Home buyers pay for the coverage in monthly installments. PMI is usually terminated when the home buyer has built up 20 percent equity in the property. The formal document by which a claim in property is denied. Often used to clear a cloud on title . A radioactive gas found in some homes that in sufficient concentrations can cause health problems.
Many home inspections check for radon.
Rate lock A commitment issued by a lender to a home buyer or to the mortgage broker guaranteeing a specific interest rate for a specified amount of time. See also lock . A person licensed to negotiate and transact the sale of real estate on behalf of the property owner. A consumer protection law that requires lenders to give home buyers advance notice of closing costs , which are payable at the closing or settlement meeting. Realtor A real estate broker or an associate who holds active membership in a local real estate board that is affiliated with the National Association of Realtors.