A written document in which the purchaser agrees to buy certain real estate and the seller agrees to sell under stated terms and conditions. Also called a sales contract, earnest money contract, or agreement for sale.

The difference between where the rate is now and where it could adjust to on an ARM. Also used to compare the difference between a current conventional rate and that of an ARM.

A real estate broker or associate active in a local real estate board affiliated with the National Association of Realtors.®

The set of rules governing consumer lending issued by the Federal Reserve Board of Governors in accordance with the Consumer Protection Act.

A type of joint ownership of property by two or more persons with no right of survivorship.

A policy that protects the purchaser, mortgagee or other party against losses.

A loan, made by a private lender, that is partially guaranteed by the Veterans Administration.