Real Estate Terms ? From Pre-Approval Letter to To

When buying or selling a property, it always helps to have a basic understanding of real estate terms. In this on going series of articles, we take a look at definitions starting with ?Pre-Approval Letter.?

1) Pre-Approval Lender Letter ? a writing from a lender stating that a potential buyer has approval to borrow a stated amount of money from his firm based on having documented all the personal information needed. Final approval is subject only to the lender?s receiving a copy of a contract to purchase real estate, a satisfactory appraisal of that real estate, and its underwriting department?s review of all pertinent information. In other words, the buyer qualifies so long as the property does and no changes occur.

2) Pre-Qualification Lender Letter ? a writing from a lender stating that a potential buyer is able to get a loan in a named amount. It typically states the price of real property to be purchased, and what information the lender had when forming his opinion. When a lender has pulled a borrower?s credit file, his opinion is worth more than if he just based it on what the borrower told him.

3) Real Estate, or Real Property ? ground, any plants growing in it, any minerals under it, and any buildings or other improvements built on it.

4) Septic System ? a self contained means of disposing of sewerage which tends to intimidate city dwellers. The simple version is a holding tank in which enzyme and bacterial action decomposes the waste material and buried lines in a drainage field which uses soil to strain out what remains. This works very well in soil which percolates well (water drains through it quickly). More elaborate septic systems are often needed in areas with heavy, clay soil and in areas with a high water table. Some properties are totally unsuited for septic systems and cannot be built on until public sewer is available.

5) Title Insurance ? insurance which will compensate the insured for the value of his ownership or collateral position in real property if a person not thought to be a current owner materializes as an owner. (I?ve seen this come into play when property was owned by many heirs a generation or two ago.)

6) Townhouse - A single family attached dwelling unit with common walls.

Well, as promised, it?s not a be-all, end-all, but we have covered lots of the important definitions and concepts needed to successfully handle your for sale by owner transaction. If I?ve missed something, don?t hesitate to visit our site to read more.

Posted by David R Sordelet on February 06, 2009 at 12:35 PM

About David R Sordelet
David R Sordelet is affliated with Keller Williams Realty, which is located in Wilmington, DE. For further assistance please use the contact information located on the right.

As of 05/21/12 the David R Sordelet RePage is ranked at 5,376 with 385 points.

Local Information for Wilmington, DE

Latitude: 39.748563 -- Longitude: -75.551581

ZIP Codes for Wilmington, Delaware	19801 19802 19803 19804 19805 19806 19807 19808 19809 19810 19850 19880 19884 19885 19886 19887 19889 19890 19891 19892 19893 19894 19895 19896 19897 19898 19899
Area Code for Wilmington, Delaware	302
Time zone for Wilmington, Delaware	EST

Other Area Cities: Smyrna, DE Wilmington, DE Claymont, DE Newark, DE Talleyville, DE Hockessin, DE

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The area now known as Wilmington was first colonized by settlers from Sweden about 1638, establishing the colony on New Sweden. In 1655 the Dutch arrived and took over the colonies from the Swedes and Finns. Then in 1664 British colonization began, the area stabilized under British rule, with strong influences from the Quaker communities, and was granted a borough charter in 1739 by the King George II which changed the name from Willington, after Thomas Willing the first 'developer" of the land who organized the area in a grid pattern similar to that of its northern neighbor Philadelphia, to Wilmington, presumably after Spencer Compton, Earl of Wilmington. The greatest growth in the city occurred during the Civil War. Delaware, though officially a Union State, was divided in its support of both the Confederate and the Union soldiers; the northern part of the state was largely Union, while the southern part of the state leaned toward the Confederacy. -- Source: Wikipedia.com

Delaware 2000 Census Population Profile Map

	Wilmington	Delaware	United States
Population	72,664	783,600	281,421,906
Median age	33.7	36	35.3
Median age for Male	31.7	34.9	34
Median age for Female	35.7	37.1	36.5
Households	28,617	298,736	105,480,101
Household population	68,436	759,017	273,643,273
Average household size	2.39	2.54	2.59
Families	15,881	204,590	71,787,347
Average family size	3.19	3.04	3.14
Housing units	32,138	343,072	115,904,641
Occupied units	28,617	298,736	105,480,101
Vacant units	3,521	44,336	10,424,540

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Real Estate Terms ? From Pre-Approval Letter to To

Local Information for Wilmington, DE

Latitude: 39.748563 -- Longitude: -75.551581

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