Basic Terms Used for Real Estate & Mortgages
Real estate & loans may involve other terms. In the event you don't understand some of these terms, ask for help from your real estate agent, lender or attorney.
Underwriting
A background check given to a future loaner based on the criteria of assets, credit, income, employment, etc. of a potential borrower.
Unencumbered Property
Real estate with a free and clear title.
Unrecorded Deed
A transfer of title from one party to another without recording.
