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I've never looked at owning a Mobile Home, but I found that they are so much more affordable than site-built houses.  Debbie and Bob were very helpful and were there every step of the way.  I am now the proud owner of a new home and couldn't be happier.  R. & A. McNamee

My husband and I have been renting an apartment for 6 years.  Our family is growing and it was time to buy our own home.  Since it was our first, we had a ton of questions, Ken and the team at Gold Coast were very patient and answered all of them.  We love our new home.  Y. & C. Maness

We listed our home with Debbie and Ken and within 2 weeks we had 2 offers.  Our home sold and the process was very quick and painless.  T. & J. Simonton

I like the fact that when I call, I get to talk to a real person, or they return my call very quickly.  Usually though, they call me first.  J. & G. Nicholls

I found my dream home.  I've been looking for 4 years and finally found it.  Everyone at Gold Coast was extremely helpful.  M. Washington

 

 
 
Glossary of Terms
There's a lot of information here

A
Abstract of Title A condensed history of the title to a parcel of real estate showing conveyances, liens, and charges on the property.

Acceleration Clause A provision in a Mortgage, Deed of Trust, or Note, providing that the entire principal shall become immediately payable in the event of a default. Common reasons for acceleration are:

  • failure to pay when due
  • not keeping the premises insured
  • committing waste to the property
  • failure to complete construction during the construction period

Actual Cash Value In property insurance, Replacement cost less depreciation. The most basic definition of value in a property policy, ACV is depreciated over time.

Adjustable Rate Mortgage (ARM) A loan where the interest rate changes in accordance with changes to specific index, such as the prime rate or some other index.

Ad Valorem Tax A tax based on a percentage of value. Ad valorem is Latin for according to value. Property taxes and sales taxes are ad valorem taxes.

Advance A partial disbursement of loan funds; used by Origen in its construction loans, such as the One-Time-Close loan.

Agreement for/of Sale Contract of the sale of real property; the terminology differs in many jurisdictions – often called binder, sales contract, or Agreement of Sale. (See Binder).

Agreement to Sell An Agreement for Sale to be performed in the future, generally if certain conditions are met.

Agreed Value When the insurance company and the insured agree to a specific price for each piece of property before the contract is written. If there is a loss, the company pays the Agreed Value as specified with no regard for depreciation or for the replacement cost of the item.

“All Risk” (Open Perils) Policy “All Risk” is now referred to as “Open Perils”. Property insurance can be written on either a Named Perils basis or an Open Perils basis. An Open Perils policy covers every conceivable peril (even unusual ones) except for those specifically excluded in the policy.

Amenities Aspects of a property, which make it more valuable, such as recreational areas or a private road. Used in appraising.

Amount Financed The amount of credit provided to the borrower including amounts paid out to others on the borrower’s behalf.

Annual Percentage Rate (APR) The overall cost of borrowing funds, expressed a yearly rate. Reflects the total cost of a loan, including interest charges at the note rate plus points (See Point) and other finance charges.

Appraisal A valuation of real property made by a qualified individual. The valuation is based on an on-site inspection, which is then evaluated in light of local real estate values, sale trends, neighborhood factors, and other local conditions.

Appraiser An expert in real estate values who conducts appraisals. Appraisers who are outside consultants are often certified by the Society of Real Estate Appraisers or the American Institute of Real Estate Appraisers. Any appraiser, including an employee of a home lender, may also be a member of the American Society Review Appraisers or Independent Fee Appraisers.

Appurtenance Attachments to the land considered part of the property. A tool shed and garage are examples of tangible appurtenances. Intangible appurtenances include easements.

Assessment The process of valuing property for taxation. A levy against property for single purposes such as school taxes, water or sewage hook-up, or front footage charges. An unpaid assessment of this type is an open lien and generally takes precedence over a lien created according to a home equity loan.

Assignee A person to whom property rights are transferred or assigned.

Assignment of Mortgage The transfer of ownership of a mortgage from one mortgagee to another.

Assignor A person who transfers or assigns property rights or title to another (i.e., assignee).

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B
Basis Point 1/100 of 1 percent (used to express the yield of many mortgages).

Binder A temporary certificate of insurance used to show coverage until a permanent policy is issued. An agreement for/of Sale in some jurisdictions. Origen must have an insurance binder before checks are disbursed. (See Agreement for/of Sale.)

Broad Causes of Loss/Perils A list of named perils that insured property is covered against. In both commercial lines and personal line the Broad form covers more perils than the Basis form, but fewer that the Special (All Risk) form.

Building Code Regulations that control construction, including materials, used in building. In construction lending, it is important to watch for contractors who do not build to code or fail to get proper building inspections.

Buy For The Buy For Program (BFP) is designed for established borrowers that currently own a primary residence and wish to finance the purchase of a manufactured home as a primary residence for another person.

C
Certificate of Occupancy A certificate from the local building inspector stating that a house is habitable.

Certificate of Title A statement furnished by an attorney that an Abstract of Title reflects that title to real estate is legally vested in the present owner. (See Abstract of Title). A statement furnished by a title insurance company that, in the opinion of the company’s examiner, the title is complete and the insurer is liable only for error by the examiner. (See Title Insurance.)

Chain of Title A chronological history of all transfers of title to a piece of real estate. The Abstract of Title is a condensed version of the chain. (See Abstract of Title).

Chattel Personal Property

Claim Notification to an insurance company that payment of an amount is due under the terms of a policy.

Closing Often called settlement. The consummation of a real estate transaction where the loan is made, the Mortgage of Deed of Trust is executed, and the funds are disbursed.

Closing Costs Expenses incidental to the making of a loan including (where Applicable) title insurance premiums, appraisal fees, credit reports Surveys, document preparation fees, and notary expenses.

Closing Statement A written accounting of the payment and receipt of funds at Closing.

Cloud on Title Claim on a title revealed in a title search, which if valid, would affect the rights of the owner. The cloud may be removed by a quitclaim deed, release, or court order. (See Quitclaim Deed).

Commitment An agreement to fund a loan at a future date.

Comparables Properties that have been sold which are similar to a property under consideration for a loan. Comparables help in determining the fair market value of property. (See Fair Market Value.)

Comprehensive Physical damage coverage for the insured’s own vehicle for damage resulting from perils such as fire, theft hail, or contact with a bird or animal. Comprehensive coverage excludes collision.

Conditions The Conditions section of the policy spells out the procedures which enable the parties to function effectively under the contract. They establish the rules of conduct between the parties of the contract such as: how to report a loss, appraisal provisions, time and manner of paying a loss, subrogation, cancellation, assignment rights and definition of terms. The policy Conditions are the bulk of the policy.

Condominium A form of real estate ownership where each purchaser receives Title to a particular unit and a proportionate interest in the rest of the common areas.

Conforming Loan To make a Land/Home mortgage loan in accordance with secondary market rules, particularly those rules of Fannie Mae and/or Freddie Mac.

Construction Loan A loan for the financing of new construction or home Improvements where the lender disburses the loan in a series of checks called draws as various segments of construction are completed or separate subcontractors finish their portion of work.

Conveyance The transfer of title to property from one person to another. Also the written document whereby such transfer is effected.

Covenant An agreement written into a Mortgage or Deed of Trust promising the performance of certain acts, such as keeping fire insurance on the property; breaching a covenant is a default, and can be the basis for foreclosure. Restrictive covenants include agreeing never to fence a property or to extend a house close to another lot line, or forbidding commercial use in a home. Sometimes called deed restrictions.

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D
Deductible A dollar amount of a claim which the insured must pay before the policy starts paying benefits. The company pays benefits only for the losses in excess of the amount specified in the deductible provision.

Deed The document which transfers ownership of real property from one party to another.

Deed in Lieu A deed given by a defaulting borrower to a lender giving up property to avoid foreclosure. Often a quitclaim deed.

Deed of Reconveyance The transfer of title to property back to a borrower after payoff of a Deed of Trust.

Deed of Trust/ Trust Deed A document by which the borrower, called the trustor, conveys title to a trustee covering property used as security. The Trustee may sell the property in the event of a default and after payoff, reconvey title to the borrower. Real estate secured loans using deeds of trust may be called second trusts or third trusts depending on their priority in title. Deeds of Trust may be used in place of mortgages. In some states. The use of Deeds of Trust or mortgages varies by county even where both forms are legal.

Depreciation The decreases in value of property over time as the result of deterioration, obsolescence or wear and tear. Depreciation is a factor used in calculation Actual Cash Value.

E
Easement An interest in land owned by another that entitles the holder to a specific limited use or enjoyment. A limited right to use property. Examples are the right to run power lines or sewer lines through another’s property.

Encroachment When an improvement to a property extends into another’s property.

Encumbrance Any limitation on a property owner’s interest, such as liens, mortgages, deeds of trust, easements, leases, or restrictive covenants.

Equity The value of a property owner’s interest in the property after subtracting the balance of any indebtedness from the total value of the property.

Escrow A transaction where a third party, agent, or company handles documentation and disbursement of funds. Use of escrow agents In real estate lending varies geographically and is generally more common in the West.

Exclusions Losses that a policy does not cover.

F
Fair Market Value The price at which a property can be sold on the open market, provided there is a willing buyer, a willing seller, and reasonable time in which to complete the sale.

Fee Simple An absolute ownership interest in real property limited to an individual and his/her heirs and assigns forever, without limitation or condition.

Fixture Personal property, which becomes part of the real estate when permanently attached to the real estate, such as a wall safe, or furnace.

Flood A peril generally excluded from property policies which is defined as a general and temporary condition of partial or complete inundation by water of what is normally dry land. Mudslides caused by flooding are also considered to be “floods”. Flood insurance is available through the National Flood Insurance Program.

Foundation Survey Also known as final Survey, this survey is done after home & improvements in place. It should show home, improvements and flood zone.

G
General Contractor A licensed contractor who contracts directly with the homeowner to construct improvements on the property.

Grantee A person to whom real property is transferred.

Grantor A person transferring real property.

H
Hazard Insurance The generic name for homeowners, fire, or any other casualty insurance.

Homeowners Policy A package insurance policy containing coverage for a variety of multiple perils, including fire, theft, property damage, and personal liability. Additional hazard insurance may cover special risks such as tornado or flood damage.

Homestead Exemption An exemption for part of a person’s property (usually the primary residence) preventing attachment and forced sale for general debts. It may be provided by state law or constitutional provision and may have to be waived by the borrower to protect a home equity lender. In some states, a portion of property exempt from property taxes.

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I
Improvements Buildings or other permanent appurtenances located on or attached to the land. Often a mortgage or Deed of Trust will state the land is improved by a residence.

Insurable Value The term is used conventionally to designate the amount of insurance that may be carried on destructible portions of a property to indemnify the owner in the event of loss.

Insurable Interest In property insurance, an insurable interest is any financial interest you have in a piece of property. An insurable interest exists when damage or destruction to the property would result in a direct financial loss to you. In property insurance, you will only collect benefits under a policy if you have an insurable interest in that property at the time of the loss.

Involuntary Lien A lien imposed on real property without the owner’s consent, such as federal tax liens, judgment liens, or mechanic’s liens.

J
Junior Mortgage A lien subordinate to the claims of the holder of a prior (senior) mortgage.

K

L
Land Contract An installment sales contract for land where title does not pass until the contract is paid in full.

Land Seasoning A term referring to previous ownership of land evidenced by dated and notarized Deed documents and/or having these documents filed for record in the county’s recorders office.

Legal Description A technical description of a plot of land which is legally recognized and used in contracts.

Lessee One renting or leasing property from another (a tenant).

Lessor One renting or leasing property to another (a landlord).

Liability In insurance, a legal obligation to pay, such as being required by law to make good a loss or damage for which you are responsible; a potential damage which you may be required to pay. Also referred to as Casualty.

Lien A charge or security or encumbrance upon property.

Life Estate An estate or interest held during the term of that person’s life or some other person’s life. Grants or gives an interest in real property until the individual’s death or another individual’s death, though the individual has no rights to convey, sell, or encumber the property.

Lis Pendens A recorded notice that a law suit is pending affecting real property.

Loan-to-Value Ratio The relationship between the amount of the loan and the appraised value of the property expressed as a percentage of the appraised value.

Loss A financial damage; the basis for a claim under an insurance policy,; the amount for which the insurance company becomes obligated to pay the insured in the event of the insured’s financial harm.

M
Maintenance Agreement Recorded agreement stating who is responsible for maintaining access easement.

Market Value The highest courts of most states have defined market value. However, the definitions usually encompass the highest price a willing buyer would pay for property and a willing seller would accept, both being exposed to the property for a reasonable period of time. Market value is not the actual price paid for property that is market price.

Marketable Title A title not subject to reasonable doubt, which would prevent a prudent person from buying it, even though the title may not be completely clear.

Maturity Date The final date of the term of a mortgage.

Mechanic’s Lien A claim against the estate or interest of the owner in a property for the purpose of securing priority of payment for labor, services, or furnished materials in the erection or repair of the property.

Metes and Bounds A description in a deed of the land location in which the Boundaries are defined by directions and distances from fixed points, often found in rural property never subdivided.

Mortgage A document pledging property as security for the repayment of a loan under certain conditions.

Mortgagee in Possession A lender who has obtained real property after default, whether by foreclosure or deed in lieu.

Mortgagor A borrower pledging real property under a mortgage.

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N
Named Peril Policy A policy in which the covered perils are literally named in the policy, such as the Standard Fire Policy that covers the perils of Fire, Lightning and removal. Perils not named are excluded from coverage.

National Flood Insurance Program The federal government’s program to make flood insurance available at reasonable (subsidized) rates to the general public. Coverages are marketed by private insurance companies, but the risk is borne by the federal government.

Negligence A tort theory that essentially is a failure to do, or not to do, what a reasonable prudent person would do or would not have done, in the same or similar circumstances. Negligence results from carelessness, ignorance, thoughtlessness or inaction. It is never an intentional act. If you are found negligent, you may be liable to pay for the damages you caused.

Non-Conforming Loan A land/home mortgage loan, which does not necessarily conform to the rules of Fannie Mae and/or Freddie Mac.

O
Occurrence This is a very broad definition of “accident”, which includes the continuous or repeated exposure to substantially the same general harmful conditions that occur over time. Whereas an “accident” is a sudden event, an “occurrence” is a condition caused by continuous and repeated exposure to the same peril over a long period of time.

Occurrence limit Under a liability policy, the limit that can be paid for any one claim.

Open Perils (“All Risk”) Policy In property insurance, the highest form of peril coverage available. An Open Perils property policy covers all risks not specifically excluded in the contract. They are more frequently referred to as “All Risk” policies. However, this term can be misinterpreted by the insuring public; hence, the new term, “Open Perils”.

P
Percolation Test A procedure to determine the rate of seepage of water through soil, in order to receive a permit to install a septic sewer system.

Premium The money a policy owner pays the insurance company for insurance coverage the amount of money the insurance company charges for insurance coverage. Premium is a portion of a policyowner’s consideration in an insurance contract.

Pre-qualification A credit approval based on limited and unverified information that is not considered a full approval until completely documented.

Plat A map dividing a parcel of land into lots, as in a subdivision.

Point An amount equal to one percent of an investment or note.

Power of Sale The right of a mortgagee to force a sale of the property should default occur.

Prepayment Penalty A fee imposed by a lender to allow a borrower to pay off all or part of indebtedness early.

Principal Balance The outstanding amount due on a debt, not including interest.

Purchase Money A mortgage for the purchasing of real property.

Q
Quitclaim Deed A deed operating as a release; intended to pass any title, interest or claim which the grantor may have in the property, but not containing any warranty of a valid interest or title in the grantor.

R
Real Estate Origen Land/Home Loans are considered real estate (vs. chattel). The home is permanently affixed and vehicle title is surrendered/eliminated if required.

Reconveyance The transfer of title back to a borrower after payoff of a Deed of Trust, in a Deed of Reconveyance.

Recorder The public office, which keeps land records. May be known as the Registrar of Deeds, Land Records Office, or Clerk of the Court, depending on local custom.

Redemption A right some states allow, where a borrower may buy back property after foreclosure by paying interest, principal, costs, and fees.

Release The discharge of property as security. In some areas, a discharge is used instead of a release.

Replacement Cost Cost of replacing the subject property with one having exactly the same utility.

Rescission The right to cancel a contract, as in the three-day right to rescind under federal law.

RESPA An acronym for the federal Real Estate Settlement Procedures Act.

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S
Satisfaction The release of a mortgage or Deed of Trust.

Seasoned A term referring to a mortgage, indicating that payments have been made regularly over a period of time, and that the contract or mortgage is not a new one.

Special Warranty Deed A deed containing a covenant whereby the guarantor agrees to protect the grantee against any claims arising during the period of ownership.

Subordination The act of acknowledging that a lien is junior to another priority.

Survey The accurate mathematical measurements of land and buildings made with the aid of instruments.

T
Tenant One who is not the owner but occupies real property under consent of the owner and in subordination to the owner’s title.
The tenant is entitled to exclusive possession, use, and enjoyment of the property, for a rent specified in the lease.

Term The number of years of the duration of a mortgage.

Title The evidence of the right to ownership in property. May be acquired through purchase, inheritance, devise, gift, or foreclosure.

Title Bring To Date Also known as gap coverage, on a construction loan, the title is updated from time of closing to final draw.

Title Insurance A contract by which the title insurance company agrees to pay the insured a specific amount for any loss caused by defects of title to real estate, wherein the insured has an interest as purchaser, mortgagee, or otherwise. Separate premiums protect the owner/borrower and the lender.

Title Search A condensed history of the property ownership, showing the links in chain of title, with a statement of all liens, taxes, charges or encumbrances against the particular property.

U
Unencumbered Property A property free and clear of all liens and encumbrances.

V

W
Warranty Deed A deed in which the grantor or seller warrants or guarantees that good title is being conveyed, as opposed to a quitclaim deed that contains no representation or warrant as to the quality of title being conveyed.

X

Y

Z
Zoning The governmental regulation of permissible uses of real property.