Real Estate
Glossary
This glossary has been provided to help Colorado Springs
homebuyers understand the unique language
of the real estate business.
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Lock:
This is a commitment which is issued by a lender to a borrower
or other mortgage originator guaranteeing a specified interest
rate for a particular period of time at a specific cost.
Real Property:
Real property means land and appurtenances, as well as anything
of a stable nature such as structures, trees, minerals, and the
interest, benefits, and inherent rights etc
Recorder:
The public official who keeps the records of transactions which
affects the real property in the area are known as Recorder.
This is also known as a "Registrar of Deeds" or "County
Clerk."
Recording:
Recording means filing documents which affects the real property
as a matter of public record, giving notice to future purchasers,
creditors, or other interested parties. This is controlled by
statute and usually requires the witnessing and notarizing of
an instrument to be recorded.
Recourse:
This means the right of a lender, in the event of default by
the borrower, to recover against the personal property of a party
who is secondarily liable for the debt.
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