The total amount required to purchase a property, including the price and all associated fees such as closing costs, attorney's fees, loan fees, appraisal costs, title insurance, and discount points.
A written agreement between a seller and a purchaser where the purchaser commits to buying particular real estate and the seller commits to selling it under agreed-upon terms; also commonly known as a contract of sale.
A bridging loan is a short-term loan taken to bridge the gap between the purchase of one asset and the sale of another. It is commonly used in the property and housing market.
An earnest money deposit is a type of advance payment made by a purchaser of real estate to show their commitment and good faith during the home-buying process.
A home loan, also known as a mortgage, is a financing arrangement in which an individual borrows money from a financial institution to purchase residential property.
Land banking refers to the process of purchasing land that is not currently needed for use but is expected to be utilized or gain value in five to ten years. This practice is often employed for real estate investment and urban development purposes.
A lease with an option to purchase allows the lessee (tenant) the right to buy the property at a predetermined price, under specific conditions. Its treatment may vary depending on whether it closely resembles a financing arrangement.
**Owner Financing**, also known as **Seller Financing**, is a real estate financing method where the property seller directly finances the purchase for the buyer, bypassing traditional lending institutions. In this arrangement, the seller extends credit to the buyer, who agrees to make regular payments, including interest, until the loan is paid off or the property is refinanced.
A Real Estate Broker arranges the purchase or sale of property for a buyer or seller in return for a commission. Brokers must be licensed by the state, and salespeople, who are also licensed, work under brokers.
Seller financing, also known as owner financing, is a method in which the seller of a property provides a loan to the buyer for the purchase of the property, as opposed to the buyer obtaining a mortgage through a third-party lender. This is often used when traditional lender financing is unavailable or less attractive.
Stamp Duty Land Tax (SDLT) is a tax levied on the purchase of property or land in the United Kingdom. The tax is paid by the buyer and varies depending on the value and type of property.
Stamp Duty Land Tax (SDLT) is a tax charged on the purchase price of property or land in the UK. The rates and thresholds vary depending on several factors such as property value, type, and buyer's status.
An individual who purchases property for the purpose of concealing the identity of the eventual purchaser, often used in real estate transactions.
Upfront charges are fees that are charged to homeowners at the time of closing a real estate purchase. These include various costs such as points, recording fees, mortgage title policy, appraisal, and credit report.
