Real Estate Term of the Day: Commitment Letter COMMITMENT LETTER – an official notification to a borrower from a lender indicating that the borrower’s loan application has been approved and stating the terms of the prospective loan (Barron’s Dictionary of Real Estate Terms) This letter is typically given to the borrower before the loan conditions … More Real Estate Term of the Day: Commitment Letter
Real Estate Term of the Day: Commission COMMISSION – an amount earned by a real estate broker for services performed (Barron’s Dictionary of Real Estate Terms) The commission amount is agreed upon between the client (either the seller or buyer) and their agent. The rate is typically based on a percentage of the final sales … More Real Estate Term of the Day: Commission
Real Estate Term of the Day: Cluster Housing CLUSTER HOUSING – a subdivision technique in which detached dwelling units are grouped relatively close together, leaving open spaces as common areas (Barron’s Dictionary of Real Estate Terms) The most common form of cluster housing is found in patio homes communities. Patio homes are generally smaller detached … More Real Estate Term of the Day: Cluster Housing
Real Estate Term of the Day: Clear Title & Cloud on the Title CLEAR TITLE – a marketable title; one free of clouds and disputed interests (Barron’s Dictionary of Real Estate Terms) CLOUD ON THE TITLE – an outstanding claim or encumbrance that, if valid, would affect or impair the owner’s title (to the property) (Barron’s … More Real Estate Term of the Day: Clear Title & Cloud on the Title
LESLIE MONACO REAL ESTATE 