More Mississippi Real Estate Terms (Part 2)

Real Estate Terms to Know – Part 2

Deed - Written instrument conveying title from the seller ("grantor") to the buyer ("grantee").

Deed of Trust - Written instrument from the borrower to the lender granting title to the property to the lender, to hold in trust, to secure the repayment of the debt. Once the loan is paid in full, the deed of trust is normally cancelled of record.

Homeowners' Assessments - The amount of money assessed by the Homeowners' Association to each property owner, usually on an annual basis, which can become a lien on the property if not timely paid.

Homeowners' Association - An association whose membership is composed of all homeowners in a subdivision and which membership is generally required by virtue of owning a home within the subdivision.

Home Inspection - An on-site inspection of the interior and exterior of the home, normally performed by a licensed professional, to evaluate the structural, mechanical and electrical condition of the property.

Pest Inspection - An on-site, visual inspection of the interior and exterior of the home, performed by a state certified consultant, to evaluate the presence of wood destroying insects and/or organisms in readily accessible areas of the home.