Legal Jargon
This document that is filed at the start of PreForeclosure
What is a Lis Pendens
This architectural style is seen across Charleston characterized with white Columns
What is Greek Revival
The items in a monthly payment
What is Principal, Interest, Taxes, Insurance (PITI)
The Vertical Strips that vertically align a wall or siding
What is Batten?
HUD
An agent that acts as a neutral party/central bank in a real estate transaction
What is escrow?
Gullah Geechie's tradition is to paint ceilings to ward off evil spirits
What is "Haint" Light Blue
This insurance program implemented by the government to encourage banks to make home loans after the depression. Borrowers are only required to make a 3.5% down payment
What is an FHA Loan
This kind of siding is no longer used and costly to remove
A Rental property is bought with hard money and then fixed up for a new tenant before the investor went to a traditional lender for a new loan. The investor does this again and again.
What is the BRRR Method
The process that gives the attorney insight on previous history of owners and mortgages
What is Running Title
These metal rods or bolts, often seen on older brick and plaster houses in Charleston
What is Earthquake Rods or Bolts
!!!!!!DAILY DOUBLE!!!!!
When a lender reimburses funds for construction or rehab in periodic intervals after you pay first
What is a Draw!
The part of a home is generally a triangular portion of a wall between the edges of intersecting roof pitches
What is a gable?
In real estate, the term for the income generated by a property through rent or other sources , minus operating income
What is Net Operating Income (NOI)?
The term for right of government to take private property for public use
What is Eminent Domain
These narrow, rectangular homes have rooms arranged in straight line and doors at each end is a part of Charlestons architectural landscape, particularty in the post civil war ear?
What is a Shotgun House
A borrower wants to get equity from their home but they do not want to refinance their existing mortgage
What is Home Equity Loan (HELOC)
A roofed structure usually containing a window that protrudes vertically from a pitched room
What is a dormer?
An investor bought a triplex with a FHA Loan, they lived in one unit and then rented the other units to his friends. What do you call this strategy?
What is House Hacking?
An Agreement that allows and gives permission for a person or buyer to act in place of the seller's belhalf
What is an Attorney in Fact
What are the large porches that run the length of a Charleston single house called?
What is Piazza
When a borrower is looking to get a new mortgage to lower the interest rate
What is a rate refinance
The strip of Aluminum that was used to defelect water, placed behind siding and trim pieces to protect the backer board?
What is Flashing?
This is the area around the property line that cannot be built on due to local jurisdiction's regulations and requirements
What are Set -Backs?