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131 Real Estate Terms & Definitions Your Clients Expect You to Know in 2023

The Close

Construction loan. These mortgages were developed in the 1980s in an era of double-digit interest rates when borrowers were hopeful that the rates wouldn’t rise much more. Liens can come from unpaid mortgages, construction bills, even HOA fees. Planned unit development (PUD). Termite report/inspection/letter/bond.