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Team Q | Real Estate Glossary

Team Q RE/MAX
CDPE, SDPE, CRS, GRI, NAR, CAR, SDAR, PREP, SRES

Phone
(877) 832-6748

Fax
(858) 408-2480

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(858) 722-7362

Toll Free
(877) TEA-MQ4U

 

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RE/MAX Ranch & Beach
16787 Bernardo Center Drive Suite 5
San Diego, CA 92128

 

Realtor Logos & Designations

 

Real Estate Glossary | Team Q Re/Max

Addendum - Something added.  A list or other material added to a document, letter, contractural agreement, escrow instructions, etc. (See also:  Amendment)

Amendment - A change, either to correct an error or to alter a part of an agreement without changing the principal idea or essence.

Appraisal - An opinion of value based upon factual analysis.  Legally, an estimation of value by two disinterested persons of suitable qualifications.

Annual Percentage Ratge (A.P.R.) - The yearly interest percentage of a loan, as expressed by the actual rate of interest paid.  For example: 6% add-on interest would be more than 6% simple interest, even though both would say 6%.  The A.P.R. is disclosed as a requirement of federal truth in lending statutes.

Assumption of Mortgage - Agreement by a buyer to assume the liability under an existing note secured by a mortgage or deed of trust.  The lender usually must approve the new debtor in order to release the existing debtor (usually the seller) from liability.

Beneficiary - (1) One for whose benefit a trust is created. (2) In states in which deeds of trust are commonly used instead of mortgages, the lender (mortgagee) is called the beneficiary.

Close of Escrow- The date that title passes from seller to buyer and documents are recorded.

CC&R's - Covenants, Conditions, and Restrictions.  A term used to describe the restrictive limitations which may be placed on a property.

Chain of Title - The chronological order of conveyance of a parcel of land from the original owner (usually the government) to the present owner.

Cloud of Title - An invalid encumbrance on real property, which, if valid, would affect the rights of the owner.  The cloud may be removed by quitclaim deed, or, if necessary, by court action.

Comparable Sales - Sales of properties used as comparisons to determine the value of a specific property.

Conveyance - Transfer of title to a property.  Includes most instruments by which an interest in real estate is created, mortgaged or assigned.

Counter-Offer - An offer (instead of acceptance) in response to an offer.   For example:  A offers to buy B's house for X dollars.  B, in response, offers to sell to A at a higher price.  B's offer to A is a counter offer.

Deed - Actually, any one of many conveyance or financing instruments, but generally a conveyancing instrument given to pass fee title to property upon sale.

Deed of Trust - An instrument used in many states in place of a mortgage.  Property is transferred to a trustee by the borrower (trustor), in favor of the lender (beneficiary), and reconveyed upon payment in full.

Disclosure - To make something known.  All disclosures should in writing when dealing with real estate interests and real property.

Discount Points - The amount paid to increase the yield.  Discount points are up-front interest charges to reduce the interest reate on the loan over the term of the loan.  Each point equals one percent of the face value of the loan.

Due on Sale Clause - An acceleration clause that required full payment of a mortgage or deed of trust balance when the secured property changes ownership.

Earnest Money - Money given by the buyer with an offer to purchase.  Shows good faith.

Easement - A right created by grant, reservation, agreement, prescription, or necessary implication, which one has in the land of another.  It is either for the benefit of the land (appurtenant), such as the right to cross A to get to B, or "in gross", such as a public utility easement.

Escrow - Delivery of a deed by a Grantor to a third party for delivery to the Grantee upon the happening of a contingent event.  Modernly, in some states, all instruments necessary to the sale (including funds) are delivered to a neutral third party with instructions as to their use.

Fair Market Value - Price that probably would be negotiated between a willing seller and a willing buyer in a reasonable time.  Usually arrived at by the comparable sales in the area.

Hazard Insurance - Real Estate insurance protecting against loss caused by fire, some natural causes, vandalism, etc., depending upon the terms of the policy.

Homeowners Association - An association of people who own real property in a given area, formed for the purpose of improving or maintaining the quality of the area.  Also an association formed by the builder of condominiums or planned developments, and required by the statute in some states.  The builder's participation as well as the duties of the association are controlled by statute.

Homestead Exemption - Every person the age of 18 or over, married or single, who resides within Arizona, is entitled to a homestead.  A.R.S. 33-1101(A).  This homestead is an exemption that precludes most creditors from reaching the first $100,000 of equity in a person's residence.  The homestead exemption does not apply to a consensual lien, such as a mortgage or deed of trust.  A.R.S. 33-1103.  Homeowners do not need to take any action to assert the homestead because the exemption attaches by operation of law.  A.R.S. 33-1102.  The homestead also attaches automatically to a person's interest in identifiable cash proceeds from the voluntary or involuntary sale of the homestead property.  Each person or married couple may hold only one homestead.  A.R.S. 33-1101 (B).  Therefore, if a person has more than one property, a creditor may require the person to designate which property is protected by the homestead exemption.  A.R.S. 33-1102 (A)

Impounds - Account held by lender for payment of taxes, insurance and other periodic debts against real property required to protect their security.

Lien - An encumbrance against a property for the repayment of a debt.  Examples include judgements, taxes, mortgages and deeds of trust.

Mortgage - The instrument by which real estate is pledged as security for the repayment of a loan.

Mortgage Insurance - Insurance written by an independent mortgage insurance company protecting the mortgage lender against loss incurred by a mortgage default, thus enabling the lender a higher percentage of the sales price.

PITI - Payment that combines the principal, interest, taxes and insurance.

Power of Attorney - An authority by which one person (principal) enables another (attorney in fact) to act for him.

Public Report - A report given to prospective purchasers in a new subdivision, stating the conditions of the area and development (cost of common facilities, utility providers, availability of schools, proximity to airports and freeways, etc.) issued by the Department of Real Estate.

Purchase Agreement - An agreement between a buyer and seller of real property, setting forth the price and terms of the sale.

Quitclaim Deed - A deed operating as a release; intended to pass any title, interest, or claim which the Grantor may have in the property , but not containing any warranty of a valid interest or title by the Grantor.

Realtor - A designation given to a real estate broker or sales associate who is a member of a board associated with the National Association of Realtors or with the National Association of Real Estate Boards.

Recording - Filing documents affecting real property with the County Recorder as a matter of public record.

Subdivision - The division of one parcel of land into smaller parcels (lots) created by filing a subdivision plat with the governmental authority (city or county) and receiving approval from the governmental authority.

Title - The evidence one has of right to possession of land.

Warranty Deed - A deed that conveys fee title to real property from the Grantor (usually the Seller) to the Grantee (usually the buyer).

1031 Exchange - A tax deferred or 1031 exchange is a transactions involving the transfer of investment or income property and the receipt of like-kind property which will be used as income or investment property.  When certain criteria are met, as set forth in section 1031 of the Internal Revenue Code, the income taxes on any gain realized from the sale of the relinquished property are deferred.
San Diego First Time Home Buyers
Welcome to your #1 source for FREE San Diego First Time Home Buyers information. Team Q strives to provide our clients with the most up-to-date information regarding California Home Buyer Assistance Programs, Home Buyer Tax Credit Initiatives & Grant Options.
Below you will find a resource list full of MUST HAVE information for ALL San Diego First Time Home Buyers.  For the latest information related to San Diego Homes for Sale, California Buyer Programs, San Diego First Time Home Buyer Programs & Revised Tax Credit options, please feel free to utilize our Free Client Services and/or Contact Team Q.
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Tax Credit Provides Outstanding Opportunity for San Diego Home Buyers
A tax credit of up to $8,000 is available for qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009.
$8,000 Home Buyer Tax Credit at a Glance
The information within this section pertains to the American Recovery and Reinvestment Act of 2009.
•    The tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
•    The tax credit does not have to be repaid.
•    The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
•    The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.
•    Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.
•    Frequently Asked Questions About the Home Buyer Tax Credit
•    Learn how you can take advantage of the tax credit to buy the home of your dreams
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California Down Payment Assistance and Grant Programs
The State of California and The San Diego Housing Commission has Down Payment Assistance and Grant programs to help San Diego First Time Home Buyers.  You may be eligible for up to $15,000 towards the purchase of your home. Funds are available on a first come, first served basis. Certain income eligibility requirements must be met in order to qualify for San Diego Housing Assistance Programs.
•    Down payment/closing cost assistance grant - First-time homebuyers earning 100 percent or less of the San Diego Area Median Income (AMI) can apply for a grant equal to four percent of the purchase price (not to exceed $7,500), to be used toward the down payment and closing costs. The grant is recoverable if the buyer sells or rents the home within six years. (San Diego Housing Commission)
•    Mortgage Credit Certificate (MCC) program - First-time homebuyers purchasing houses or condominiums within San Diego city limits can receive a tax credit equal to either 15 or 20 percent of the mortgage interest they pay each year on their federal income taxes. (San Diego Housing Commission)
•    Calhome first-time homebuyer mortgage assistance program - Qualified first-time homebuyers earning 80 percent or less of the AMI, as adjusted for family size, can purchase homes in the City of San Diego with the help of a deferred second trust deed loan of $19,350. (San Diego Housing Commission)
•    Downtown First-Time Homebuyer Program - A program that assists first-time homebuyers earning 120 percent or less of the AMI to purchase a home in downtown San Diego. This program provides financing, in the form of a second trust deed loan, not to exceed $75,000. The loan is for 30 years at zero percent interest and has no monthly payments for the first five years. (Centre City Development Corporation, San Diego Housing Commission)
•    Shared equity program - First-time homebuyers earning 80 percent or less of AMI can purchase homes in the City of San Diego with the help of a "silent second" trust deed loan for 25 percent of the purchase price or $70,187, whichever is less. No monthly payments of principal or interest are required. Maximum purchase price or appraised value is $280,749. (San Diego Housing Commission)
•    First-Time Homebuyer Shared Equity Program in southeastern San Diego - First-time homebuyers in southeastern San Diego can apply for a shared equity loan. Applicants cannot earn more than 120 percent of the San Diego AMI (for example, $76,080 for a family of four). Interest-free loans are available up to $40,000. (Southeastern Economic Development Corporation)
•    Down Payment Grant Program - Assistance with partial down payment costs up to $5,000 is provided in the form of a cash grant to eligible first-time homebuyers who are in the process of purchasing newly-constructed homes in targeted areas within southeastern San Diego. The grant is available to homebuyers with household incomes up to 120 percent of the San Diego area median income. (Southeastern Economic Development Corporation)
•    Home in The Heights (PDF: 226K) - The City will fund silent second mortgages for first-time homebuyers of up to $15,000 per property within the City Heights Redevelopment Project Area to qualified borrowers displaced by school projects. The Home in the Heights loan can be combined with San Diego Housing Commission funds provided by the U.S. Housing and Urban Development Department that can provide an additional $40,000 or with Price Charities funds that can provide an additional $25,000. (Redevelopment Division)
•    Homebuyers Training Programs- Programs to teach first-time homebuyers how to purchase a home.
•    Learn how you can take advantage of the San Diego Down Payment Assistance & Grant Programs
 
Team Q CDPE, SDPE, CRS, GRI, NAR, CAR, SDAR, PREP, SRES
RE/MAX Ranch & Beach  |  16787 Bernardo Center Drive A-6  |  San Diego, CA 92128

Maria Pena Morales - President of Team Q - DRE Lic. # 01370123
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