Month: March 2020
Truth in Lending Act
Truth in Lending Act – David Reecher Federal law that makes lenders disclose, in writing, all terms, charges and APR to borrowers upon loan application and again at the closing of the mortgage ... Read More Transfer Tax
Transfer Tax – David Reecher A tax that is collected at closing for the transfer of ownership of real property. David Reecher... Read More Transaction Broker
Transaction Broker – David Reecher A transaction broker (also referred to as a facilitator, coordinator or contract broker) is not a representative or agent for either the buyer or the seller.&... Read More Title Search
Title Search – David Reecher A review done by the title company’s representative of all records available to determine if the title is indeed clear of all liens and claims. David Reecher... Read More Subsidized Second Mortgage
Subsidized Second Mortgage – David Reecher A creative financing option known as the Community Second® mortgage for low- and moderate-income households.An investor purchases a first mortgage th... Read More Ten Thirty One Exchange – (1031 Exchange)
Ten Thirty One Exchange – (1031 Exchange) – David Reecher A means of deferring capital gains taxes on real estate exchanges for like kind properties. This is allowed under the U.S. Internal R... Read More Title Insurance
Title Insurance – David Reecher An insurance policy that may be purchased to protect the new owner from any liens or clouds against the title. In order to issue title insurance, the issue... Read More 