First Time Buyer Home Loan
First Time Buyer Home Loan
First Time Buyer Home Loan

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Real Estate Terms of the Day for First Time Buyer Home Loan



MAINTENANCE
The care and work put into a building to keep it in operation and productive use; the general repair and upkeep of a building. If maintenance is deferred, the building will suffer a loss in value.

CERTIFICATE OF TITLE
Written opinion of the status of title to a property, given by an attorney or title company. This certificate does not offer the protection given by title insurance.

LIQUIDATED DAMAGES
An amount predetermined by the parties to an agreement as the total amount of compensation an injured party should receive in the event the other party breaches a specified part of the contract.

CONTINGENCY
A provision placed in contract which requires the completion of a certain act or the happening of a particular event before a contract is binding.

DUPLEX
A structure that provides housing accommodations for two families by having separate entrances, kitchens, bedrooms, lanais, living rooms and bathrooms. A two-family dwelling.

SETTLEMENT
The act of adjusting and prorating the various credits, charges and settlement costs to conclude a real estate transaction.

NOMINAL CONSIDERATION
A consideration bearing no relation to the real value of the contract. A deed often recites a nominal consideration, such as "ten dollars and other valuable consideration."

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