Sales Contract A contract between a buyer and seller which should explain, in detail, exactly what the purchase includes, what guarantees there are, when the buyer can move in, what the closing costs are, and what recourse the parties have if the contract is not fulfilled or if the buyer cannot get a mortgage commitment at the agreed-upon terms.

Settlement (See Closing)

Shared Appreciation Mortgage A loan in which partners agree to share specified portions of the down payment, monthly payment, and appreciation.

Tenancy in Common A form of ownership in which the tenants own separate but equal parts. To inherit the property, a surviving tenant would either have to be mentioned in the will or, in the absence of a will, be eligible through state inheritance laws.

Title Evidence (usually in the form of a certificate or deed) of a person’s legal right to ownership of a property.

Transfer Taxes Taxes levied on the transfer of property or on real estate loans by state and/or local jurisdictions.

Veterans Administration (VA) A federal agency which insures mortgage loans with very liberal down payment requirements for honorably discharged veterans and their surviving spouses.

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