Real Estate Term of the Day: First Mortgage & Second Mortgage FIRST MORTGAGE – a mortgage that has priority as a lien over all other mortgage. In cases of foreclosure the first mortgage will be satisfied before other mortgages (Barron’s Dictionary of Real Estate Terms) SECOND MORTGAGE – a subordinated lien (lower priority than another), … More Real Estate Term of the Day: First Mortgage & Second Mortgage
Real Estate Term of the Day: Fiduciary FIDUCIARY – one who acts, in a legal role, in the best interests of others (Barron’s Dictionary of Real Estate Terms) When you hire a BROKER to help you purchase or sell a home, the exclusive agreement between the you and the agent, will illustrate the duties of … More Real Estate Term of the Day: Fiduciary
Real Estate Term of the Day: Fee Simple FEE SIMPLE – absolute ownership of real property; owner is entitled to the entire property with unconditional power of disposition during the owner’s life, and upon his death the property descends to the owner’s designated heirs (Barron’s Dictionary of Real Estate Terms) Ownership in the State of … More Real Estate Term of the Day: Fee Simple
Real Estate Term of the Day: Federal Housing Administration FEDERAL HOUSING ADMINISTRATION (aka: FHA) – an agency, within the U.S. Department of Housing and Urban Development, that administers many loan programs, loan guarantee programs, and loan insurance programs designed to make housing available (Barron’s Dictionary of Real Estate Terms) According to the Hud.gov, Congress created the … More Real Estate Term of the Day: Federal Housing Administration
LESLIE MONACO REAL ESTATE 