You've probably heard some real estate terms and are wondering what in the world they mean. Use this glossary to look them up! If you are wondering what a word or phrase means and I don't have it in the glossary, please send me an email asking!

Tax Lien
A lien placed against a property for nonpayment of taxes.

Tear-Down
A house in such poor condition as to require rebuilding from the ground up.

Time is of the essence
A phrase in a purchase contract that indicates a certain period of time in which an act must be performed.

Title Insurance
A policy issued to lenders and buyers to protect against loss due to disputed property ownership.

Title Search
The process of reviewing all recorded transactions in the public record to determine whether any title defects exist that could interfere with the clear transfer of ownership of the property.

Total Monthly Housing Costs
The sum of principal, interest, property taxes, and if applicable, private mortgage insurance (PMI) and either hazard insurance or homeowners' association dues.

Townhouse
An attached home that is not a condominium.