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Have trouble to understand real estate and mortgage jargons? Shouldn't someone tell all about these in plain English? No problem, here are Real Estate & Mortgage Glossary and Definitions that will help you decode the jargons from A to Z.
abstract or title search
The process of reviewing all recorded transactions in the public record to determine whether any title defects exist that could interfere with the clear transfer of ownership of the property.
amortization
The process of paying the principal and interest on a loan through regularly scheduled installments. Initially, most of each payment is applied toward interest owed, and later in the loan term increasingly applied toward principal.
homestead
A parcel of land used by the owner as a primary residence.
HUD-1 Uniform Settlement Statement
A closing statement or settlement sheet that outlines all closing costs on a real estate transaction or refinancing.
sales concession
A cost paid by the seller, even though the cost is customarily paid by the buyer.
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