Real Estate Terms of the Week

Loan origination fee: A fee charged to the borrower by the lender for the administrative costs of processing and creating a mortgage loan which is usually computed as a percentage of the loan amount and is often expressed in points.

 Earnest money:  A sum of money or other consideration tendered by a prospective purchaser as evidence of good faith in conjunction with an offer to purchase rights in real property.

Tenancy in common: The co-ownership of property by two or more persons whose interests need not be equal and who each hold an undivided interest in the entire property and without the right of survivorship.

Source: Real Estate Words


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