Prepayment Penalty
A fee charged for paying off a loan early.
by Sukhumalin July 11, 2025
Bridge Loan
Short-term financing used until permanent financing is secured or property is sold.
by Sukhumalin July 11, 2025
Hard Money Loan
A short-term, high-interest loan secured by real estate, often used by investors.
by Sukhumalin July 11, 2025
Construction Draw
A scheduled payment made to a builder as work progresses on a construction loan.
by Sukhumalin July 11, 2025
Lien
A legal claim against property as security for a debt.
by Sukhumalin July 11, 2025
Recording Fees
Government fees paid to officially record property documents.
by Sukhumalin July 11, 2025
Escalation Clause
A contract provision allowing for price adjustments under certain conditions.
by Sukhumalin July 11, 2025
Covenant
A legal promise in a deed specifying how the property can be used.
by Sukhumalin July 11, 2025
Deed Restriction
A condition written into a deed limiting how the property can be used.
by Sukhumalin July 11, 2025
Plat Map
A map showing the divisions of a piece of land, used for planning and legal purposes.
by Sukhumalin July 11, 2025
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