Definitions Flashcards
a form says to your mortgage company that you allow a 3rd party to receive information about you & the mortgage
3rd Party Authorization
Financial Institution that provides funds for people to purchase a property with the expectation that the loan will be repaid in a certain amount of time.
Lender
Failure to make the mortgage payment within a specific period of time. For first mortgages or first trust deeds, if a payment has still not been made within 30 days of due date, loan is considered to be in what?
Default
Sum of borrowed money that is generally repaid with interest.
loan
Mortgage placed on property in first position
First Mortgage
30-120 days
Notice of default Homeowners
a person who has died.
decendent
person who occupies property rented from landlord.
tenet/renter
Legal document that coordinates the distribution of your assets after death
WIll
the value established on real property that is determined to be one that a buyer is willing to buy and a seller is willing to sell.
Fair Market value.
After death, what state program can try to collect all medical costs from estate
medicare
Can allow us to speed up the probate process and allow the estate to sell the property sooner if granted by the judge. (usually for foreclosure)
esparte
State can make a claim against your estate for the amount of benefits paid or value of estate.
Medi-cal
Written agreement between a property owner and a tenet that shows payments and conditions under which the tenant may possess the real-estate for a specified period of time
Lease
form of insurance to replace assets that may be mismanaged or stole by the executor or administrator
Waiver of Bond
bank issues reinstatement period (0-30 days) -> notice of Default (30-120 days) -> notice of sale (0-45 days)
foreclosure process
Legal document provided by seller of a piece of property that explicitly states the status or potential legal issues involving the property of the seller
Affidavit
Buying out the Interest of heir/heirs who are entitled to the deceased’s estate
Interest buy-out
Legal process in which a borrower in default under a mortgage is deprived of his or her interest in the mortgaged property.
foreclosure
Prospective seller needs to gain title of an estate owned by a deceased family member
Probate Property
Like Zillow but exclusive to real-estate agents.
MLS or Multiple Listing Service
90-120 days
Petition to open probate with our attorney or executor->petition for heir to be personal admin or executor (4-6 weeks)->heir is appointed, petition for letters of admin which allows the heir to sell the property to our company (4-6 weeks)-> petition granted by court, all heirs notified-> open escrow
Probate Process
Anything listed against the title of the property will come up on this. Ex: liens, delinquent taxes, mortgages (takes 48 hours to receive)
Preliminary Title Report
A legal document that pledges a property to the lender as a security of a debt
Mortgage
Title or interest one has in property such as real-estate and personal property that can be passed on to survivors at the time of ones death.
estate
after spouse dies, the state may file a claim against the spouses estate to recover money spent for the _____ recipients care.
Medicaid
Expenses over and above the purchase price of buying and selling real estate
Closing costs
A mortgage placed on a property in 2nd position to an already existing first mortgage
Second Mortgage
Recent sales of similar properties in nearby areas used to help determine market value of a property.
Comparable sales (comps)
A fee for the professional services that real-estate agents provide to home buyers and sellers
Commission
If homeowner has a loan on the property, we must submit for a final ____ through escrow to get the exact number needed to pay off the loan.
loan pay-off
A mortgage loan in the untied states guaranteed by the united states dept of Veteran Affairs
VA benefits/ Insurances
By filing in federal ___court on an individual or individuals can restructure or relieve themselves of debt and liabilities. will protect homeowners from auction.
Bankruptcy
To modify terms of your mortgage without requiring you to refinance
loan modification
Court appointed individual who handles remaining financial matters for a decedent during probate.
Personal Administrator
Granted in local court, this document simply states that you are legal executor for a particular estate.
Letters of Testamentary
the difference between what something is worth and any loan secured by the asset
Equity
Foreclosure can be postponed by order of a court with competent jurisdiction or bankruptcy by mutual agreement between the lender and borrower.
Postponement of the Auction
an estimate of fair market value of the property
Appraised Value
The process of a transfer of ownership
Escrow process
Open Escrow-> escrow orders the preliminary title and submits for a loan payoff-> clear title if needed-> sign escrow -> buyer sends escrow in funds for property-> escrow records deed to transfer the ownership
Escrow process
an order of court appointing a person to administer the estate of a deceased person
Petition
trained employee of an escrow company of real-estate broker who acts as natural parties to accomplish the closing of a real estate transaction
escrow officer
When funds are directly transferred form one party to another
Wire Funds
Someone who assists a real estate agent by performing the administrative duties required during each stage of transaction from contact to closing
Transaction coordinator `
A legal document by which the property is transferred to the heirs and beneficiaries after the death of a person
> 166,250.00
Small Estate Affidavit
A person appointed to act for another in business or legal matters
Attorney
Special Agreement between lender and borrower to delay a foreclosure
Forbearance
asset based loan financing through which a borrower receives funds secured by a real property
Hard Money Lender
Legal claim of one person upon the property of another person to secure the payment of a debt or satisfaction of obligation
Lien
Involuntary lien issued by a court after judgment is entered against the property owner
Judgment lien
company has identified property by driving by and marking property as distressed
*high probability of sale
drive by homeowner
a legal process in which a will is reviewed to determine whether it is valid and authentic
probate
an oral or written agreement to do or not to do a certain thing
contract
An official statement signed by a physician of the cause, date, and place of death
Death certificate
A person named in a will to administer an estate
executor
A sum of money given in advanced of a larger amount being expected in the future
deposit or earnest money deposit
transferring ownership
escrow
Has already been in “notice of default”.
Property is now in foreclosure and has auction date.
0-45 days**
Notice to Sale
This document conveys the title of the property to the purchaser
deed
Based on the value of the property you own and often assessed by local or municipal government
property taxes
Sale of real estate in which net proceeds fall short of debts secured by liens against the property
Short-sale
Owns the home but doesn’t live in it or uses it as primary address. most likely has multiple properties and real-estate savvy
Absentee Homeowners
Auction Date, to be auctioned at a specific time
Sale date
Made to purchase a property at a specific price. once an offer is accepted, next step is opening escrow.
Offer
The amount a homeowner receives after all debts and liens are paid for sale.
Net
A landlord legal removal of a tenet from his rental property
Eviction
A person legally entitled to the estate. 0.01% in relation to decedent
Heir of the estate
Refers to a property owner or junior lienholders rights to ___ a mortgage and cure any default by paying the delinquent amount due.
Reinstate
Generally the evidence of right that a person has to the possession of property.
Title
Federally funded program to help California homeowners struggling to pay their mortgages due to financial hardships
Keep your home California
When the court appoints you as personal representative of an estate, you become an officer of the court and assume certain ___ and obligations.
Duties and Liabilities
