|
Maryland
Real Estate Terms |
| Agreement
of Sale |
| A contract whereby a seller agrees to sell and a buyer agrees to buy, under certain
specific terms and conditions spelled out in writing and signed by both
parties. This document is also known as a contract of purchase, purchase
agreement or sales agreement. |
| Certificate
of Title |
| A document signed
by a Title examiner or attorney, stating that the seller has a good,
marketable, and insurable Title. |
| Closing
Statement |
| Details
the net amount of money a buyer and seller must pay to complete the
purchase of real estate. This is also called a settlement sheet or
a HUD-1 statement. |
| Convey |
| Transfer Title
of property from one person to another. |
| Fixture |
| Personal property which
is permanently attached to real property, such as lighting, medicine
cabinets, and mantels are considered fixtures. Fixtures can be
included when a property is sold. |
| Listing
Agreement |
| A contract
between a homeowner (known as principal) and a licensed real estate
broker (known as agent) by which the broker is employed to market the
property within a given time and the homeowner agrees to pay a
commission. This is also referred to as a listing contract. |
| Sales
Associate |
| A person with a
real estate license and associated with a specific real estate
broker. This person is also called an agent. |
| Settlement |
| The conclusion
of a real estate transaction where the deed is delivered and funds are
disbursed. This is also called a closing. |
| Survey |
| A map or plat
made by a licensed surveyor showing land with the improvements,
elevations, boundaries and the relationship to surrounding tracts of
land. A LOCATION DRAWING is for a specific parcel of land and
shows the boundaries of the property and anything that has been placed
on the property. A location drawing is usually required by a
lender. |
| Title |
| A document that
indicates the rights of ownership and possession of a particular
property. |
| Title
Abstract |
| A summary of
the public records relating to the Title of a particular piece of
land. An attorney or Title company reviews an abstract of Title to
determine whether there are any Title defects. |
| Title
Insurance |
| This Insurance is
purchased as a part of a settlement. It protects lenders and
homeowners against loss of their interests in a property due to legal
defect in a Title. |
| Title
Search or Examination |
| A check of the Title
records, generally through a local courthouse, to make sure the
buyer is purchasing a house from the legal owner and that there are no
liens, overdue special assessments or other claims. If there are
such liens, assessments or claims, that they will be satisfied as part
of the settlement. |
