Seller concessions are closing costs that the seller has agreed to pay. Sometimes, buyers ask the seller to contribute to specific closing costs; other times, it is simply a flat percentage of the total
A short sale occurs when a homeowner sells their property for less than what’s owed on the mortgage. A short sale allows the lender to recoup some of the loan that’s owed to them
The percentage of homes sold with a sale price greater than their latest list price. Includes all homes sold within a given time period. Excludes properties with a sale price 50% above the listing
A title is a document that shows legal ownership of a property or asset, such as a home. A home’s title represents the rights to the property. Those rights are transferred from the seller
A title examination reviews all public records tied to a property. It generally reviews all previous deeds, wills, and trusts to ensure the title has passed cleanly and legally to every new owner.
A property title search examines public records on the property to confirm the property’s rightful legal owner. This search also reveals if there are any claims or liens on the property that could otherwise
A transfer tax is a tax charged by a state or local government to complete a sale of property from one owner (seller) to another (buyer). Transfer tax is a transaction fee charged upon
The treasury index is published by the Federal Reserve Board and based on the average yield of Treasury securities. Financial institutions often use this index as the basis for mortgage notes.
