Glossary of mortgage terms

Glossary of Mortgage Terms The purchase of a home can be overwhelming. So too, can the prospect of securing financing. Some terms in frequent use with regard to mortgages are as follows: Adjustable rate mortgage (ARM) – The interest rate on an adjustable rate...

As-Is Clauses in Real Estate Sale Contracts

As-Is Clauses in Real Estate Sale Contracts More and more sellers are listing there properties for sale “as is.” What does this mean to a prospective buyer? When a seller indicates that a property is being sold “as is,” the seller is...

Factors to Consider When Renting

Factors to Consider When Renting Due to the nature of landlord-tenant relationships, it is not surprising that they can often become contentious. To prevent or address problems between landlords and their tenants, the federal government and many states have enacted...

Conservation easements and private land

| Conservation Easements and Private Land The Fifth Amendment to the U.S. Constitution states, in part, that private property shall not be “taken for public use, without just compensation.” In order to take property, the government must first condemn it...

Wrap-Around Mortgages

Wrap-around mortgages A wrap-around mortgage is a loan transaction in which the lender assumes responsibility for an existing mortgage. For example, Sam Seller, who has a $70,000 mortgage on his home, sells his home to Bob Buyer for $100,000. Bob pays $5,000 down and...