What Are Contingencies?
Contingencies are clauses in a purchase and sale agreement specifying an action or requirement that must be met (or met within a certain...
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TOCR Real Estate School
Apr 3, 20231 min read
What is Right of Egress?
The right of egress legally allows someone to exit a property, while the right of ingress legally allows someone to enter the property....
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TOCR Real Estate School
Apr 3, 20231 min read
What is a Judicial Foreclosure?
A judicial foreclosure occurs when a mortgage agreement lacks the “power of sale” clause allowing the lender to sell the property to pay...
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TOCR Real Estate School
Apr 3, 20231 min read
What is an Exclusive Listing?
An exclusive listing is an agreement between a seller and a specific real estate agent wherein the agent earns commission by finding a...
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TOCR Real Estate School
Apr 3, 20231 min read
What are Comparable Sales?
Comparable sales are one of the metrics used by appraisers to determine a property’s value. By looking at properties in a similar area...
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TOCR Real Estate School
Apr 3, 20231 min read
What Does "Active Under Contract" Mean?
When a property is listed as “active under contract” it usually means the seller has accepted an offer, but the buyer has yet to fulfill...
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TOCR Real Estate School
Apr 3, 20231 min read
What is a Deed-In-Lieu of Foreclosure?
When a homeowner can’t afford to pay their mortgage, they risk foreclosure, wherein the lender (usually their bank) reclaims the property...
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TOCR Real Estate School
Apr 3, 20231 min read
What is a Contingency?
A contingency is a part of the agreement that must be met, otherwise the other party can cancel the contract. For example, a buyer...
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TOCR Real Estate School
Mar 27, 20231 min read
What is an Adjustable-Rate Mortgage?
The interest rate for an adjustable-rate mortgage changes periodically. You might start with lower monthly payments than you would with a...
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TOCR Real Estate School
Mar 27, 20231 min read
What is an Addendum?
If a buyer or seller want to change an existing contract, they might add an addendum outlining the specific part of the contract they’d...
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TOCR Real Estate School
Mar 27, 20231 min read
What is Under Contract?
Being under contract refers to a prospective buyer and seller reaching an agreement on a property. At this early stage, both parties are...
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TOCR Real Estate School
Mar 27, 20231 min read
What is a Right of Refusal?
A right of refusal is when a lease or contract might include "right of first refusal" to note that an individual has the right to put an...
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TOCR Real Estate School
Mar 27, 20231 min read
What is Negative Amortization?
Negative Amortization is when interest on a mortgage loan has not been paid to the lender, it's added to the loan balance. Considering a...
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TOCR Real Estate School
Mar 27, 20231 min read
What is a Homeowner's Association?
A Homeowner's Association is when a group of homeowners in a community, such as a condo, join in paying fees that cover the maintenance...
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TOCR Real Estate School
Mar 22, 20231 min read
What is Fair Market Value?
The fair market value of a property is the price a property would fetch if it was put up for sale under current conditions. Determining...
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TOCR Real Estate School
Mar 22, 20231 min read
What is Earnest Money?
Earnest money is cash, usually held in an escrow, that shows the seller that the buyer is serious about going through with the...
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TOCR Real Estate School
Mar 22, 20231 min read
What is a Conventional Mortgage?
Conventional mortgages are among the industry’s most common loan offerings. In fact, many homebuyers choose a traditional 30-year...
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TOCR Real Estate School
Mar 22, 20231 min read
What is a Chain of Title?
Put simply, the chain of title is the backstory of a property. It’s a record of who built the home, how much it cost, how long they lived...
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TOCR Real Estate School
Mar 22, 20231 min read
What is a Brokerage?
Sometimes the terms “real estate agent” and “real estate Broker” are used interchangeably, but the truth is real estate agents sell real...
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TOCR Real Estate School
Mar 13, 20231 min read
What is Pre-Approval?
The pre-approval process involves a potential lender or bank reviewing an individual's finances, including their income, assets, and...
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