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Article on Nov 12, 2021

Capital Gains Taxes on Sale with Qualified Opportunity Zones

Imagine you have sold your business, highly appreciated stock, or other qualified assets that will trigger a large amount of...

Daniel Goodwin

Article on Sep 12, 2021

Top 10 Reasons Real Estate Investors are Jumping into DSTs

In the last 12 months, billions of American real estate investment dollars have poured into DSTs (Delaware Statutory Trusts) via...

Daniel Goodwin

Article on Sep 3, 2021

How 2 Physicians Built Retirement Wealth in Real Estate Through a 1031 Exchange

A brother-sister team amassed millions in rental properties, but when life got too busy, they were shocked at the tax...

Daniel Goodwin
Published by Kiplinger

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Glossary Definitions

lender

A term which can refer to the institution making the loan or to the individual representing the firm. For example, loan officers are often referred to as “lenders.”

legal description

A property description, recognized by law, that is sufficient to locate and identify the property without oral testimony.

lease option

An alternative financing option that allows home buyers to lease a home with an option to buy. Each month’s rent payment may consist of not only the rent, but an additional amount which can be applied toward the down payment on an already specified price.

leasehold estate

A way of holding title to a property wherein the mortgagor does not actually own the property but rather has a recorded long-term lease on it.

lease

A written agreement between the property owner and a tenant that stipulates the payment and conditions under which the tenant may possess the real estate for a specified period of time.

jumbo loan

A loan that exceeds Fannie Mae’s and Freddie Mac’s loan limits, currently at $227,150. Also called a nonconforming loan. Freddie Mac and Fannie Mae loans are referred to as conforming loans.

judicial foreclosure

A type of foreclosure proceeding used in some states that is handled as a civil lawsuit and conducted entirely under the auspices of a court. Other states use non-judicial foreclosure.

judgment

A decision made by a court of law. In judgments that require the repayment of a debt, the court may place a lien against the debtor’s real property as collateral for the judgment’s creditor. Alternative spelling is “judgement.”

joint tenancy

A form of ownership or taking title to property which means each party owns the whole property and that ownership is not separate. In the event of the death of one party, the survivor owns the property in its entirety.

HUD-1 settlement statement

A document that provides an itemized listing of the funds that were paid at closing. Items that appear on the statement include real estate commissions, loan fees, points, and initial escrow (impound) amounts. Each type of expense goes on a specific numbered line on the sheet. The totals at the bottom of the HUD-1 statement define the seller’s net proceeds and the buyer’s net payment at closing. It is called a HUD1 because the form is printed by the Department of Housing and Urban Development (HUD). The HUD1 statement is also known as the “closing statement” or “settlement sheet.”

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