Oconee County Real Estate
Real Estate Terms | A
Deed
A formal written instrument by which title to real property
is transferred from one owner to another. The deed should
contain an accurate description of the property being
conveyed, should be signed and witnessed according to
the laws of the State where the property is located,
and should be delivered to the purchaser at closing
day. There are two parties to a deed: the grantor and
the grantee. (See also deed of trust, general warranty
deed, quitclaim deed, and special warranty deed.)
Default
Failure to make mortgage payments as agreed to in a
commitment based on the terms and at the designated
time set forth in the mortgage or deed of trust. It
is the mortgagor's responsibility to remember the due
date and send the payment prior to the due date, not
after. Generally, thirty days after the due date if
payment is not received, the mortgage is in default.
In the event of default, the mortgage may give the lender
the right to accelerate payments, take possession and
receive rents, and start foreclosure. Defaults may also
come about by the failure to observe other conditions
in the mortgage or deed of trust.
Depreciation
Decline in value of a house due to wear and tear, adverse
changes in the neighborhood, or any other reason.
Documentary Stamps
A State tax, in the forms of stamps, required on deeds
and mortgages when real estate title passes from one
owner to another. The amount of stamps required varies
with each State.
Down Payment
The amount of money to be paid by the purchaser to the
seller upon the closing. The agreement of sale will
refer to the down payment amount. Downpayment is the
difference between the sales price and maximum mortgage
amount.
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