Quick Real Estate Terms:
POF – Proof of Funds
EMD – Earnest Money Deposit
COE – Close of Escrow
APN – Assessors Parcel Number
LBP – Lead-Based Paint
MLS – Multiple Listing Service
HOA – Home Owners Association
LTV – Loan to Value
FMV – Fair Market Value
ROI – Return on Investment/Release of Information
CCR – Conditions, Covenants, and Restrictions
DOS – Due on Sale Clause
PCOA – Post-Closing Occupancy Agreement
RMLO – Residential Mortgage Loan Origination
REO – Real Estate Owned
MF -Multifamily
4506-T Request for Transcript of Tax Return: Used to request transcripts of the signer’s tax return.
Affidavit as to Debts and Liens: Describes the condition of the property with respect to any outstanding debt and/or liens that are currently placed on the property.
ALTA Settlement Statement: An itemized list of all fees or charges that the buyer and seller will pay during the settlement portion of the transaction.
Amortization Schedule: A complete table of periodic loan payments, showing the amount of principal and interest that make up each payment until the loan is paid off.
Certification for No Information Reporting on the Sale or Exchange of a Principal Residence: This document is required by the IRS in order to determine whether or not a 1099 form will be issued to the signer at year-end for tax filing purposes on the sale of the property. A 1031 Exchange is a transaction in which a taxpayer can defer the consequence of a sale by exchanging one investment property for another.
Closing Disclosure: A detailed document itemizing all closing costs. It outlines important closing information such as the loan amount, interest rate, monthly payment projections, closing costs, cash to close, payoffs and payments, disclosures, loan calculations, etc.
Signature/Name Affidavit: The signer must state any name they may be known by or have shown up on any credit reports or loan documents. The signer affirms that they are the person named on the Note and Security Instrument/Deed and that the signature is their legal signature.
W-9 Request for Taxpayer Identification Number and Certification: This document requests the name, address, and taxpayer identification information of the signer. If there are 2 signers, each signer will have their own version of this document.
Warranty Deed: The seller guarantees that they hold clear title to a particular piece of real estate and has the legal right to sell it to the buyer.