Monthly Archives: August 2018

Real Estate Term of the Week

Collateral: Something pledged as security for repayment of a loan, to be forfeited in the event of a default. In a home loan, the property is the collateral. The borrower risks losing the property...

Real Estate Term of the Week

Back-Up Offer: An offer made to a seller when there is already an accepted offer on a home. A seller accepts back-up offers when he would like to have another offer in place in...

Real Estate Term of the Week

Covenants, Conditions, and Restrictions (CC&Rs): Limits and rules placed on a group of homes by a builder, developer, neighborhood association or Homeowners Association. When living in a building subject to CC&Rs, a buyer gives...

Is an HOA Community Right for You?

A Home Owners Association (HOA) community can provide living opportunities to any age buyer that might otherwise not be affordable in a single-family home. Or perhaps rather than affordability, it’s the maintenance-free lifestyle. An...

Real Estate Term of the Week

Appraisal Contingency: A clause in a home purchase contract that protects the buyer. It’s used to ensure a property is valued at a minimum, specified amount. If the property does not appraise for at...