Property Value

An estimated value of a property that represents the market value buyers are willing to pay for a property.


To assign the certain percentages that will be paid by both the buyer and seller at the time of closing that will cover closing costs.

Punch List

This is a list authored by the buyer that outlines specific areas the buyer wants fixed before closing on the property.

Purchase Contract

An official document signed by both the buyer and seller that binds the buyer to the purchase of the property, and the seller to the sale of the property.

Purchase Offer

Also known as the purchase agreement or deposit, this is a document that provides written documentation of a buyer

Qualifying rations

Two separate calculations that are used to determine whether a borrower will qualify for a mortgage loan. The two calculations are a housing expense to income ratio and total debt obligations as a percent of income ratio.

Quiet Title

to remove record defects or possible claims of other parties named in the action carried out in a court of law.

Quitclaim deed

A deed that transfers interest or title the grantor may have at the time of conveyance. This transfer voids any warranty on the interest or title.


A part of the government survey that is numbered east or west of the principal meridian.

Rate lock

The unchanging rate on a loan provided by a lender to a borrower for a specific amount over a specific time period.

Rate time and refinance

A refinance transaction where the new balance is calculated in order to cover the remaining balance on the loan as well as any associated costs accrued in pursuit of the new mortgage.


The process of approving an action made by a party who represents another party after the action has already been carried out.

Real estate broker

The licensed intermediary party that looks to find sellers who want to sell, and buyers who want to buy.

Real Estate Investment Trust

Under Federal and State Law, investors can pool funds for investment for Real Estate use while being exempt from corporate taxes. Requires participation by 100 or more people.

Real Estate Investment Trust (REIT)

Under federal and state law, investors can be exempt from corporate taxes on funds they allocate for Real Estate investments.

Real Estate Mortgage Investment Conduit (REMIC)

Under the Federal Tax legislation, any business entity in which all of the assets consist of qualifying mortgages and permitted investments avoids treatment as a corporation for tax purposes.

Real estate settlement Procedures Act

A consumer protection law that requires lenders to give borrowers advanced notice of all costs associated with closing.


In Texas, reconveyance is used as a means of transferring the title in land back to the borrower from the trustee when the Deed of Trust has been fully repaid.


This is the process of buying back a property after it has been lost through foreclosure. This property is recovered by the payment of delinquent taxes.

Refinance transaction

Typically done to secure a better interest loan rate, this is the process of paying off a loan by obtaining a new loan while using the same property as security.

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