A credit agreement (typically a credit card) that allows a customer to borrow against a pre-approved credit line when purchasing goods and services. The borrower is only billed for the amount that is actually borrowed plus any interest due.

See Rural Housing Service.

A contract provision that requires a property owner to give another party the first opportunity to purchase or lease the property before it is offered to others.

The right to enter or leave specific property or premises.

In joint tenancy, the right of surviving joint tenants to acquire the interest of a deceased joint tenant.

An agency within the United States Department of Agriculture that provides financing to farmers and other qualified borrowers buying property in rural areas, who are unable to obtain loans elsewhere.

Savings and Loan Association.

A set of rules and regulations that will guarantee compliance with the law, if followed.

An interest rate provided by low-risk investments such as high grade bonds or secured first mortgages.

A technique in which a seller deeds property to a buyer, who simultaneously leases the property back to the seller.

An agreement between a buyer and seller to purchase real estate. A sales contract, also known as an offer to purchase or a binder, secures the right to purchase real estate upon agreed terms for a limited period of time. If the buyer changes his mind or is unable to purchase, the earnest money that was paid is forfeited unless the binder expressly provides that it is to be refunded.

A state specific form that may need to be filed, disclosing everything about the sale of the home.

A person who is licensed to make real estate transactions while under the supervision of a broker licensed by the state.

A fee charged by a title company or attorney in some states to perform a check of the title records that verifies the buyer is purchasing a house from the legal owner and there are no liens, overdue assessments, or other claims filed that would adversely affect the transfer of the title. For our comparison purposes, a search and exam fee is considered to be a third party fee and may be included in the title insurance fee by some lenders.

A fee charged by a title company in some states to perform a check of the public record to verify that the buyer is purchasing a home from the legal owner and there are no liens, overdue assessment, or other claims that would adversely affect the transfer of title. In addition, a search is performed to insure that there are no issues that a survey would show that could affect the property. For our comparison purposes, a search and survey fee is considered to be a third party fee and may be included in the title insurance fee by some lenders.