Turn-Key

(1) A home buyer’s goal is to find not only a pristine property they can purchase but also to find one that’s so pristine, nothing else needs to be done for them to move in. No alterations need to be made to the exterior or interior. These turn-key listings are not entirely rare, but chances are, […]

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Truth In Lending Act

Comparison shopping is something practically every consumer partakes in on a nearly daily basis — whether they realize it or not. From low-expense purchases like clothes and decor to high-cost buys like, say, homes for sale, they review all of their options carefully to find the best and, in often cases, most affordable one. The Truth […]

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Treasury index

The treasury index is published by the Federal Reserve Board and based on the average yield of Treasury securities. Financial institutions often use this index as the basis for mortgage notes.

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Transfer tax

Transfer tax is a transaction fee charged upon the transfer of a property’s title. It is imposed by the state, county, and municipal authority where the transaction is taking place and is based on the property’s value and classification. Typically, the seller is responsible for paying real estate transfer tax, unless otherwise agreed upon during the […]

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Transfer of ownership

In real estate, transfer of ownership refers to transfer of a property’s deed and title from the seller to the buyer at closing.

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Title

A home’s title represents the rights to the property. Those rights are transferred from the seller to the buyer during a real estate transaction and give the buyer legal rights to the property upon closing.

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Transaction sides

(1) The two sides of a transaction, sellers and buyers. The term used to record the number of transactions in which a real estate sales agent or broker was involved during a specific period. (2) When you close a deal for one client, that is a transaction side: one half of a housing agreement. Most agents […]

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