Dave Making Fun Stuff Not Fun
The lender orders this to estimate the home’s market value before approving the loan.
What is an appraisal?
This clause automatically raises a buyer’s price above competing offers up to a cap.
What is an escalation clause?
Object permanently attached to a property by way of bolts, screws, nails, glue, cement or other means.
What is a fixture?
Lenders usually require proof that this policy is bound and paid before issuing Clear to Close.
What is Homeowners Insurance
This agreement spells out a buyer’s relationship with you and how you’ll be compensated.
What is a Buyer Representation Agreement?
This clause predetermines how much extra cash a buyer will bring if value comes in below purchase price.
What is an appraisal gap clause?
This disclosure must be produced by the Lender on the Buyers behalf 3 days prior to closing.
What is a CD?
This form is the first thing signed by the Buyer or Seller
What is the Mandatory Agency Disclosure
Latin for "Suit Pending"
Lis Pendens
Representing both the buyer and seller in the same transaction creates this relationship that requires written consent.
What is dual agency?
Unlike most conventional appraisals, these government-backed appraisals can “follow the property” for a time.
What are FHA/VA appraisals?
This agreement is prepared at closing to protect the Buyers residence from certain debts/creditors.
What is a homestead?
Homes built before 1978 require this form for the Buyers knowledge.
What is the Lead Paint Disclosure
When a seller stays after closing and pays a daily rate, this agreement makes it official.
What is a post‑occupancy (rent‑back) agreement?
What is the clause in a mortgage that can be enforced to call the mortgage due?
An unexplained one of these in recent bank statements can stall Clear to Close until it’s documented or seasoned.
What is a large deposit?
This is filed against a property for work that has been completed but not paid for
What is a mechanics lien?
This financial document shows your income and expenses over a period of time and helps you understand if your business is profitable.
What is a profit and loss statement?
A Developer can use this to control the types of homes that can be built in a subdivision...
Deed Restriction
This is an illegal practice of inducing an owner to sell based on the fear of the entry of a particular race/origin into the neighborhood.
What is Block Busting?
If an agent finds material errors or stronger comps, they can request this formal review.
What is a reconsideration of value (ROV)?
Within days of closing, the lender often performs this quick check to confirm the borrower’s job status.
What is Verbal Verification Of Employment
This addendum or rider to a residential real estate purchase agreement that makes the purchase contingent upon the Buyer selling their own home first
What is a Hubbard Agreement.
A court proceeding to validate and distribute a dependent's estate to creditors, tax authorities, and heirs...
The probate process
A signed statement by a party (such as a tenant or mortgagee) certifying for anoth- er's benefit that certain facts are correct, as that a lease exists, that there are no defaults, and that rent is paid to a certain date.
What is an Estoppel Certificate?