Appraisal

A professional estimate of the property value.

Letter of Commitment

A letter from a bank or other lender that agrees to loan a set sum to buy a specific property on certain terms.

Earnest Money Agreement

A term commonly applied to the real estate sale agreement that acknowledges partial payment of the purchase price on the property and binds the parties to the stated terms.

Escrow

A legal relationship between a buyer, seller and third party in which the third party holds money or papers until all conditions of a sales agreement have been fulfilled.

FHA Title 2

A Federal Housing Administration loan program that provides insurance to financial institutions for loans covering the purchase of single-section or multi-section home and homesite combinations.

Land Package

A method of financing a manufactured home, land and site improvements with one loan.

Manufactured Homes

Homes built inside a factory to federal standards and inspected by federally certified agencies.

Mobile Homes

A single-family residence, transportable in one or more sections, designed to be used as a permanent dwelling and constructed before June 15, 1976.

Percolate

The ability of the land to drain water away from a home site.

Real Property

Real property is a term applied to real estate - land and homes and other structures permanently affixed to land.

Septic Design

A plan, drawn by a licensed septic contractor and approved by the local health department that shows the type and location of a septic tank and drainfield on a piece of property.

Site-built Houses

Houses constructed by a builder or contractor on site that must meet the standards set in a local building code.