Real Estate and Mortgage Disclosures
Last modified March 13, 2022Disclosures are part of all residential Mortgage transactions to comply with Federal Laws. In some real estate transactions, Disclosures are added to reveal or make known certain material facts of the property. These disclosures are designed to make the Buyers aware of ceratin facts that pertain to the physical condition of the property. They are also used as a recognized risk reduction tool for Real Estate Brokers.
Did you find this explanation helpful?
Top 10 terms for First-Time Home Buyers:
- Homeowner's or Hazard Insurance policy
- Consumer Mortgage Disclosures are a Federal Regulation.
- Due on Sale Clause
- Federal Home Loan Bank or FHLB
- APR (Annual Percentage Rate)
- Federal tax lien
- PMI (Private Mortgage Insurance)
- General liens on property
- Gift letters in mortgages
- Good Faith Estimate or Loan Estimate