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A lease purchase agreement is a contract for the purchase of real estate whereby the seller agrees that in return for a non-refundable deposit, the lessee/buyer has the option of buying the property at the end of the lease period.  Generally, some of or all of the deposit and payments made under the lease are applied to the purchase price should the lessee/buyer at the end of the lease decide to exercise the option to purchase the property. In Texas, only a lawyer can execute a Lease Purchase Agreement.

A description of land recognized by law, based on government surveys, spelling out the exact boundaries of the entire piece of land.

The bank, mortgage company, or mortgage broker offering the loan. Many institutions only “originate” loans and then resell the obligation to third parties

Insurance that protects property owners against claims that alleges negligence or inappropriate action that resulted in bodily injury or property damage to another party

A monetary claim against a property recorded in the public records

A Fee paid to the lender at time of application; check with lender for amount.

The ratio of the mortgage loan principal (amount borrowed) to the property’s appraised value (selling price).  Example – on a $100,000 home, with a mortgage loan principal of $80,000 the loan to value ratio is 80%.

The period, expressed in days, during which a lender will guarantee a rate. Some lenders will lock rates at the time of application while others will allow the borrower to lock the rate after the application is taken.

Also known as Mopac Expressway. Really isn’t a “loop” and really isn’t an “expressway” during rush hour. Loop One runs north and south almost to Round Rock and just past Circle C to Rt 45