In real estate, conveying refers to the legal transfer of property ownership from one party to another, typically through a deed. It encompasses the entire process including contract execution, payment, and recording of the title.
A partial basement is a basement that extends under only a portion of a building’s footprint, typically leaving the rest on a crawl space or slab. It is often found in older homes or on sloped lots where full excavation is impractical. This design provides some below-grade storage or utility space while reducing construction costs.
Active Under Contract is a real estate listing status indicating that a seller has accepted an offer but the sale is contingent on certain conditions such as inspection or financing. During this period, the property may still be shown and backup offers accepted. It differs from a Pending status, which typically has fewer contingencies.
In real estate, “cash only” denotes a sale where the buyer must provide the full purchase price without any loan or mortgage financing. This condition can speed up closings and reduce risk, but it also limits the pool of potential buyers to those with sufficient liquid assets.
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.
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.