Kingsway Realty

Lancaster County PA Homes for Sale

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Ephrata, PA Office
830 Martin Avenue
Ephrata, PA 17522
(877) 345-3886
(717) 733-4777
(717) 733-3477 fax

Lancaster, PA Office
1770 Oregon Pike
Lancaster, PA 17601
(888) 454-6499
(717) 569-8701
(717) 560-9791 fax

Real Estate Terms

Real Estate Terms
  • Agency: A legal relationship in which someone (principal) hires someone else (agent) to represent them to a third party.
  • Application Fee: A fee to cover some of the charges of the loan process.
  • Appraisal Fee: A fee charged by the lender for an appraisal.
  • Assessed Value: The value placed on property by the Central Appraisal District as a basis for taxation.
  • Attorney’s Fees: Charges by an independent attorney chosen by the lender to draw the legal documents, i.e. Note, Deed of Trust, etc.
  • Balloon Payment: An instance in which the final installation payment on a note is greater than the preceding payments and pays the note in full.
  • Chain of Title: A history of conveyances and encumbrances affecting the title (ownership) of real property.
  • Conventional Mortgage: A mortgage securing a loan made by investors without government underwriting – that is, not FHA insured or VA guaranteed.
  • Convey or Conveyance: Process of transferring ownership of a property from one person to another.
  • Courier Fee: Charges for Federal Express or a runner.
  • Credit Report Fee: Assessed by the lender for a required credit report from a credit bureau.
  • Deed: A document which, when properly excised and delivered, conveys (transfers) title (ownership) of real property.
  • Disclosure: To make known or public. When dealing in real property, all disclosures should be made in writing.
  • Discount Points: A negotiable fee paid to the lender to secure financing for the buyer. Discount points are up-front interest charges to reduce the interest rate over the life, or a portion, of the loan’s term. One discount point equals one percent of the loan amount, i.e. 3 discount points on a $100,000 loan would be $3,000.
  • Earnest Money: Money deposited by a buyer to indicate and evidence good faith.
  • Encumbrance: Anything that affects or limits ownership of real property – such as, mortgages, liens, easements, or restrictions of any kind.
  • Escrow Fee: Charged by the title company to service the transaction and to escrow (hold and disburse) money and documents. Usually split between buyer and seller.
  • Escrow: The deposit of documents and funds with instructions to a neutral third party to carry out the provisions of an agreement or contract.
  • Exclusive Right to Sell Listing: A written agreement between owner and agent giving the agent the right to sell a property and collect a fee for a set term.
  • Fair Market Value: The price at which a willing seller would sell and a willing buyer would buy, neither being under abnormal pressure.
  • Loan Organization Fee: Normally 1% of the loan amount, and charged by the lender to the buyer.
  • Mortgage: A legal document that provides security for repayment of a promissory note.
  • Mortgagee’s Title Policy: Required by lender to ensure that lender has a valid lien. It does not protect the buyer. Also required for second mortgages.
  • Owner’s Title Policy: Insures the buyer against loss due to any defect in the title not excepted to or excluded from the policy.
  • Points: Paid by the buyer or seller. One point is equal to one percent of the loan amount.
  • Principal: The employer of an agent in an agency relationship.
  • Recording Fee: Charged by the County Clerk to record documents in the public records. Charges are based on the number of pages recorded.
  • Seller Agency: See TREC Disclosure Form “If the Broker Represents the Owner”
  • Septic Well Inspection: The septic system must have a certificate by the city or county Health Department.
  • Survey: Survey of property required by lender; shows lot size, easements, any encroachments, locations of improvements, etc.
  • Tax Certificate: Charged by taxing authorities to present certification showing that the current year’s taxes were paid.
  • Tax Service Fee: Required by the lender for collection and disbursement of tax escrow by a servicing company. Termite Inspection: Required by the lender to show property free and clear of active termites.
  • Time Is Of The Essence: Demands punctual performance in a binding contract.
  • Title Policy: Insurance policy on the ownership of real property against defects in title.
  • Title: In dealing with Real Property, “title” means ownership.
  • Underwriting Fee: Charge by a lender to underwrite the loan.
  • VA Funding Fee: Veteran’s Administration fee for originating a VA loan.
  • Warehouse Fee: Charged by the lender to hold the loan locally before selling it in the secondary mortgage to an investor.
  • Zoning: Act of city authorities specifying type of use for which property may be used.

 

KINGSWAY REALTY