In real estate, “Active Under Contract” is a listing status indicating a seller has accepted an offer but the property remains available for backup offers until certain contingencies are removed. This status allows the seller to continue marketing the property while the primary contract is being finalized.
Cleared to close is a mortgage‑lending term that indicates a lender has satisfied all underwriting conditions and authorized the final loan documents, allowing the transaction to proceed to settlement. The status signals to borrowers, sellers, and settlement agents that funding is imminent, though the actual disbursement occurs at the closing meeting.
A parcel number, also known as an Assessor’s Parcel Number (APN), is a unique identifier assigned to a specific piece of real estate by a local government. It allows tax assessors and city planners to track land ownership, boundaries, and tax obligations independently of street addresses.
REO Occupied refers to a real estate-owned (bank-owned) property that is still inhabited by tenants or former owners. This status affects the buying, selling, and possession process, often requiring eviction or lease negotiation.
A print release is a legal document or permission granted by a photographer or copyright holder that allows a client to reproduce and print copies of digital images for personal use. It typically outlines the scope of usage, limitations, and ownership rights.
Servicing released on a mortgage indicates that the responsibility for managing the loan payments and customer service has been transferred from the original lender to another entity. This change does not affect the terms of the loan but shifts who collects payments and handles inquiries.
A release of mortgage, also known as a mortgage discharge, is the legal document that removes a lender’s claim on a property after the loan has been fully repaid. It clears the lien from the title, allowing the owner to sell or refinance without restriction.
An estate sale occurs when a property’s owner has passed away or is otherwise unable to manage the assets, prompting the sale of the home and its contents. For prospective homebuyers, this designation influences price, condition, and the legal process of acquiring the property.
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Vesting in real estate refers to how a property is legally owned and titled. It determines the rights of owners, how a property passes on death, and the procedures required for transfer.