Real Estate Glossary for Buyers, Sellers and Landowners

A condensed history of recorded documents affecting a property’s ownership. A modern title search and title insurance commitment often serve the practical purpose once associated with an abstract.

A loan provision allowing the lender to demand the entire unpaid balance after a specified default, subject to the note, deed of trust, and applicable law.

A mortgage with an interest rate that may change after an initial period according to the loan’s index, margin, adjustment schedule, and caps.

A legal relationship in which a real-estate broker represents a client and owes duties defined by law and the agency agreement.

The scheduled reduction of a loan balance through payments applied to principal and interest over time.

A standardized measure of borrowing cost that includes the interest rate and certain loan charges. It is useful for comparing loans but is not the same as the note rate.

An independent opinion of value prepared by a qualified appraiser for a stated purpose and effective date. A lender appraisal is not a home inspection.

A contract provision addressing what may happen if the property does not appraise at or above an agreed amount. The actual contract language controls.

The value conclusion stated in an appraisal report. It can differ from list price, tax value, automated estimates, and the final purchase price.

An increase in property value over time. Appreciation is not guaranteed and can result from market changes, improvements, inflation, scarcity, or other factors.

A term indicating that the seller does not promise to make repairs merely because of the sale. It does not erase disclosure obligations or the buyer’s right to investigate under the contract.

A value or charge assigned by a government or association. Examples include a county tax assessment and an HOA special assessment.

A transfer of contractual rights or interests from one party to another. Some real-estate contracts restrict assignment, so the written agreement controls.

A transaction in which a buyer takes responsibility for an existing loan, subject to lender approval and the loan’s terms. The original borrower may remain liable unless formally released.

An offer accepted in a secondary position that may become primary if the existing contract terminates, as provided by the agreements involved.

A loan with payments that do not fully repay the balance by maturity, leaving a larger final payment due.

FEMA’s computed elevation to which floodwater is anticipated to rise during the base flood. It is used in floodplain management and insurance decisions.

Generally, the amount used for tax calculations involving gain or loss, often starting with acquisition cost and adjusted for certain improvements, depreciation, and other items. Consult a tax professional.

The party entitled to receive a benefit. In a deed of trust, terminology varies by jurisdiction and document; review the recorded instrument.

An informal term sometimes used for a temporary insurance commitment or an agreement-related deposit. Ask which meaning is intended.

The legally recognized limit of a parcel. Online GIS lines are approximate and are not a substitute for a survey.

In North Carolina, real-estate licensees are licensed as brokers; some begin as provisional brokers under supervision. “Agent” commonly describes the representation role, not the license title.

Payment for brokerage services under a written agreement or transaction arrangement. Amounts and payment methods are negotiable and should be understood before signing.

Rules governing construction, alteration, safety, and occupancy. Code compliance does not guarantee that a building has no defects.

Government authorization for specified construction or alteration. Buyers should verify permits and final approvals for significant additions or renovations.

A brokerage relationship in which a broker represents the buyer under an agency agreement.

A written agreement describing the buyer broker’s services, duties, term, compensation, and other conditions. Read it before signing.

Money credited to the buyer under the contract, often toward allowed closing costs or repairs. Loan-program limits and appraisal rules may apply.

The amount by which proceeds exceed adjusted tax basis, subject to federal and state tax rules, exclusions, and individual circumstances.

The verified amount a buyer must bring or wire for closing after accounting for the down payment, costs, deposits, credits, and adjustments.

A VA document confirming an eligible borrower’s home-loan benefit status. It does not by itself approve the borrower or property.

The sequence of recorded ownership and transfers affecting a property.

A practical phrase for title without unresolved claims or defects that prevent the intended transfer or title insurance. The title attorney and insurer determine insurability.

The completion of a real-estate transaction. In North Carolina, signing and settlement activities may occur before the deed is recorded; contract and attorney instructions control when the transaction is legally completed.

Expenses connected with financing and transferring real estate, such as lender, appraisal, attorney, title, recording, insurance, tax, and prepaid charges.

A federal five-page form showing final mortgage terms, projected payments, and closing costs. For many covered loans, the borrower must receive it at least three business days before closing.

A recorded claim, defect, inconsistency, or unresolved issue that may affect ownership or transferability.

A recently sold property used as evidence when estimating value. The best comparables are similar in location, property type, size, condition, features, land, and timing.

A broker’s analysis of comparable properties and market conditions used to discuss a possible price range. It is not an appraisal.

A negotiated benefit provided by one party, such as a seller contribution toward allowable buyer costs. The contract and loan rules control.

A form of ownership in which a person owns an individual unit and an interest in common elements, subject to declarations, bylaws, assessments, and association rules.

A conventional mortgage that meets applicable Fannie Mae or Freddie Mac standards, including current loan-size limits.

Short-term or construction-to-permanent financing used to build or substantially renovate a property, generally with draws and inspections.

A contract condition addressing an event such as financing, appraisal, inspection, or another sale. North Carolina contracts may allocate risk differently than contracts in other states.

A legally enforceable agreement. Real-estate contracts should be read as a whole; deadlines, remedies, and defined terms matter.

A mortgage not insured or guaranteed by a federal housing agency such as FHA, VA, or USDA.

A response changing proposed terms. It generally rejects the prior offer and creates a new offer unless the documents provide otherwise.

A promise or restriction affecting land or an agreement, often recorded in declarations or deeds.

A numerical measure derived from credit information. Lenders may use different scoring models and additional underwriting criteria.

A comparison of specified monthly debt obligations with gross monthly income. Lenders calculate DTI under their program rules.

A written instrument used to transfer an interest in real property. Deed type affects the warranties given.

A security instrument commonly used in North Carolina to secure repayment of a real-estate loan.

A recorded limitation or covenant affecting property use, construction, subdivision, leasing, or other rights.

Failure to perform a contractual or loan obligation, such as making payments or completing required actions.

A form of dual agency in which different individual brokers within the same firm are designated to represent opposing clients, when lawfully authorized and agreed.

Upfront charges, generally expressed as a percentage of the loan amount, paid in exchange for a particular interest-rate arrangement. Compare break-even timing.

Information communicated about agency, property condition, loan terms, material facts, or transaction risks. The required form and timing depend on the subject.

The portion of the purchase price paid from the buyer’s funds rather than financed by the first mortgage.

A brokerage relationship in which the same firm represents both buyer and seller in a transaction with informed authorization as required.

In a North Carolina purchase, the buyer’s negotiated opportunity to investigate the property and transaction under the contract, including financing, appraisal, inspections, title, survey, insurance, and other concerns.

Under commonly used North Carolina residential contracts, a negotiated fee paid directly to the seller by the effective date, generally nonrefundable except as the contract or law provides, and credited at closing if the sale completes.

The negotiated time during which the buyer performs investigations and may have a contractual termination right. The deadline and consequences must be read directly from the signed contract.

A right allowing someone to use another person’s land for a defined purpose, such as access, utilities, drainage, or maintenance.

The date a contract becomes binding under its terms, often after final acceptance has been communicated. Many deadlines are calculated from this date.

Government power to take private property for a public use with legally required compensation, subject to applicable procedures and challenges.

A structure, improvement, or use that extends across a boundary, easement, setback, or another property right.

A buyer deposit held in accordance with the contract. Under commonly used North Carolina forms, it may be refundable if the buyer properly terminates by the due diligence deadline, while the due diligence fee generally is not.

The property’s value minus debts and liens secured by or chargeable against it. Actual net proceeds also subtract transaction expenses.

An arrangement in which a neutral holder safeguards money or documents until specified conditions are met. Mortgage escrow accounts separately collect taxes and insurance.

An account maintained by a lender or servicer to collect portions of property taxes, homeowners insurance, and sometimes mortgage insurance with monthly payments.

An agreement under which one brokerage is engaged to represent a buyer for a stated period and scope, subject to its terms.

A listing agreement that generally entitles the brokerage to agreed compensation if the property sells during the listing term, subject to the agreement.

Federal law prohibiting specified housing discrimination. State and local protections may also apply.

The broadest common form of private real-property ownership, subject to taxes, laws, easements, restrictions, and other valid interests.

A mortgage insured by the Federal Housing Administration and originated by an approved lender. FHA appraisal requirements do not replace an independent home inspection.

Insurance protecting the lender on an FHA loan. Borrowers typically pay an upfront and recurring premium under program rules.

FEMA’s official map showing mapped flood hazards and flood-insurance risk zones for a community.

A mortgage whose note interest rate does not change during the loan term, although taxes, insurance, and escrow payments can change.

An item that may be treated as part of the real property because of attachment, adaptation, and intent. Contracts should clearly identify disputed items.

Coverage for specified flood damage, generally separate from standard homeowners insurance. Lenders may require it for certain mapped risks.

Land susceptible to flooding. Mapped risk is important, but flooding can occur outside mapped high-risk zones.

A FEMA map designation associated with a level or type of flood risk. Zone X is not the same as zero risk.

A legal process through which a lender or other lienholder enforces its security interest after default.

A sale marketed by an owner without a listing brokerage. Buyers and sellers still need appropriate legal, title, disclosure, and transaction support.

A program charge associated with certain VA loans, subject to current rates and possible exemptions. It may be financed as allowed.

A deed containing broad warranties of title. The exact protection comes from the deed language and applicable law.

An informal phrase that may refer to earnest money or another deposit. Use the contract’s defined term instead of assuming the meaning.

A loan insured or guaranteed by a government program, such as FHA, VA, or USDA, but made or serviced by approved lenders.

The person or entity transferring an interest by deed.

The person or entity receiving an interest by deed.

Finished above-grade residential area measured under the appraiser’s applicable standard. It may differ from tax records, listing square footage, or total finished space.

A term often used for property coverage protecting against specified hazards. It is usually part of a homeowners policy and does not automatically include flood coverage.

An appraisal concept referring to the reasonably probable, legal, physically possible, financially feasible, and maximally productive use of property.

A revolving loan secured by home equity, typically with a variable rate and draw period.

A visual evaluation of accessible systems and components by an inspector within the scope of the inspection agreement. It is not an appraisal, code guarantee, or warranty.

A service contract covering specified systems or appliances under stated limits, exclusions, deductibles, and claim procedures.

An organization administering recorded community documents, common property, rules, budgets, dues, and assessments.

Coverage for specified property losses and liability. Policy limits, exclusions, deductibles, replacement-cost terms, and special endorsements matter.

A property-tax benefit that may be available to qualifying owners under state or local rules. Eligibility and terminology vary.

Income counted under a lender or assistance program’s rules. USDA and other programs may define and verify it differently from taxable income.

The U.S. Department of Housing and Urban Development, which administers housing programs and oversees FHA.

A building, structure, utility, or other addition to land. Whether it adds market value depends on legality, condition, usefulness, and buyer demand.

A North Carolina onsite-wastewater approval based on site and soil evaluation for a proposed use. It is not the same as a completed operating permit.

Property held to produce rent or other income. Financing, taxes, insurance, leases, zoning, and operating expenses require separate analysis.

A contract provision allowing specified action based on inspections. Many North Carolina residential contracts rely primarily on the negotiated due diligence framework instead.

The cost charged for borrowing money, usually expressed through a rate and dollar amount.

The percentage used to calculate loan interest. It is different from APR and may be fixed or adjustable.

A lender agreement holding a stated rate and terms for a limited period, subject to conditions and extension rules.

Real estate owned primarily for income, appreciation, or business use rather than as the borrower’s principal residence.

A person or entity acquiring property for income, resale, development, or appreciation. Investor financing and disclosures can differ from owner-occupied transactions.

An offer that cannot be withdrawn for a stated period only when supported and structured as required by law. Ordinary offers may be revocable before acceptance; consult counsel.

A form of co-ownership that may include survivorship rights if validly created. North Carolina title questions should be reviewed by an attorney.

A lien arising from a court judgment that may affect property ownership or sale proceeds.

A mortgage larger than the applicable conforming-loan limit, generally subject to the lender’s portfolio requirements.

A lien with lower priority than another lien, such as a second mortgage behind a first deed of trust.

A provision allowing a seller to continue marketing while under a contingent contract and, after specified notice, require the buyer to remove a contingency or risk termination. The clause controls.

A fact known to a broker that could affect a reasonable person’s decision involving the property or transaction and that must be disclosed as required.

A parcel without legally sufficient access to a public road. Physical paths or map lines do not establish legal access.

A contract granting possession or use of property for a term in exchange for rent or other consideration.

An arrangement in which the seller remains as a tenant after closing under agreed terms. Insurance, possession, liability, deposit, and holdover provisions matter.

A credit from the lender toward closing costs, usually provided in exchange for a higher rate or other pricing adjustment.

A legal claim or security interest affecting property, such as a mortgage, judgment, tax lien, or contractor claim.

The seller’s current asking price. It is not proof of market value or the amount the seller will accept.

A property offered for sale under an owner’s marketing plan or brokerage agreement. Status labels differ among marketplaces and MLS systems.

A contract between a property owner and brokerage defining services, term, authorization, compensation, and responsibilities.

A federal three-page form providing estimated interest rate, payment, closing costs, taxes, insurance, and other loan details after a mortgage application.

The loan amount divided by the property value used by the lender, generally the lower of price or appraised value for a purchase.

A secured device used to provide authorized property access. Entry and showing rules are controlled by the owner, listing firm, and applicable systems.

A defined parcel or portion of a subdivision. Lot lines, acreage, easements, and restrictions should be verified.

An appraisal value below the contract price or expected amount, which may affect financing and negotiations but does not automatically terminate a contract.

A factory-built dwelling constructed to federal manufactured-housing standards and identified by labels and documentation. Title, foundation, land ownership, age, and loan eligibility matter.

The most probable price under specified market conditions and assumptions. It is not automatically equal to tax value, list price, cost, or automated estimate.

Any fact that could affect a reasonable person’s decision to buy, sell, or lease real property. North Carolina brokers have duties to discover and disclose material facts.

The date the remaining loan balance becomes due under the note.

Rights to subsurface minerals that may be owned separately from surface rights. Ownership and reservations require title research.

A North Carolina disclosure addressing whether certain subsurface rights have been severed or transferred, as required for covered transactions.

A factory-built home constructed to state building-code requirements and assembled on a permanent site. It is distinct from a manufactured home.

A loan secured by real property; in North Carolina, a deed of trust is commonly used as the security instrument.

Insurance protecting a lender against specified borrower default risk. It can include conventional PMI or government-program insurance.

A cooperative database used by participating real-estate professionals to share authorized listing information. It is not a public government registry.

A situation in which a seller receives more than one offer. Sellers may accept, reject, counter, or seek changes subject to legal and ethical duties.

The incorporated boundary of a town or city. Taxes, utilities, zoning, services, and regulations can differ inside and outside the boundary.

Agreement by all required parties to the same terms. In North Carolina, communication and delivery requirements in the documents affect the effective date.

The estimated amount a seller receives after loan payoffs, liens, agreed compensation, concessions, taxes, repairs, closing expenses, and adjustments.

An estimate of seller proceeds or buyer costs. It is not a final closing statement and depends on assumptions.

A mortgage that does not meet standard conforming-loan criteria, including some jumbo and specialized loans.

The borrower’s written promise to repay a loan under stated terms.

A communication required or permitted under a contract or law. Valid method, recipient, timing, and delivery are important.

A formal notice stating that a contractual or loan obligation has not been performed, as governed by the documents and law.

The North Carolina disclosure brokers provide at first substantial contact to explain possible agency relationships, roles, and compensation discussions. It is not itself an agency contract.

Property not used as the borrower’s principal residence. Lenders and insurers may apply different pricing and eligibility rules.

A proposal to enter a contract on specified terms. Price is only one element; deadlines, deposits, financing, due diligence, concessions, and closing terms matter.

The written purchase agreement defining the parties’ obligations, property, price, deposits, due diligence, settlement, closing, risk, and remedies.

A scheduled period when a property is available for prospective buyers to view, subject to owner and brokerage rules.

Approval issued after an onsite wastewater system is installed and found acceptable for operation under applicable requirements.

A lender charge for processing or making a mortgage loan, disclosed with other loan costs.

A transaction in which the seller provides some or all financing to the buyer. Legal documents, underwriting, servicing, disclosures, and default remedies require professional guidance.

The person or entity shown as owner in public records, subject to the accuracy and timing of those records.

Information and documents concerning an HOA or similar association, including dues, assessments, restrictions, and governance, as applicable.

A separately identified tract of land for tax or recording purposes. A tax parcel may not resolve all title or boundary questions.

A status generally indicating an accepted contract while closing conditions remain. Definitions vary by provider and MLS.

A commonly used phrase for soil or wastewater suitability testing. Modern onsite evaluations may involve broader soil and site analysis rather than a simple percolation test.

Principal, interest, property taxes, and homeowners insurance—the common components of a monthly housing payment. HOA dues and mortgage insurance may be additional.

A recorded or prepared map showing lots, boundaries, roads, easements, and other survey information.

Charges expressed as a percentage of the loan amount. Discount points and origination points serve different purposes.

A lender’s conditional assessment of borrowing ability based on reviewed information. It is not a final loan commitment and remains subject to underwriting and property approval.

Amounts collected at closing for expenses such as interest, insurance, taxes, and escrow reserves.

A preliminary estimate of borrowing ability, often based on unverified information and generally less complete than pre-approval.

The unpaid amount borrowed, excluding interest and many fees.

The home a borrower occupies as the primary residence. Program, tax, and insurance definitions can differ.

Insurance generally required by conventional lenders when the borrower’s equity is below specified levels, subject to cancellation rules.

A road not maintained as a public road. Buyers should verify legal access, maintenance agreements, condition, emergency access, and financing implications.

Allocation of an expense or income between parties according to time or another agreed method, such as taxes or rent.

A seller-completed disclosure concerning property characteristics and conditions for covered North Carolina transactions, subject to exemptions and legal requirements.

A local tax based on taxable value and applicable rates. Current bills, exemptions, municipal taxes, and reassessment timing should be verified.

The price stated in the contract, before considering credits, concessions, financing, costs, and adjustments.

A development with individually owned property and common areas or amenities governed by recorded documents and an association.

A legal document authorizing another person to act for the principal within defined authority. Real-estate use requires careful legal and title review.

A sale involving a deceased owner’s estate. Authority, court or estate procedures, title, heirs, and timing should be verified by counsel.

A mortgage meeting federal standards intended to support a lender’s ability-to-repay compliance. It does not guarantee affordability for a particular borrower.

The right to possess and use property without improper interference, subject to the lease, title, and law.

A deed transferring whatever interest the grantor may have without warranties of title. It does not prove ownership or clear defects by itself.

A lender commitment holding specified loan pricing for a defined period, subject to conditions, expiration, and extension terms.

A lawyer handling legal aspects such as title examination, document preparation, advice, settlement, and recording. North Carolina transactions commonly involve a closing attorney.

A North Carolina-licensed professional authorized to provide brokerage services within the license status and supervision requirements.

A real-estate professional who is a member of the National Association of REALTORS®. It is not a synonym for every licensed broker.

Official filing of documents in public records. Recording a deed provides public notice and is central to completing the transfer.

Replacement of an existing loan with a new loan. Costs, rate, term, cash flow, break-even period, and total interest should be compared.

A negotiated credit in place of some repair work, subject to lender approval, contract limits, and closing rules.

The estimated cost to replace damaged property with comparable materials, subject to policy definitions and limits. It is not market value.

A North Carolina disclosure form addressing covered property characteristics and association matters, subject to exemptions and current law.

A recorded restriction controlling use, construction, leasing, subdivision, animals, or other property activities.

A contractual right to match or act on a proposed sale before the owner sells to another party, under stated terms.

A legal right to travel across land or the physical corridor used for access or utilities. Width, location, beneficiaries, and maintenance should be verified.

Contract rules determining responsibility if the property is damaged before closing.

A USDA loan program for qualifying borrowers and eligible rural properties, including certain loans offering 100% financing subject to program requirements.

A naturally occurring radioactive gas that can accumulate indoors. Testing is the practical way to determine a building’s level.

Property owned by a lender or institution after foreclosure or another acquisition process.

Cancellation or unwinding of a contract or transaction when a legal or contractual right exists. It is not automatically available merely because a party changes their mind.

The final sale price divided by the relevant list price, usually expressed as a percentage. Data providers may calculate it differently.

A seller-paid amount or benefit negotiated for the buyer, often toward allowable closing costs, repairs, or financing expenses.

See Owner Financing: the seller extends credit to the buyer under negotiated legal documents.

An onsite wastewater treatment and dispersal system. Buyers should review permits, capacity, location, maintenance, condition, and repair area.

The minimum required distance between improvements and boundaries, roads, water, septic components, or other features.

The meeting or process in which documents and funds are prepared or exchanged. In North Carolina, settlement and final closing/recording may not occur at exactly the same moment.

A document itemizing transaction charges, credits, payoffs, and distributions. The Closing Disclosure is used for many financed consumer transactions; other statements may also be used.

An access route used by more than one property. Verify easement rights, width, maintenance duties, insurance concerns, and lender requirements.

A sale requiring one or more lienholders to accept less than the amount owed or otherwise approve payoff terms.

An additional charge imposed by an association or government for a specific project or expense.

A legal remedy asking a court to require a party to perform the contract. Availability depends on the facts, documents, and law.

A measurement of area that can vary by standard and source. Verify what is included, especially basements, additions, lofts, and detached spaces.

Preparing and arranging a property to improve presentation to buyers. Staging does not change structural condition or legal facts.

Land divided into lots under applicable plats, approvals, restrictions, and infrastructure requirements.

A professional determination and depiction of boundaries, improvements, encroachments, easements, and other features within the survey’s scope.

A title-policy exception for matters that an accurate survey would reveal. Coverage options depend on insurer requirements.

Property rights, such as minerals or timber, owned separately from surface ownership.

An assessment of soil and site conditions relevant to onsite wastewater suitability and system design.

A purchase in which title transfers while an existing loan remains in the seller’s name. It creates significant due-on-sale, liability, insurance, and legal risks.

A co-ownership feature under which a deceased owner’s interest passes to surviving owner(s), if validly created.

The value assigned for property-tax administration. It is not necessarily current market value.

A government claim arising from unpaid taxes that can affect title and sale proceeds.

The county’s assessed value for taxation. Revaluation cycles and exemptions can make it differ substantially from market value.

A form of co-ownership in which owners hold separate undivided interests without automatic survivorship unless otherwise established.

An inspection for wood-destroying insects or organisms within the report’s scope. It is different from a general home inspection.

Rights to cut, manage, or receive value from timber, which can be separately conveyed or contracted.

The legal ownership interests and rights associated with real property.

Insurance protecting against specified covered title defects under the policy. An owner’s policy protects the owner; a lender’s policy protects the lender.

Examination of public records and other sources to identify ownership, liens, restrictions, easements, and title issues.

A North Carolina tax imposed on many instruments conveying real property and generally handled in connection with recording. Exemptions and responsibility should be confirmed for the transaction.

An account used by a broker or attorney to hold client or transaction funds under applicable rules.

Marketing language suggesting a property is ready for use or occupancy. It has no universal technical definition and should not replace inspection.

A legal phrase making exact performance by a deadline especially important. Do not assume every contract deadline has this effect; read the agreement and obtain legal advice.

A small dwelling whose legality depends on construction classification, building code, zoning, utilities, foundation, and local approval—not simply size.

See Municipal Limits: incorporated boundaries that can affect taxes, utilities, zoning, and services.

A property-status label indicating an accepted contract, although conditions remain before closing. Availability for backup offers varies.

The lender’s evaluation of borrower, credit, income, assets, property, appraisal, title, insurance, and program requirements.

A claimed access or use right not shown in recorded documents. Its validity requires legal analysis and should never be assumed.

A Rural Development mortgage program for qualifying households and eligible rural properties. Certain guaranteed loans may provide 100% financing, subject to income, occupancy, property, and lender requirements.

A right allowing utility installation, access, operation, or maintenance across land.

The portion of a tract practically suitable for the intended use after considering slope, access, wetlands, flood risk, setbacks, soils, restrictions, and utilities.

Construction or alteration completed without required permits or approvals. It may affect safety, insurance, financing, appraisal, and resale.

A mortgage made by an approved lender and guaranteed in part by the Department of Veterans Affairs for eligible borrowers, subject to entitlement, underwriting, occupancy, appraisal, and property requirements.

A charge associated with many VA loans, with rates and exemptions determined by current VA rules.

The process or result of estimating value. Appraisal, CMA, automated valuation, tax assessment, and investor analysis are different forms.

Official permission to deviate from a zoning or land-use requirement under specified findings. Approval is not guaranteed.

A rate that can change according to the loan agreement, index, margin, caps, and adjustment schedule.

A present ownership or legal interest not dependent on an unmet condition, though precise meaning varies by context.

A recorded right or restriction intended to preserve a view corridor. Its scope depends on the document.

Land without an occupied residential improvement. Buildability, access, utilities, soils, water, restrictions, and permitting must be investigated.

A buyer’s final pre-closing visit to check agreed condition, completed repairs, remaining personal property, and major changes. It is not a new inspection.

A deed providing warranties of title stated in the instrument. “General” and “special” warranty deeds provide different scopes.

A private groundwater source. Buyers should consider permit records, location, yield, water quality, equipment, shared-well agreements, and maintenance.

The measured rate at which a well produces water. Yield, storage, recovery, household demand, and water quality all matter.

Areas meeting legal and scientific criteria associated with water and hydric soils. Wetlands can affect development, permitting, access, and value.

A major closing risk in which criminals impersonate trusted parties and send false wiring instructions. Confirm instructions through independently verified contact information before sending funds.

A report concerning visible evidence or conditions related to specified wood-destroying organisms within its scope.

See NC Working With Real Estate Agents Disclosure.

Seller financing that remains subject to an existing loan while creating a new payment obligation. It involves significant due-on-sale and legal risks.

A FEMA flood-map designation generally outside the mapped 1% annual-chance floodplain or in areas of reduced risk, depending on shading. It does not mean no flood risk.

Landscape design emphasizing water efficiency through plant choice, layout, soil preparation, and irrigation practices.

The construction year shown by a source. Major additions or renovations do not necessarily change the recorded year built.

A comparison of a metric with the same period one year earlier. It does not show every month-to-month movement.

The income return on an investment, calculated in different ways such as gross yield or capitalization rate. Definitions and expenses must be stated.

Local rules governing land use, density, structures, setbacks, and development. A current use may be legal, nonconforming, conditional, or prohibited.

Confirmation that an existing or proposed use complies with applicable zoning approvals. A tax classification or listing description is not proof.

The official map assigning zoning districts. Verify current mapping and ordinance text with the responsible government.

A mortgage requiring no borrower down payment under program rules, such as qualifying USDA or VA financing. Closing costs, reserves, fees, and eligibility still apply.