolve the situation by asking each bidder to submit only one offer that represents their best and final offer. A best and final offer in real estate is a prospective buyer's last and highest offer for a property. In government contracting, a best and final offer is a response to a contracting officer's request for final bids for a particular public project.

Best and Final Offer

A bungalow is a small house, cottage or cabin that was originally designed to provide affordable, modern housing for the working class.

The origin and indigenisation of the Imperial bungalow in India

A bungalow is a one-story house, cottage, or cabin. Other types of now-popular bungalow styles include the Chicago bungalow, which has Chicago roots circa the 1920s and is typically made of brick, and the chalet bungalow, which deviates from the one-story norm by having a second-story loft. A bungalow is a style of house or cottage that is typically either a single story or has a second, half, or partial story, that is built into a sloped roof. Bungalows are cost-efficient, easy to maintain, and due to increased square footage versus multi-story homes, relatively easy to modify. Bungalows are most often one-story houses, although they often also include an additional half story, usually with a sloped roof.

Bungalow

A comparative market analysis (CMA) estimates a home's value based on recently sold comparables. Learn how a CMA helps real estate buyers and sellers.

A comparative market analysis (CMA) is an estimate of a home's value based on recently sold, similar properties in the immediate area. While there's no standardized CMA report, it will typically include:
The address of the subject property and three to five comparables
A description of each property, including elevation, floor plan, and the number of bedrooms and bathrooms
The square footage of each property
The sales price of each comp
Dollar adjustments for any differences
The adjusted sold price per square foot of each comp
The fair market value of the subject property A comparative market analysis (CMA) is an estimate of a home's value used to help sellers set listing prices, and to help buyers make competitive offers. Pay close attention to when the comparable property sold: The more recent, the better because real estate prices can fluctuate rapidly. If the home has a unique location—such as overlooking a golf course or the waterfront—the comps should have the same placement. Real estate agents and brokers create CMA reports to help sellers set listing prices for their homes and, less commonly, to help buyers make competitive offers.

Comparative Market Analysis (CMA)

A condominium fee is charged by a condominium association to cover the cost of repairs, landscaping, or for amenities such as a gym or pool.

The term condominium fee refers to a levy paid by every property owner in a condominium complex to cover ongoing maintenance costs. Pros
Condo fees provide maintenance-free living for condo owners
Condo fees provide easy budgeting for upkeep costs
Condo fees help to avoid major repairs associated with homeownership Condo associations may impose additional fees for major repairs
Members may need to cover the condo fees for those who foreclose or can't pay
Condo fees are used in the calculation of any mortgage qualifications and, in some cases, may push the borrower beyond the allowed income-to-expense ratios. The amount of the fee depends on a number of factors including:
the size of the property
whether the building is a high-rise
how many buildings are in a particular complex
the amenities covered such as concierges, tennis courts, or parks/playgrounds
A condominium fee is paid by all property owners of a condominium complex to cover ongoing maintenance costs. The condo association may need to charge special fees or assessments or may decide to increase its fee at any time—including when one or more members fail to pay their dues—to replenish its reserve funds to cover major improvement costs such as a new roof, driveway, or elevator.

Condominium Fee

Condos or condominiums are housing units in a large property complex that are sold to buyers. While apartments are generally rented, condos are owned.

Table of Contents
What Is a Condominium?
How a Condominium Works
Special Considerations
Condominium vs. Apartment
Requirements for a Condominium If major repairs are needed and condo association fees are insufficient to cover those costs, condo owners will be charged a special assessment. The condo association governs how common spaces can be used, to what extent condo owners can make improvements or changes to their units, and sometimes who can enjoy those spaces with them. When major work is not covered by the condo association fees, condo owners are equally responsible for contributing to the cost. A condo owner owns the air space inside their condo, sharing an ownership interest in the community property, such as the floor, walls, sidewalks, stairwells, and exterior areas.

Condominium

A condotel is a hybrid property that combines the ownership of a condominium with the option to rent out units like a traditional hotel.

A condotel is a condominium project that is operated as a hotel with a registration desk, cleaning service and more. A condotel, a portmanteau of condominium and hotel, is a residential development that allows individual unit owners to rent to to short-term guests as if it were a hotel property. The difference is that unit owners can arrange short-term rentals of their units to paying guests, which is further accommodated by full-service staff and amenities such as a check-in desk, housekeeping, and concierge services. Unit owners also have the option to place their unit in the hotel's rental program where it is rented out like any other hotel room to paying guests. When the owner of a condotel unit does not rent out the space, they may reserve it for personal use.

Condotel

Contributory value is the value contributed by a component or part to the total value of the whole. 

Contributory value is commonly used in the real estate industry to show how a single property feature affects the property's entire value. Contributory value is commonly used in the real estate industry to illustrate how just one property feature impacts the value of the entire property. A contributory value can result in a net positive or negative result for the property's overall value based on specific features. During an economic slowdown, the contributory value of certain features may not necessarily impact a property's value positively as they would when things are going well.

Contributory Value

Conveyance is the act of transferring ownership of a piece of property from one party to another.

The term conveyance refers to the act of transferring property from one party to another. A conveyance is done using an instrument of conveyance—a legal document such as a contract, lease, title, or a deed.
There are cases where one party doesn't live up to their obligations as outlined in the conveyance instrument or contract. As land is a form of real estate with attached rights, exploration companies use the term conveyance to refer to contracts that transfer rights to or ownership of certain parcels of land to the company. Real estate transactions often incur a tax called a conveyance tax or a real estate transfer tax. The most common conveyance is a contract granting mineral rights without turning over the title of the land, but conveyances are also used to establish the right of way for a company’s operations on a landowner’s property.

Conveyance

Cooperative insurance can cover co-op apartments and healthcare. Cooperative insurance allows policyholders to buy more coverage at a more affordable cost.

Universal and Affordable Health Care: How Can We Achieve It?

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Cooperative (or co-op) insurance is a type of property-casualty insurance for owners of co-op apartments (or other cooperative organizations). Cooperative (or co-op) insurance is a type of property-casualty insurance for owners of co-op apartments (or other cooperative organizations). When you buy a co-op apartment (a housing unit of which you hold a share of the corporation that owns and manages the unit), the building will already have an insurance policy that protects itself and shareholders from claims resulting from lead paint exposure, sewer backups, earthquake damage, and other events that might affect the entire structure. The most common sort of cooperative insurance is property insurance for residential co-ops, and it covers the common areas of the building. The co-op association's insurance policy generally protects the building, not the individual owners' apartments, unless the damage occurs as a result of something under the association's jurisdiction.

Cooperative Insurance

Curb appeal is a term used to describe the general attractiveness of a house or other piece of property from the sidewalk to a prospective buyer.

Curb appeal is a term used to describe the general attractiveness of a house or other piece of property from the sidewalk to a prospective buyer. When trying to sell a home or property, many real estate agents will stress the importance of maximizing curb appeal, especially because many aspects of curb appeal can be improved in a cost-effective manner. Many real estate agents, when listing a home or property, can offer suggestions to the sellers in order to increase curb appeal, based on their own experience of what attracts buyers in that market. It is to the seller’s advantage to follow any suggestions made by a real estate when listing a property or home to increase curb appeal because it will help to increase profits for both parties. For example, there are several things that can increase the curb appeal of a piece of property that are relatively inexpensive, such as a new paint job, cleaning up landscaping outside, or replacing small things—outdated light fixtures or old numbers on a mailbox.

Curb Appeal

A decree of foreclosure and sale is a statement issued by a court indicating that a piece of property is to be sold when a mortgage has gone into default.

A decree of foreclosure and sale, sometimes simply called a decree of foreclosure, is a declaration made by a court indicating the amount of outstanding debt that a borrower has defaulted on and that their property will be sold to cover the outstanding debt. A decree of foreclosure and sale must be made in accordance with all local laws and regulations, but certain states do not require a decree of foreclosure and sale, allowing the lender to make the house available for sale at any time. Some states provide a statutory right of redemption, which allows homeowners to redeem their mortgages after the foreclosure sale by paying the foreclosure sale price of the home, along with any interest and fees, to its purchaser. A decree of foreclosure and sale, sometimes simply called a decree of foreclosure, is a declaration made by a court indicating the amount of outstanding debt that a borrower has defaulted on and that their property will be sold to cover the outstanding debt. With any right of redemption, the borrower must act to redeem their mortgage within the time period specified by local law, and it is always advised to first contact your bank before multiple payments have lapsed to find a resolution before a decree of foreclosure and sale has been issued.

Decree of Foreclosure and Sale

A dry closing is a real estate closing in which the entire closing requirements are fulfilled except the disbursement of funds.

A dry closing is a type of real estate closing in which the entire closing requirements are fulfilled except for the disbursement of funds. A dry closing is a type of real estate closing in which the entire closing requirements are fulfilled except for the disbursement of funds. A dry closing is a type of real estate closing in which the entire closing requirements are fulfilled except for the disbursement of funds. In a dry closing, all involved parties agree that the closing can still happen and the funds are transferred as soon as possible after the closing has occurred. In any such scenario, a dry closing holds the closing open until the issues are resolved and the parties can complete the closing process.

Dry Closing

Encroachment happens when a property owner violates the rights of his neighbor by building on or extending a structure to the neighbor's land or property.

The term encroachment refers to a situation in real estate where a property owner violates the property rights of his neighbor by building on or extending a structure to the neighbor's land or property intentionally or otherwise. The term encroachment refers to a situation in real estate where a property owner violates the property rights of his neighbor by building on or extending a structure to the neighbor's land or property intentionally or otherwise. Encroachment occurs when a property owner trespasses onto their neighbor’s property by building or extending structures beyond their property line. For instance, a property owner may unintentionally encroach on a neighbor's property by allowing a hedge or a tree limb to grow beyond property limits. Encroachment is often a problem along disputed property lines where a person intentionally chooses to violate his neighbor's boundaries, or when a property owner is not aware of his boundaries.

Encroachment

An escrow agent is an entity that has fiduciary responsibilities in the transfer of property from one party to another. Escrow agents are often associated with real estate purchases.

An escrow agent is a person or entity that holds property in trust for third parties while a transaction is finalized or a disagreement is resolved. In contrast, an escrow agent's duty is toward both parties of a transaction, and they are tightly bound by the terms of the escrow agreement. In these cases, the escrow agent secures the property and examines documents to make sure the terms of the sale are met on each end, thus serving both the buyer and seller in the transaction. The escrow agent has a fiduciary responsibility to both parties of the escrow agreement. An escrow agent is a third party, a person or entity, which holds an asset or funds before they are transferred from one party to another.

Escrow Agent

The Fair Housing Act is the federal law that forbids discrimination in housing based on race, sex, religion, nationality, disability, and family status.

United States Code, 2009 Edition, Title 42 - The Public Health and Welfare, Chapter 45 - Fair Housing

The Civil Rights Act of 1964: A Long Struggle for Freedom

Learn About the FHEO Complaint and Investigation Process

Individual Claims of Discrimination in Housing

Preliminary Analysis of HUD’s Final Disparate Impact Rule

In cases that involve discrimination in mortgage loans or home improvement loans, the Justice Department can file suit under the Fair Housing Act if there is a pattern or practice of discrimination or where a denial of rights to a group raises an issue of general public importance.﻿﻿ The DOJ also can institute criminal charges if force or threat of force is used to discriminate.
Individuals also can file discrimination complaints with HUD, or file a lawsuit in federal or state court. The Fair Housing Act is a federal law enacted in 1968 that prohibits discrimination in the purchase, sale, rental, or financing of housing—private or public—based on race, skin color, sex, nationality, or religion. The Fair Housing Act outlaws discrimination against home renters and buyers by landlords, sellers, and lenders on account of their race, color, religion, sexual orientation, nationality, disability, or family status. State laws can enhance the protections under the Fair Housing Act, but cannot reduce them.
Housing discrimination persists nonetheless and can be difficult to prove.

Fair Housing Act

Foreclosure is the legal process by which a lender seizes and sells a home or property after a borrower is unable to fulfill their repayment obligation.

Which States Use Judicial Foreclosure? Which Use Power of Sale?

Q3 2020 U.S. Foreclosure Activity Reaches Historical Lows as the Foreclosure Moratorium Stalls Filings

Having a problem with a financial product or service?

How Long Does a Foreclosure Stay on Your Credit Report?

Table of Contents
Expand Each state has laws that govern the foreclosure process, including the notices a lender must post publicly, the homeowner’s options for bringing the loan current and avoiding foreclosure, and the timeline and process for selling the property.
A foreclosure—as in the actual act of a lender seizing a property—is typically the final step after a lengthy pre-foreclosure process. 0:58
The foreclosure process derives its legal basis from a mortgage or deed of trust contract, which gives the lender the right to use a property as collateral in case the borrower fails to uphold the terms of the mortgage document. Before foreclosure, the lender may offer several alternatives to avoid foreclosure, many of which can mediate a foreclosure’s negative consequences for both the buyer and the seller. The loan is handed over to the lender’s foreclosure department, and the borrower typically has another 30 days to settle the payments and reinstate the loan (this is called the “reinstatement period”).

Foreclosure

A ghetto is a neighborhood characterized by inadequate municipal services, an absence of businesses and low real estate values.

How America's Ugly History of Segregation Changed the Meaning of the Word 'Ghetto'

Overview of Community Characteristics in Areas with Concentrated Poverty

Managing Community Change: A Dialogue on Gentrification

The Centuries-Old History of Venice’s Jewish Ghetto

Historian Says Don't 'Sanitize' How Our Government Created Ghettos

Table of Contents
What Is a Ghetto? The term also has roots in the Greek word _ghetonia_ (which means neighborhood) or the Italian _borghetto_ (which means small neighborhood).
Jim Crow laws and income inequality contributed to the creation of many low-income, minority neighborhoods in the United States. That's because they have been known to displace minority and low-income residents who generally struggle to find affordable housing in a market with increasingly high property values, not to mention small businesses that operate in these areas. Understanding Ghettos
Special Considerations
History of Ghettos
The term ghetto refers to a neighborhood characterized by low property values and relatively little public or private investment. Literacy and poverty rates tend to be fairly high while the level of education in many underdeveloped neighborhoods remains low when compared to other larger areas.

Ghetto

 A home is a person's permanent primary residence to which they return, or intend to return.

A home is a physical domicile or structure in which a person or household resides. It can also be used to determine which state's probate laws are followed, a state’s rights when it comes to collecting taxes, and citizenship when a person resides in a different country than where they were born.
If a person owns more than one dwelling, like a vacation home or an investment property, for example, their primary residence is the location that will be considered their legal home. Even though she doesn’t own the property she resides in, it is her legal residence, and she calls New York City, within the state of New York, home. Although a home may be vacant if a person is traveling for an extended period, or has been hospitalized, the location is still legally considered their home if there is an intention to return and they have not claimed someplace else as their legal place of permanent or principal residence. Since a home is an owner-occupied property, certain additional coverages apply—as opposed to a non-owner-occupied property, which may only carry a policy that covers the building and not the contents.

Home

The Homeowner Affordability and Stability Plan is a 2009 program created to stabilize the U.S. economy.

Homeowner Affordability and Stability Plan Executive Summary

The Homeowner Affordability and Stability Plan (HASP) was a program initiated in 2009 in an attempt to stabilize the U.S. economy during the Great Recession. The refinancing program was designed to help nearly five million homeowners to refinance their mortgage, meaning it could be rebooked at a lower interest rate since mortgage rates, at that time, were at historically low levels. The Homeowner Affordability and Stability Plan had three parts: refinancing options for stable homeowners, financial aid for seriously delinquent homeowners, and support for Fannie Mae and Freddie Mac. The Homeowner Stability fund provided $75 billion in aid to help people make their mortgage payments and stay in their homes. The HASP improved the ability for homeowners to refinance their mortgage at lower interest rates and lower their monthly payments.

Homeowner Affordability And Stability Plan or HASP

An HOA fee is a recurring fee paid by some homeowners to an organization that helps maintain and improve their property and others in the same group.

HOA Fees: What Are They, What Do They Cover And What Happens If You Don’t Pay?

Homeowners Association (HOA): A Definition

Are HOA Fees Worth It? A Surprising Number of Homeowners Say Yes

The term homeowners association (HOA) fee refers to an amount of money that must be paid by certain types of residential property owners every month to their homeowners associations (HOAs). Some associations may assess both condo fees and HOA fees, so it's a good idea to find out how much you'll be responsible to pay before you purchase a property.
The main problem people have with HOA fees is the cost. HOA fees are almost always levied on condominium owners, but they may also apply in some neighborhoods of single-family homes.
Homeowners association fees are monthly dues collected by homeowners associations from property owners. Some contracts dictate that the HOA can charge late fees to the homeowner while others allow the HOA to initiate a lawsuit, place a lien on the property, or foreclose on the owner's property to collect the delinquent payments. Some allow the HOA to charge late fees while others allow them to initiate a lawsuit, place a lien on the property, or foreclose on the owner's property to collect the delinquent payments.

Homeowners Association (HOA) Fee

The Homeowners Protection Act of 1998 was passed as part of an effort to reduce the unnecessary payment of private mortgage insurance (PMI) by homeowners who are no longer required to pay it.

The Homeowners Protection Act of 1998 is a law designed to reduce the unnecessary payment of private mortgage insurance (PMI) by homeowners who may no longer be required to pay it. The Homeowners Protection Act protects homeowners by prohibiting life-of-loan PMI coverage for borrower-paid PMI products and establishing uniform procedures for canceling PMI coverage. According to the Homeowners Protection Act, private mortgage insurance must be automatically terminated for homeowners who accumulate the required amount of equity in their homes; the act also mandates certain disclosures about private mortgage insurance and simplifies the cancellation process, among other provisions. The Homeowners Protection Act of 1998, also sometimes referred to as the Private Mortgage Insurance (PMI) Cancellation Act, is a law designed to reduce the unnecessary payment of private mortgage insurance by homeowners who may no longer be required to pay it. The Homeowners Protection Act of 1998 is a law designed to reduce the unnecessary payment of private mortgage insurance (PMI) by homeowners who may no longer be required to pay it.

Homeowners Protection Act

Hope Now Alliance is an initiative of organizations in the mortgage industry created in 2007 to help stop the wave of foreclosures in the United States.

HOPE NOW Alliance Created to Help Distressed Homeowners

Distressed Owners Are Frustrated by Aid Group

Hope Now to suspend operations, citing coronavirus restrictions

Hope Now Alliance. What's the Hope Now Alliance?

Established in 2007, Hope Now Alliance's main goal was to create a unified, coordinated plan to assist homeowners, communities, and government partners to repair the mortgage market following the subprime mortgage crisis that led to the Great Recession. It also advocated for higher lending standards and more ethical conduct in the mortgage industry.
Hope Now Alliance was run out of the Housing Policy Council, a trade organization made up of lenders, services, insurers, and other market participants. Its tools included a nationally-promoted website with foreclosure prevention information, a 24-hour toll-free telephone number, and free phone counseling through the Homeownership Preservation Foundation, among other efforts.
Although Hope Now Alliance was formed as a separate entity, its operations were run directly out of the Housing Policy Council as of 2008, according to _ The core criticism was that Hope Now Alliance marketed itself heavily to homeowners as a source of help, but was actually gatekeeping who received help to aid the least risky borrowers in order to benefit lenders.

Hope Now Alliance

A house swap is a short-term exchange of homes. It's a popular option for reducing vacation costs.

A house swap, or home swap, is a temporary exchange of homes. Perusing the listings on Love Home Swap makes it evident that some people in attractive locations are using their home bases or their second homes as a launching pad for a house-swapping lifestyle. Home-swapping sites like Love Home Swap and International Vacation Home Exchange (IVHE) have made it easier for strangers to hook up with potential house-swap partners. The sites are stretching the definition of house swapping to cover more possibilities:
The classic house swap is just what it sounds like. A house swap, or home swap, is a temporary exchange of homes.

House Swap

A housing unit is a single residential unit in a larger structure that is occupied or intended as a separate living quarter.

A housing unit is a single unit within a larger structure that can be used by an individual or household to eat, sleep, and live. The following living quarters are generally not considered housing units and are not included in Census Bureau data:
Dormitories, bunkhouses, barracks
Transient hotels and motels—except for those people who consider it their place of residence
Quarters in institutions, general hospitals, and military installations—there are exceptions including units that are occupied by staff members or resident employees A housing unit is one unit within a larger structure, such as a house, apartment, mobile home, or group of rooms, where a person or family eat, live, and sleep. There are three types of situations that determine the loss of a housing unit:
An interior exposed to the elements
Demolished unit
A home—house or mobile—that's moved
The loss rate of homes in certain states is accelerating due to natural disasters. There were 139.7 million housing units in the U.S. in 2019, according to the U.S. Census Bureau, up from an estimated 138.5 million units in 2018.

Housing Unit

In escrow is a status for an item that has been transferred to a third party to be released later to a grantee as part of a binding agreement.

In financial transactions, the term "in escrow" indicates a temporary condition of an item, such as money or property, that has been transferred to a third party. The funds in a real estate transaction can be held in escrow even on the date of the sale and won't be released until all parties—the buyer, seller, and the mortgage company—agree that all of the conditions in the escrow agreement have been satisfied. The property, cash, and the title to the property are often held in escrow until all specified conditions, outlined in the escrow agreement, are met, and transfer of ownership can occur. Once the agreement terms have been satisfied, the escrow agent releases the funds or property held in escrow to the appropriate party. The seller might seek a variance while the property is in escrow to allow the buyer to proceed with their intended plans upon taking full ownership of the real estate.

In Escrow

Joint tenancy is a legal arrangement in which two or more people own a property together, each with equal rights and obligations.

The term joint tenancy refers to a legal arrangement in which two or more people own a property together, each with equal rights and obligations. Although joint tenancy is most closely associated with real estate ownership, the broader legal concept of joint tenancy with right of survivorship can apply to a range of assets, including businesses and brokerage accounts. One way to avoid losing control of the disposition of the property upon death, some joint owners opt for tenancy in common (JTIC) instead of a joint tenancy. In other words, upon death, the assets don't automatically go to the surviving partner as with joint tenancy—instead, the tenancy in common allows the assets to get distributed as stipulated in the will. A joint tenancy avoids probate and the lengthy legal process that allows the joint tenant to take ownership of the assets immediately.

Joint Tenancy

Joint tenants in common means that ownership of an asset or property by at least two people carries no rights of survivorship.

The term joint tenants in common (JTIC) refers to a legal relationship in which two or more people own a piece of property or another asset where no rights of survivorship are afforded to any of the account holders. The term joint tenants in common (JTIC) refers to a legal relationship in which two or more people own a piece of property or another asset where no rights of survivorship are afforded to any of the account holders. Two individuals may find it more affordable to own a home or a brokerage account by becoming joint tenants in common and split the cost—the purchase price, property taxes, maintenance, brokerage fees, and other expenses related to the asset. Joint tenants in a common arrangement could be established through a will left by the prior owner of a property to their heirs, such as a parent who leaves their property to their four children. Some states require signatures from all parties that can claim a portion of ownership in order for transactions to be conducted involving joint tenants in common accounts or property.

Joint Tenants in Common (JTIC)

A limited common element is an aspect of a condominium unit that remains the property of the condominium community instead of the tenant.

The term limited common element refers to an aspect of a condominium unit or complex that is considered to be the property of the community or homeowners association (HOA) rather than that of the tenant. Limited common elements are parts of a condo are assigned to individual units, but considered community property rather than the tenant's
Examples of limited common elements Examples of common elements include pipes, electrical systems, heating and air conditioning systems, walkways, security systems, lighting in common hallways, lobbies, garbage and recycling areas, and others. Limited common elements are defined as any aspects of a shared condominium complex that are part of a unit, but are not considered to be the sole property of the owner or tenant. They specify the aspects and amenities that are considered limited common elements, as well as outline which parts of the property belong to the condominium owner.

Limited Common Element

Lis pendens is an official notice to the public that a lawsuit has been filed. 

A lis pendens is an official notice to the public that a lawsuit involving a claim on a property has been filed. If buyer B proceeds with the purchase and the courts determine that buyer A is entitled to enforce the sale, buyer B loses the property to buyer A and must go to the seller to get his money back. For example, if buyer A and a seller enter into a contract for the sale of a home and the seller decides to sell the home to buyer B, buyer A may sue the seller to enforce the sale. Lis pendens can only be filed if a claim is related specifically to the property; however, it specifies that the owner of the property must assume any litigation associated with it. Lis pendens is connected to the concept that a buyer of a property must assume any litigation that exists pertaining to the property.

Lis Pendens

Maintenance expenses are costs incurred to keep an item in good condition. Apartments, homes, and condominiums have expenses, but who pays them?

The term maintenance expense refers to any cost incurred by an individual or business to keep their assets in good working condition. Neglecting regular maintenance—and not paying expenses for upkeep—may result in higher maintenance costs and, even worse, replacement costs for the asset itself. Individuals may incur maintenance costs for homes, automobiles, appliances, and electronics, while businesses pay for maintenance on their fixed assets—vehicles, equipment, facilities—and their technology. Individuals pay for maintenance on things like homes, automobiles, and appliances, while companies pay for upkeep on fixed assets and technology. Consumers who purchase assets should expect to pay maintenance expenses at some point in the future if they want to use them over a period of time.

Maintenance Expenses

Manufactured housing is a home unit constructed primarily or entirely off-site prior to being moved to a piece of property where it is set. 

Manufactured housing (MH) is a home unit constructed primarily or entirely off-site at factories prior to being moved to a piece of property where it is set. Wood, steel, aluminum, copper, granite, plastic, glass, electrical wires — all the materials used for on-site home construction — go into a manufactured housing unit. The Federal Housing Administration and Department of Veterans Affairs have manufactured-housing loan programs to promote housing affordability among the target demographic. Manufactured housing (MH) is a home unit constructed primarily or entirely off-site at factories prior to being moved to a piece of property where it is set. The cost of construction per square foot is usually considerably less for manufactured housing than for traditional homes constructed on-site.

Manufactured Housing (MH)

A multiple listing service (MLS) is a system utilized by a group of real estate brokers that allows them to see one another's listings of properties for sale.

A multiple listing service (MLS) is a database established by cooperating real estate brokers to provide data about properties for sale. A multiple listing service allows competing brokers to work together toward a common goal of helping buyers find their desired properties and helping sellers sell their properties.
As a result of the cooperation of the agents and brokers to create the MLS databases, prospective homebuyers gain access to numerous listings while sellers get connected to buyers through their broker or agent. A multiple listing service (MLS) is a database established by cooperating real estate brokers to provide data about properties for sale. A multiple listing service (MLS) is a database established by cooperating real estate brokers to provide data about properties for sale. A multiple listing service helps real estate agents and brokers connect by consolidating and sharing information while sharing commissions.

Multiple Listing Service – MLS

In real estate, a party wall is a shared wall that separates housing or business units.

In real estate terminology, a party wall is a shared wall that separates two separately rented or owned units. The traditional party wall principle says that each owner acquires title to one-half of the wall, and each owner also is granted an easement for the support of the structure.
A party wall agreement stipulates rules around ownership and maintenance obligations for a shared wall. In addition to shared walls, a party wall can also refer to one attached and adjacent to the property, walls belonging to a single building structure, dividing walls between adjoining units, and those standing on the land of two or more owners. Typically, a party wall agreement requires the owners to maintain their portion of the wall consistently and harmoniously. The agreement might also stipulate, however, that for one party to make structural changes to the party wall, it would require the consent of both parties.

Party Wall

Perfect title refers to ownership of a property through a deed free of any liens or defects, and is sometimes referred to as a good or clean title. 

Perfect title refers to ownership of a property through a deed free of any liens or defects. When preparing to issue a mortgage for the purchase of a property, a title company will thoroughly research the title history of that property. Perfect title refers to ownership of a property through a deed free of any liens or defects. Once the title has cleared the title search, ideally in perfect form, the title company will produce an opinion letter summarizing its findings. The deed lists legal details of the property such as exact location and any easements or liens on the property.

Perfect Title

Personal use property is used for one's own enjoyment and not for business or investment.

Know the Tax Facts About Renting out Residential Property

Topic No. 515 Casualty, Disaster, and Theft Losses

Personal use property is a type of asset or other property that an individual does not use for business purposes or as an investment. Personal use property is a type of asset or other property that an individual does not use for business purposes or as an investment. Taxpayers cannot deduct losses on the sale of personal use property, while a gain on the sale of such property is subject to taxation. Technically, the Internal Revenue Service (IRS) considers personal use property a capital asset and treats it differently than other types of property or assets. Personal use property is treated differently for tax purposes than other types of property or assets.

Personal Use Property

Principal, interest, taxes, insurance (PITI) is the term for the sum of a mortgage payment made of principal, interest, taxes, and insurance premiums.

Principal, interest, taxes, insurance (PITI) are the sum components of a mortgage payment. PITI is typically quoted on a monthly basis and is compared to a borrower's monthly gross income for computing the individual's front-end and back-end ratios, which are used to approve mortgage loans. If the interest rate on our $100,000 mortgage is 6%, the combined principal and interest monthly payment on a 30-year mortgage would be about $599.55—$500 interest + $99.55 principal. Because PITI represents the total monthly mortgage payment, it helps both the buyer and the lender determine the affordability of an individual mortgage. Because PITI represents the total monthly mortgage payment, it helps both the buyer and the lender determine the affordability of an individual mortgage.

Principal, Interest, Taxes, Insurance —PITI

Quiet title is a lawsuit filed to establish ownership of real estate when ownership is in question. 

Quiet title is a lawsuit filed to establish ownership of real estate when ownership is in question. After a successful quiet title, a clear title is established and is required to close a real estate transaction and is established by title companies, who do a title search to confirm a property's legal owner and check for claims against the property. Once the proceeding has gone through and the purported owner prevails in the quiet title action, the title is considered close and quiet for that owner and no further challenges to the title can be leveraged. To initiate an uncontested quiet title, a homeowner may file what is known as a quiet title action, which is a specific legal process to determine the clear ownership of a property. As an example of a quiet title, there could be a Contractor whose primary job is flipping a house, meaning that Contractor A purchases a home for a low price, makes necessary home improvements, and then turns around and sells the home for a profit.

Quiet Title

A quitclaim deed releases a person's interest in a property without stating the nature of the person's interest or rights, and with no warranties of ownership. 

A quitclaim deed releases a person's interest in a property without stating the nature of the person's interest or rights, and with no warranties of that person’s interest or rights in the property. A quitclaim deed releases a person's interest in a property without stating the nature of the person's interest or rights, and with no warranties of that person’s interest or rights in the property. A quitclaim deed releases a person's interest in a property without stating the nature of the person's interest or rights, and with no warranties of that person’s interest or rights in the property. They can be used to add a spouse to a property title after marriage, remove a spouse from a title after divorce, clarify ownership of inherited property, transfer property into (or out of) a revocable living trust, clarify an easement, or change how a property’s title is held. As a result, when accepting a quitclaim deed, the buyer of a property accepts the risk that the grantor of the deed may not have a valid ownership interest and/or that there may be additional ownership interests in the property.

Quitclaim Deed

A realtor is a real estate professional who is a member of the National Association of Realtors.

2020 Code of Ethics & Standards of Practice

Use of the Term REALTOR® with a Member’s Firm Name

Table of Contents
What Is a Realtor? Professionals who hold the title of realtor include agents who work as residential and commercial real estate brokers, salespeople, property managers, appraisers, counselors, and other real estate professionals.﻿﻿ There are 1,396,575 realtors as of June 2020, which breaks down as 65% real estate agents, 22% real estate brokers, and 15% associate brokers.﻿﻿ The term “realtor” is a registered trademark.﻿﻿ Professionals who hold membership as a realtor or realtor-associate on a member board are licensed to use realtor trademarks in connection with their name and the name of their real estate business. NAR defines the term “realtor” as a federally registered collective membership mark that identifies a real estate professional who is a member of the association and subscribes to its code of ethics. A realtor is a real estate professional who is a member of the National Association of Realtors (NAR), a professional association.

Realtor

The right of redemption is the legal right of any mortgagor or borrower to reclaim property they would otherwise lose in foreclosure proceedings.

Regaining Ownership After Foreclosure: Statutory Redemption.

The right of redemption allows individuals who have defaulted on their mortgages the ability to reclaim their property by paying the amount due (plus interest and penalties) before the foreclosure process begins, or, in some states, even after a foreclosure sale (for the foreclosure price, plus interest and penalties). The right of redemption allows individuals who have defaulted on their mortgages the ability to reclaim their property by paying the amount due (plus interest and penalties) before the foreclosure process begins, or, in some states, even after a foreclosure sale (for the foreclosure price, plus interest and penalties). Despite the opportunity to exercise the right of redemption before a foreclosure sale, borrowers tend to only exercise a right of redemption after a foreclosure if they do at all. Many mortgage notes include the right of foreclosure, which describes a lender's ability to take possession of a property through a legal process called foreclosure and outlines the conditions under which the lender has the right to foreclose. The right of redemption gives mortgagors the opportunity to reclaim their property and stop a foreclosure sale from happening, or, in some cases, even repurchase their property after a sale has occurred.

Right of Redemption

The sales comparison approach is an appraisal method that compares real estate to other properties with similar characteristics. 

The term sales comparison approach refers to a real estate appraisal method that compares one property to comparables or other recently sold properties in the area with similar characteristics. The term sales comparison approach refers to a real estate appraisal method that compares one property to comparables or other recently sold properties in the area with similar characteristics. Although there are many steps that a real estate appraiser can take in evaluating a property's value, the following are some of the most common characteristics used in an SCA:
**Location and neighborhood:** Geography may directly impact the value of real estate. A sales comparison approach is a valuation method used in the real estate industry that compares one property to similar ones recently sold in the area. The sales comparison approach helps real estate professionals and buyers determine if the price of a home is fair and comparable to the current market.

Sales Comparison Approach (SCA)

A squatter is a person who occupies a property with no legal claim to it but may gain adverse possession of the property through involuntary transfer.

A squatter is a person who settles in or occupies a piece of property with no legal claim to the property. State laws regarding squatters and adverse possession can be superseded by local laws in some cases; for example, in New York City, if a squatter continuously occupies a property for 30 days, they gain the legal right to remain on the property as a tenant of the owner even though they never signed a lease agreement. A property owner who does not use or inspect their property for a number of years could lose the title to another person who makes a claim to the land, takes possession of the land, and uses the land. A property owner who does not use or inspect their property for a number of years could lose the title to another person who makes a claim to the land, takes possession of the land, and uses the land. If a squatter continuously occupies a property for 30 days, they gain the legal right to remain on the property as a tenant of the owner even though they never signed a lease agreement.

Squatter

Tenants by entirety is a form of joint ownership in some states that governs the rights of married couples that hold the title to a shared property.

Tenants by entirety (TBE) is a method in some states by which married couples can hold the title to a property. The ownership structure also determines what will happen to the property when one spouse dies and whether the property can be used to satisfy a debt or judgment. A tenancy by entirety can be eliminated under such circumstances as a divorce, which would see the property divided between the parties, or a voluntary, mutually-sought petition by both parties to change the nature of ownership. In order for one spouse to modify his or her interest in the property in any way, the consent of both spouses is required by tenants by entirety. In addition, federal tax liens against one spouse could in some circumstances be attached to property that is covered by tenants by entirety and potentially subject to seizure

Tenants by Entirety (TBE)

Tenancy by the entirety is a type of shared ownership of property reserved only for married couples.

Tenancy By Entirety: Defined and Explained

Table of Contents
What Is Tenancy by the Entirety?
How Tenancy by the Entirety Works
States That Allow Tenancy by the Entirety
How Is Tenancy by the Entirety Terminated?
Rights of Tenants by Entirety
What Does Tenancy by the Entirety Mean? A tenancy by the entirety also creates a right of survivorship—when one spouse dies the surviving spouse gains full ownership of the property. This form of legal ownership creates a right of survivorship so if one spouse dies, the surviving spouse automatically receives full title to the property. So, even if one spouse writes a will that grants an interest stake in the property to an heir, the power and rights of tenancy by the entirety creates a right of survivorship and invalidates and supersedes that aspect of the will. For example, if a borrower owes payments on a motorcycle they acquired only for themselves, the lender could not put a lien against a house the borrower owns with a spouse because the property is under tenancy by the entirety.

Tenancy by the Entirety

A tenement refers to a working-class or working-poor residential apartment building, often characterized by low-quality, run-down, and/or cramped living conditions.

A tenement can refer to any sort of multi-occupancy residential rental building. In 1867 the New York State Legislature passed the Tenement House Act, which defined a tenement as any building rented out to at least three families, each of which lives independently but shares halls, stairways and yards.﻿﻿ In the late-nineteenth century, tenements came to be contrasted with middle-class apartment buildings. Tenement buildings date back to the growth of the industrial revolution and the sudden influx of people moving to cities, but today may be associated with slums, inner-city housing, or low-income housing projects. The Tenement Act of 1901 improved tenement conditions dramatically, mandating better lighting and fireproofing, as well as requiring privies to be replaced with indoor toilet facilities connected to the city sewers.﻿﻿ At this time the Lower East Side was one of the most densely populated places on earth. A tenement typically refers to low-income housing units that are characterized by high-occupancy and below-average conditions.

Tenement

Use and occupancy is a type of permit required when real property is transferred or an agreement that allows temporary use of the property.

Use and occupancy is a real estate agreement that allows one party to use and/or occupy a property before ownership is transferred from the other party.
U&O permits ensure that everything is up to local code, ordinance, and all related permits have been filed. The term use and occupancy (U&O) refers to a real estate agreement between two parties that allows one party to use and/or occupy a property before ownership is transferred from one side to the other. The terms of a U&O agreement will likely set strict time limits on how long the buyer or seller might use or temporarily take up occupancy on the property. U&O regulations usually require the seller of a property to pay a fee of around $100 and allow a government official to inspect the property.

Use and Occupancy (U&O)

Voluntary conveyance refers to an elective transfer of title without adequate consideration.

Publication 526: Charitable Contributions

Voluntary conveyance refers to an elective transfer of title from one individual to another without adequate consideration. In most states, it is illegal to transfer property to a third party in order to avoid creditors’ claims on that property. Such a gift can be considered suspicious when creditors seek possession of the property to fulfill claims on the property. Voluntary conveyance, like any sale of real estate, is a form of voluntary property transfer. Donors wishing to convey real property to a charitable organization must carefully manage the issue of consideration to ensure the desired tax deduction.

Voluntary Conveyance

Water rights pertain to the legal rights of property owners to access and use bodies of water adjacent to lands they hold.

Water rights pertain to the legal rights of property owners to access and use bodies of water adjacent to lands they hold. Riparian rights are a type of water rights awarded to landowners whose property is located along flowing bodies of water, such as rivers or streams. Riparian rights are a type of water rights that give landowners access and usage of flowing bodies of waters like rivers and streams. Water rights pertain to the legal rights of property owners to access and use bodies of water adjacent to lands they hold. Littoral rights are a type of water rights that pertain to landowners whose land borders large, navigable lakes and oceans.

Home Ownership

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