Escrow is a legal arrangement in which a third party temporarily holds a sum of money or property until a particular condition has been met, such as the fulfillment of a purchase agreement. It

An exclusive listing is used to motivate an agent to sell a property quickly, within a specific number of months. If they meet that goal, the agent gains a commission regardless of how a

The Fair Credit Reporting Act (FCRA) was enacted in 1970 and ensures fairness, accuracy, and privacy of personal information contained in files maintained by credit reporting agencies. The goal of this act is to

A property’s fair market value is its accurate valuation in a free and open market under the condition that buyers and sellers are knowledgeable about the asset, acting in their best interests, and free

Fee simple refers to the most common type of property ownership. It means the owner’s rights to the property are indefinite and can be freely transferred or inherited when the owner chooses. It is

Federal Housing Administration (FHA) loans have been around since 1934 and are meant to help first-time homebuyers. The FHA insures the loan, making it easier for lenders to offer the homebuyer a better deal,

A fixed-rate mortgage is a loan where the interest rate remains the same throughout the entire term of the loan. Fixed-rate mortgages are one of the most common types of loans.

For sale by owner, or FSBO, is a term that refers to a method of listing a property for sale. In a FSBO listing, the seller does not work with a real estate agent;

If a homeowner doesn’t make a mortgage payment (usually, for more than 90 days), foreclosure is a legal process during which the owner forfeits all property rights. If they are unable to pay off

The Home Equity Conversion Mortgage (HECM) is an FHA reverse mortgage program enabling homeowners to withdraw equity on their home through either a fixed monthly payment, a line of credit, or a combination of

A home equity line of credit, or HELOC, is a line of credit secured by a home. Many use it as a revolving credit line for large expenses or debt consolidation.

A home inspection is a limited, non-invasive examination or inspection of the condition of a home, usually in connection with a sale. Home inspections are conducted by a licensed, qualified inspector. A home inspection is carried