David Saks

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Glossary of Real Estate and Mortgage Terms

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X

An individual who may be illiterate or otherwise and cannot write. They may execute a legal document by affixing an "X" where the signature would normally be applied and a witness would write the person's name beneath the mark and then sign his or her name witnessing the signature of "x".

X-bracing

The cross-bracing of a structural member used to stiffen a framework or floor joist.

David Saks'                                                                         

Glossary of Real Estate and Mortgage Terms

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Warranty deed

A deed used to convey real property and contains warranties of title and quiet possession and by which the grantor agrees to defend the property against any lawful claims of third persons.
The warranty deed is commonly used in many states but in others the grant deed has replaced it because of the recent practice of securing title insurance policies which have reduced the importance of express and implied warranty in deeds.

Water rights

The collective or corporate rights to a water supply or a guarantee of access to a body of water which is close at hand.

WCR

A group supported by the National Association of Realtors (NAR) that provides support, books and educational programs for women REALTORS® who are interested in residential brokerage.

David Saks'                                                                         

Glossary of Real Estate and Mortgage Terms

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Value

The present worth of future benefits arising out of ownership to a typical user or investor.

Variable Rate Mortgage, VRM

A real estate loan under which the terms of the note permit the interest rate to vary upward or downward over the term of the loan depending on current money market conditions.

Veterans' Administration, VA

A department of the federal government that among other activities guarantees loans made to veterans.

Voidable contract

An agreement that is capable of being made void but is not null and void and so it must be either confirmed a valid contract or a voided contract.

David Saks'                                                                         

Glossary of Real Estate and Mortgage Terms

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Uniform Residential Appraisal Report, URAR

The most common appraisal form in use which is also know as a form appraisal and is used to document the methods used to determine the market value of single-family residences and planned unit developments.

Unilateral contract

A contract under which one party promises to do something in exchange for the completed act of another.

Urea Formaldehyde Foam Insulation, UFFI

A man made material used in insulation during the 1070's which is now banned.   

Usury

The illegal practice of lending money and charging a rate of interest greater than the maximum permitted by law.

Please feel free to add anything you feel may be useful in the comments section below.

David Saks'                                                                        

Glossary of Real Estate and Mortgage Terms

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Tax Lien

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Glossary of Real Estate and Mortgage Terms

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Secondary Financing

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Glossary of Real Estate and Mortgage Terms

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Real Estate

Revenue Stamps

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Glossary of Real Estate and Mortgage Terms

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Quit Claim Deed

  Quiet Cloud on Title

Any document or claim, including an unreleased lien, or encumbrance may injure the title to a property. Clouds on title are revealed in a Title Search. Examples of clouds may be a recorded mortgage paid in full with no satisfaction of mortgage recorded, or a property sold without a spouse's release of interest in the property. A property owner may prepare a quitclaim deed or a "quiet title" proceeding to remove the cloud on title from the record.

This is all I could come up with, but if you can think of anything else put it in the comment section below. X and Z are probably going to be flabbergasters, as well. Chime in if you can think of anything else.

David Saks'                                                                          

Glossary of Real Estate and Mortgage Terms

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Package Mortgage

Glossary of Real Estate and Mortgage Terms

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Open End Mortgage

If you'd like to add anything please do so in the comments section below.

Thanks - David