Section 3 - OWNED LIVING QUARTERS AND OTHER OWNED REAL ESTATE

Types of Owned Real Estate


  1. - A home in which you used to live
  2. - Property for business or investment purposes only
  3. - A second home, vacation home or recreational property
  4. - Unimproved land with no buildings on it
  5. - Other property

Closing Costs

  • Advertising costs
  • Deed preparation
  • Escrow payment
  • Lawyer’s fees
  • Points paid by buyer
  • Property survey charges
  • Recording fees
  • Title search
  • Transfer taxes
  • Real estate listing service fees

Costs for Selling a Property

  • Advertising costs
  • Closing costs
  • Commission to Realtor
  • Deferred mortgage interest payment
  • Lawyer’s fees
  • Mortgage penalties
  • Points for financing
  • Property inspection
  • Real estate listing service fees

Mortgage Definitions

Type of Structure
  1. - Fixed rate mortgage (Conventional Mortgage, Fully Amortized Payment Mortgage)
  2. - Rate of interest is not fixed and can go up or down over the life of the loan depending on the current interest rate (Variable Rate Mortgage, Adjustable Rate Mortgage, ARM)
  3. - Payments start out low but increase later (Graduated Payment Mortgage)
  4. - Interest and required payment are renegotiated on a regular basis through the life of the loan (Rollover or Renegotiable Mortgage)
  5. - Initial interest and required payments are lower than usual mortgage rates. The lender receives the deferred interest plus a fee when the property is sold (Deferred Interest Mortgage)
  6. - Other (Specify)

Mortgage Payment Items

  1. - Principal and interest
  2. - Property taxes
  3. - Property insurance
  4. - Life insurance
  5. - Mortgage guarantee insurance
  6. - Any other payments (Specify)
  7. - Interest only (no principal)

Fees For Cooperatives

  1. - Repayment of loans owed by cooperative
  2. - Property taxes
  3. - Property insurance
  4. - Management
  5. - Repairs or maintenance, including lawn care or snow removal
  6. - Improvements
  7. - Recreational including swimming, golf or tennis facilities
  8. - Security including guards or alarm systems
  9. - Utilities such as gas, electricity, water, heat
  10. - Trash collection
  11. - Other (Specify

Homeowner's Associations or Condominiums Fees

  1. - Management
  2. - Repairs and maintenance, including lawn care or snow removal
  3. - Improvements
  4. - Utilities such as gas, electricity, water, heat
  5. - Parking
  6. - Recreational including swimming, golf and tennis facilities
  7. - Security including guards or alarm systems
  8. - Maid service
  9. - Medical services
  10. - Trash collection
  11. - Other (Specify)

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Last Modified Date: November 8, 2007