Monthly Archives: November 2016

Real Estate Term of the Week

Home Warranty: A residential service contract undertaken by a home owner that covers the cost of maintaining household systems or appliances. A home warranty provides coverage for a set period of time and varies...

Real Estate Term of the Week

Contingency Clause: Defines a condition or action that must be met in order for a real estate contract to become binding. Contingency becomes part of a binding sales contract when both parties (i.e., the...

Real estate term of the week:

Loan Origination Fee: An up-front fee charged by a lender for processing a new loan application, used as compensation for putting the loan in place. Origination fees are quoted as a percentage of the...

Shop Around for Your Mortgage

The Consumer Financial Protection Bureau reports that nearly half of all mortgage borrowers don’t shop around when they buy a home. The translation is that they choose the first lender they meet for what...

Real Estate Term of the Week

Material Defect: A specific issue with a system or component of a residential property that may have a significant, adverse impact on the value of the property, or that poses an unreasonable risk to...