Legal Dictionary
When your lender says . . .Chattel
What they mean is . . . Property you own aside from real estate.
When your lender says . . .Contract of Sale
What they mean is . . . The written agreement between you, as the buyer and the seller.
When your lender says . . .Escrow Account
What they mean is . . . A bank account where you deposit money that will cover costs for future taxes & insurance..
When your lender says . . .Executed Sales Contract
What they mean is . . . A contract where all the terms have been successful.
When your lender says . . .Full Disclosure
What they mean is . . . A legal requirement that says a person selling a home is required to tell you everything they know about the property.
When your lender says . . .Gift Letter
What they mean is . . . The form stating that a relative is giving you money to buy a home.
When your lender says . . .Owner of Record
What they mean is . . . The actual owner of a property, according to public records.
When your lender says . . .Prepayment Penalty
What they mean is . . . A fee that you are charged by the lender when you pay early.
When your lender says . . .Public Records
What they mean is . . . The documents that are evidence of real estate transactions.
When your lender says . . . Punch List
What they mean is . . . A written inventory of things that need to be done to close.
When your lender says . . .Purchase Capital
What they mean is . . . The total amount of money a person uses to buy a property.
When your lender says . . .Title
What they mean is . . . The legal, written evidence that identifies the owner.
When your lender says . . .Title Insurance
What they mean is . . . The insurance policy you must purchase to protect the lender.
When your lender says . . .Title Search
What they mean is . . . A legal examination of public records to identify the owner.