Retirement of an existing debt from the proceeds of a new loan, using the same collateral as security.

Land and that which is affixed to it.

An agent who buys and sells Real Estate for a company, firm, or individual on a commission basis. The broker does not have title to the property, but generally represents the owner.

Real estate or real property owned by an individual of business.

An agreement guaranteeing an individual a specified interest rate on a loan provided the loan is closed within a set period of time.

A deed which transfers whatever interest the maker of the deed may have in the particular parcel of land. A quitclaim deed is often given to clear the title when the grantor’s interest in a property is questionable. By accepting such a deed the buyer assumes all the risks. Such a deed makes no warranties as to the title, but simply transfers to the buyer whatever interest the grantor has.

The percentage of payment to income (P/I) and debt-to-income (D/I) that is used to measure the borrower’s capacity to repay the mortgage debt.

As determined by a lender, the ability of the borrower to repay a mortgage loan based on the borrower’s credit history, employment history, assets, debts, income and other factors.

An agreement between a buyer and seller of real property, setting forth the price and terms of the sale. Also known as a sales contract.

A planned combination of diverse land uses, such as housing, recreation, and shopping in one contained development or subdivision. A major feature of a PUD includes areas of common land for use by the housing unit owners; the association of unit owners generally owns, pays fees, and maintains the common areas. Also see DiMinimus PUD.