Alphabetical Real Estate Terminology

  1. Assessed value: tax assessor valuation of property for taxing
  2. Balloon payment: upon termination of a balloon mortgage, the final due and payable sum
  3. Clear title: title to property that has no liens or ownership discrepancies or questions
  4. Deed: document that legally gives title to property
  5. Eminent domain: govt right to take property for public use after paying fair market value, or govt ability to condemn a property
  6. Fannie Mae: Largest US (investor)supplier of home mortgage money for home loans
  7. Grantor: person passing interest in real property
  8. Hazard insurance: insurance coverage for real estate to cover damages from any hazard such as fire
  9. Interest: % amount charged for borrowing money (mortgage)
  10. Joint tenancy: more than one party owns a property, upon one party’s death, survivors own property as a whole
  11. Knotty pine: a type of wood known for its knots or "eyes" used to make floors, cabinets, furnishings 
  12. Legal description: a description acceptable legally of any property in writing distinguishing it from any other property
  13. Maturity: referring to a financial document of which the balance becomes due and payable
  14. Notice of default: notice in writing that borrower has defaulted on loan and lender can take action
  15. Owner financing: in a purchase contract the seller will provide financing for the buyer
  16. Point: one percent of any mortgage amount
  17. Quit claim deed: transfer of interest in title when a conveyance is made
  18. Real property: land with any permanent attachments: buildings, minerals, benefits, and rights from any such property
  19. Second mortgage: a mortgage lien in second position to the first mortgage
  20. Title insurance: lender protection or buyer protection against any loss from property ownership disagreements
  21. Underwriting: process of loan application
  22. VA: Veterans Affairs, govt agency guaranteeing mortgage loans available for military personnel 


The Property Team
Silvercreek Realty Group

 Ava Tong, Realtor, BA,  CSP, HRC

PhonePhone: (208) 440-5810   

 Cristina Pescaru, Realtor,  CSP, HRC

Phone Phone: (208) 284-1545
Email Email:

MLS - Realtor - Equal Housing Opportunity - Gold Key Real Estate
The Property Team at Silvercreek Realty Group
(208) 440-5810    (208) 284-1545