Real Estate Terms Definitions And Words Glossary Dictionary
Below is a list of real estate words used, terms, definitions and a glossary/dictionary in plain English. I’ve broken down the definitions in simple terms for easy understanding. If you have any questions or if you’re looking to buy or sell a home in the Cleveland, Ohio area, Contact Me anytime. I’d be happy to assist you with the process.
An owner of a property who lives elsewhere, leaving tenants in control and occupation of the property.
Interest earned but not yet paid.
A measure of land equal to 43,560 square feet, 4,840 square yards, 4,047 square meters, 160 square rods or 0.4047 hectares.
The legal relationship between a principal and an agent. In real estate transactions, usually the seller is the principal, and the broker is the agent: however, a buyer represented by a broker (i.e., buyer as principal is a growing trend. In an agency relationship, the principal delegates to the agent the right to act on his or her behalf in business transactions and to exercise some discretion while so acting. The agent has a fiduciary relationship with the principal and owes to that principal the duties of accounting, care, loyalty, and obedience.
A person authorized to act for and under the direction of another person when dealing with third parties. The person who appoints an agent is called the principal. An agent can enter into binding agreements on the principal’s behalf and may even create liability for the principal if the agent causes harm while carrying out his or her duties.
Annual Percentage Rate (APR)
The cost of credit expressed as a yearly rate. The annual percentage rate is often not the same as the interest rate. It is a percentage that results from an equation considering the amount financed, the finance charges, and the term of the loan.
Number of fixed payments or the period of time required to reduce a debt to zero when payments are made regularly.
A legal document signed by a home buyer which requires the buyer to assume responsibility for the obligations of a mortgage made by a former owner.
For mortgage lending purposes it is a process whereby the (lending) value of the property is determined. The lending value may or may not match the purchase price of the home. An appraisal done for mortgage lending purposes is carried out for the benefit of the lender or the mortgage insurer.
A mortgage loan that requires the remaining principal balance be paid at a specific point in time. For example, a loan may be amortized as if it would be paid over a thirty year period, but requires that at the end of the tenth year the entire remaining balance must be paid.
The final lump sum payment that is due at the termination of a balloon mortgage.
Interim financing to bridge the time gap between the closing date on the purchase of the new home and the closing date on the sale of the current home.
Broker has several meanings in different situations. Most Realtors are “agents” who work under a “broker.” Some agents are brokers as well, either working form themselves or under another broker. In the mortgage industry, broker usually refers to a company or individual that does not lend the money for the loans themselves, but broker loans to larger lenders or investors. As a normal definition, a broker is anyone who acts as an agent, bringing two parties together for any type of transaction and earns a fee for doing so.
A certificate that must be obtained from the municipality by the property owner or contractor before a building can be erected or repaired. It must be posted in a conspicuous place until the job is completed and passed as satisfactory by a municipal building inspector.
Equal payments consisting of both a principal and an interest component, paid each month during the term of the mortgage. The principal portion increases each month, while the interest portion decreases, but the total monthly payment does not change.
For a commission or fee, bringing together parties interested in buying, selling, exchanging, or leasing real property.
Buyer’s Agent (also known as “Buyer’s Broker” or “Purchaser’s Agent”)
A person or firm representing the buyer. A Buyer’s Agent’s primary allegiance is to the buyer. The buyer is the Buyer Agent’s client.
A licensee who has declared to represent only the buyer in a transaction, regardless of whether compensation is paid by the buyer or the listing broker through a commission split. Some brokers conduct their business by representing buyers only.
Market conditions that favor buyers. With more sellers than buyers in the market, sellers may be forced to make substantial price concessions.
Moveable items of property which are neither land nor permanently attached to land or a building, either directly or vicariously through attachment to real property. A piano is chattel but an apartment building, a tree or a concrete building foundation are not. The opposite of chattel is real property which includes lands or buildings. All property which is not real property is said to be chattel. “Personal property” or “personality” are other words sometimes used to describe the concept of chattel. The word “chattel” came from the feudal era when “cattle” was the most valuable property besides land.
When an interest is given on moveable property other than real property (in which case it is usually a “mortgage”), in writing, to guarantee the payment of a debt or the execution of some action. It automatically becomes void when the debt is paid or the action is executed.
A mortgage which cannot be prepaid, renegotiated or refinanced.
In most cases, the date on which the sale of the property becomes final and the new owner takes possession.
Something of value deposited with a lender as a pledge to secure repayment of a loan.
Competitive Market Analysis (CMA)
Document, usually prep eared by a real estate agent in report form, that will give an estimated sales price for a given property based on current market conditions.
Housing consisting of a complex of dwelling units (as an apartment house) in which each unit is individually owned
The price or subject matter, which induces a contract; may be in money, commodity, exchange, or a transfer of personal effort.
A condition which must be satisfied before a contract is legally binding
A legally enforceable agreement to do, or not to do, a particular thing for a consideration.
Contract for deed
A contract for the sale of real estate where the deed (title) of the property is transferred only after all the payments have been made. Also known as a land contract, agreement of sale, conditional sales contract, or installment contract. Buyers should be wary of this type of contract, since they can lose their entire investment if the owner declares bankruptcy, before the deed has been transferred.
Conventional Mortgage (Fixed-rate mortgage)
A mortgage loan which does not exceed 75% of the appraised value or purchase price of the property, whichever is the lesser of the two. Mortgages that exceed this limit must be insured.
Insurance a lender offers or requires a borrower to purchase to cover the loan. If the borrower dies or becomes disabled before paying off the loan, the policy will pay off the remaining balance. Federal and state consumer protection laws require the lender to disclose to existing and potential borrowers the terms and costs of obtaining credit insurance because it can affect the terms of the loan.
Debt Equity Ratio
A comparison of the amount owing on a property with the equity (value of property minus amount owing).
The percentage of the borrower’s gross income that will be used for monthly payments of principal, interest, taxes, space heating costs and condominium fees.
The instrument by which title to property is conveyed from one person to another.
Non-payment of the installments due under the terms of the mortgage(s). Failure to abide by the terms of a mortgage loan agreement
Department of Housing and Urban Development (HUD)
A United States Federal Agency that focuses on programs regarding housing and renewal of city communities. Oversees the Federal Housing Administration.
The removal of all mortgages and financial encumbrances on a property.
A real estate broker or salesperson who acts as agent for both the seller and the buyer in the same transaction. Both buyer and seller are the agent’s clients.
A building which houses two separate dwelling units.
A right acquired for access to or over, and perhaps use of, another person’s land for a specific purpose such as a driveway or public utilities.
Effective interest rate
The cost of credit on a yearly basis expressed as a percentage. Includes up-front costs paid to obtain the loan, and is, therefore, usually a higher amount than the interest rate stipulated in the mortgage note. Useful in comparing loan programs with different rates and points.
The effective rate is a consumer-oriented rate that takes into account the projected amount of time you tell us you will actually have the loan, as well as the specific costs, fees, and potential rate changes associated with it. The fees and costs are distributed over the time you plan to be in the house, allowing you to do an apples-to-apples comparison of a variety of loan types. The effective rate is not the APR. It is similar in that it factors in interest, mortgage insurance, and other fees (including points); however, the APR assumes that you keep your loan for the entire term, while the effective rate takes into account how long you tell us you plan to be in your house.
The right of government to take private property for public use, through court action known as condemnation. The Fifth Amendment to the United States Constitution allows the government to take private property if the taking is for a public use and the owner is “justly compensated” (usually, paid fair market value) for his or her loss. A public use is virtually anything that is sanctioned by a federal or state legislative body, but such uses may include roads, parks, reservoirs, schools, hospitals or other public buildings. Sometimes called expropriation.
A register claim for debt against a property, such as a mortgage.
The difference between the price for which a home could be sold and the total debts registered against the home. Owner equity usually increases as the outstanding principal of the mortgage is reduced through regular payments. Market values and improvements to the property also affect equity.
Exclusive agency (EA)
A listing agreement which gives the listing agent the right to sell the property for a specified time. The owner reserves the right to sell the property himself without paying a commission to the agent. Brokers run the risk of investing their time, effort, and money in a listing that, even if sold through their marketing efforts, does not produce a commission. Contrast with Exclusive Right to Sell.
Exclusive right to sell (ERS)
A listing agreement which gives the listing agent the right to sell the property for a specified time, with the right to collect a commission if the property is sold by anyone, including the owner, during the listing period. Contrast with Exclusive Agency.
Fair market value
The highest price that a buyer, willing but not compelled to buy, would pay, and the lowest a seller, willing but not compelled to sell, would accept.
Fannie Mae (Federal National Mortgage Association)
Fannie Mae’s operates under a congressional charter that directs it to channel its efforts into increasing the availability and affordability of home ownership for low, moderate, and middle-income Americans. Fannie Mae receives no government funding or backing, and is one of the nation’s largest taxpayers as well as one of the most consistently profitable corporations in America. Fannie Mae establishes strict guidelines for mortgage loans it is willing to purchase. As the largest buyer of mortgage loans in the US, these guidelines have become the industry standard for the majority of home loans. Any loan that meets these Fannie Mae guidelines is called a “conforming loan”.
The relationship of trust, honesty and confidence between agent and principal; the faithful relationship owed by an agent to the principal.
Fixed rate mortgage
A mortgage with an interest rate and monthly payment that doesn’t vary for the term of the loan.
Fixed-rate loans have interest rates that do not change over the life of the loan. As a result, monthly payments for principal and interest are also fixed for the life of the loan. Fixed-rate loans typically have 15-year or 30-year terms. With a fixed-rate loan, you will have predictable monthly mortgage payments for as long as you have the loan.
A legal procedure whereby the lender obtains ownership of the property following default by the borrower.
The loss of property or a privilege due to breaking a law.
The common name for the Federal Home Loan Mortgage Corporation (FHLMC), a congressionally chartered institution that buys mortgages from lenders and resells them as securities on the secondary mortgage market.
Good Faith Estimate
Written estimate of the settlement costs the borrower will likely have to pay at closing. Under the Real Estate Settlement Procedures Act (RESPA), the lender is required to provide this disclosure to the borrower within three days of receiving a loan application.
A person to whom real estate is conveyed; the buyer.
A person conveying real estate by deed; the seller.
Gross Debt Service Ratio
The percentage of gross annual income required to cover payments associated with housing (mortgage principal and interest, taxes and secondary financing). Most lenders prefer that the GDS be no more than 32%.
Gross Debt Service Ration (GDS)
The percentage of the borrower’s gross income that will be used for monthly payments of principal, interest and taxes, heating costs and half of condominium fees.
A mortgage that exceeds 75% of the home’s appraised value. These mortgages must be insured for payment.
An amount of money withheld by the lender during the progress of construction of a house to ensure that construction is satisfactory at every stage.
Home Equity Loan or Line of Credit (“revolving loan”)
A type of loan that is secured against a property and allows the owner to borrow and repay money at his or her leisure. Periodic payments of at least accumulated interest are required but the loan is fully open: may be paid out in whole or in part at any time and, if there is still money available under the loan ceiling, the borrower may take more money for her use.
Home Improvement Loan
A loan made for the purposes of making improvements to a property.
The written statement of the results of the inspection of a given property by a professional home inspector. Will show problems and potential problems with the property not always visible to an average purchaser (i.e. a deteriorating roof, an ancient furnace, termites, wood rot, basement seepage). Many purchasers make their offer to purchase conditional upon obtaining a satisfactory Home Inspection report.
Homeowner’s (Homestead) Tax Exemption
A tax break for home owners offered in certain jurisdictions which sees property tax assessments reduced by a certain percentage as a result of the fact that the taxpayer resides in the property. May require evidence of the status of ownership to be filed periodically with taxing authority.
See Department of Housing and Urban Development
A property which is owned or developed specifically to produce income for its owner.
Similar to a contract. An agreement between two or more parties, often referring to land.
Term for a property that is not located on a corner at the intersection of two roads.
An accredited financial organization (i.e. bank, trust company, credit union, etc.) which offers loans
The responsibility of two or more people to fulfill the terms of a home loan or debt.
Ownership by two or more people that gives equal shares of a piece of property. Rights pass to the surviving owner or owners.
Decree of a court declaring that one individual is indebted to another and fixing the amount of such indebtedness.
A mortgage larger than the maximum eligible for purchase by the two Federal agencies, Fannie Mae and Freddie Mac.
A clause in a sales contract that allows a seller to accept one buyer’s contingent offer, then back out without penalty if a second buyer makes a better offer.
A structure that contains prefabricated components and is put together by a contractor.
An old-fashioned wiring system that has been replaced by fuses and circuit breakers
A bank, savings institution or mortgage company that offers home loans
Use of a small amount of cash–a 5 percent or 10 percent down payment–to buy a piece of property
A person’s financial obligations. Liabilities include long-term and short-term debt, as well as any other amounts that are owed to others.
A legal claim against a property that must be paid off when the property is sold. A mortgage or first trust deed is considered a lien.
Piece of property placed on the market by a listing agent
Technical measure used by lenders to assess the relationship of the loan amount to the value of the property
Lock or Lock-In
A lender’s guarantee of an interest rate for a set period of time. The time period is usually that between loan application approval and loan closing. The lock-in protects you against rate increases during that time.
Price that a piece of property sells for at a particular point in time. The value of a property based on current demand.
A claim against a property for money owing. A lien may be filed by a supplier or a subcontractor who has provided labor or materials but has not been paid. A lien must be properly filed by a claimant. It has a limited life, prescribed by statute that varies from province to province. If the lien-holder takes action within the prescribed time, the homeowner may be obliged to pay the amount claimed by the lien-holder.
MLS®, Multiple Listing Service®
Used in conjunction with a real estate database service, operated by local real estate boards, under which properties may be listed, purchased or sold. An MLS® listing means REALTORS have agreed to work together for the marketing of a listing.
A mortgage is security for a loan on the property that you own. It provides for your personal guarantee to repay the loan as well as a pledge of the property as security for the loan.
Mortgage acceleration clause
Clause which allows a lender to demand that the entire balance of the loan be repaid in a lump sum under certain circumstances. The acceleration clause is usually triggered if the home is sold, title to the property is changed, the loan is refinanced or the borrower defaults on a scheduled payment
Mortgage Insurance Premium
A premium which is added to the mortgage and paid by the borrower over the life of the mortgage. The mortgage insurance insures the lender against loss in case of default by the borrower.
Mortgage Life Insurance
A form of reducing term insurance recommended for the borrower. In the event of the death of the owner or one of the owners, the insurance pays the balance owing on the mortgage. The intent is to protect survivors from losing their home.
The situation occurs when a borrower’s monthly payment is not large enough to cover both the principal and interest of a loan. As a result, the outstanding balance of the loan actually grows larger with each payment rather than smaller. Most fixed-rate loans are not subject to negative amortization, but many adjustable-rate mortgages are susceptible
The value of ones assets minus their liabilities.
Loan provision that prohibits the transfer of a mortgage to another borrower without lender approval
A real estate listing to which no one agent or broker has claim.
An asset with a physical value such as land, property, or some type of object.
Non-recurring closing costs
Costs that are one-time only fees for such items as an appraisal, loan points, credit report, title insurance and a home inspection
Legal document that requires a borrower to repay a mortgage at a certain interest rate over a specified period of time
Offer To Purchase
A written contract setting out the terms under which the buyer agrees to buy. Upon acceptance by the seller, it forms a legally-binding contract subject to the terms and conditions stated in the document.
Marketing tool in which a listing agent opens a house for public viewing
A property given to a number of brokers to market at the same time.
A mortgage which can be prepaid at any time, without penalty.
A document stipulating that, in exchange for a deposit, a specified individual is to be given the first chance of buying a property at or within a specified period of time. If the option holder does not buy at or within the specified period, he or she loses the deposit and the agreement is canceled.
A transaction in which the seller of a property agrees to finance all or part of the purchase.
An officially described piece of land
A sum of money paid to a lender for the privilege of prepaying a mortgage in part or in full.
P.I. (Principal & Interest)
Principal and interest due on a mortgage.
P.I.T. (Principal, Interest, & Taxes)
Principal, interest and taxes due on a mortgage.
The owner’s typical monthly payment, which includes principal, interest, (property) taxes and (mortgage) insurance. Most lenders collect a portion of annual tax and insurance bills each month, then pay them when they’re due.
A point is 1 percent of the loan amount. For example, two points on a $100,000 loan would be $2,000. You can pay points to get your lender to give you a lower interest rate. Or, you can refuse to pay points and keep the interest rate offered. Often the increase in payment is quite small, so weigh the pluses and minuses carefully before you decide. Points are also called loan discount fees.
The right to prepay specified amounts of the principal balance. Penalty interest may be incurred on prepayment options.
The amount you still owe the lender at any time, not including interest. The amount of money actually borrowed.
Private mortgage insurance (PMI)
If your down payment is less than 20 percent of the property’s cost, most lenders will require you to obtain private mortgage insurance, which protects your lender if you default on the loan. Cost: $45 to $75 a month. Be sure you can cancel the private mortgage insurance policy when you’ve paid your loan to less than 80 percent of your home’s value.
A real estate sale triggered by the death of the owner, with proceeds to be divided among heirs or creditors
Property is commonly thought of as a thing which belongs to someone and over which a person has total control. But, legally, it is more properly defined as a collection of legal rights over a thing.
A purchaser who has been pre-approved for financing.
Lenders compute qualifying ratios to determine how much a potential buyer can borrow.
Queen Anne style
A Victorian-era style of architecture that originated in San Francisco.
Document that releases a party from any interest in a piece of real estate
Ranch House (Rancher)
A description of a one-story house, developed from the old, western-style homes.
The return the lender receives for loaning you the money for the mortgage.
Term for land and all fixtures to land, including buildings and other improvements.
Real estate agent
A person licensed to negotiate and transact the sale of real estate.
Real Estate Board
A non-profit organization representing local real estate brokers/agents, salespeople, which provides services to its members and maintains and operates a MLS® system in the community.
A real estate agent, broker or an associate who holds active membership in a local real estate board that is affiliated with the National Association of Realtors.
A recommendation, a suggestion to a client of the value of the services of a person or firm. (i.e. a real estate agent may refer a purchaser to a particular banker or lawyer.)
The dwelling in which a person lives, may also refer to the country or state where a person lives.
Real estate that is occupied by the owner.
Reverse Annuity Mortgage(RAM)
A type of mortgage where the equity in the home serves as security for periodic payments made by the lender to the borrower. Mortgage is generally paid out upon the sale of the property
The amendment of the classification of a property under use and building by-laws or ordinances. A property may rezoned from industrial to residential to allow a warehouse to be converted into condominiums.
Right of first refusal
A provision in an agreement that requires the owner of a property to give another party the first opportunity to purchase or lease the property before he or she offers it for sale or lease to others.
A mortgage loan where the interest rate is established for a specific term. At the end of this term the mortgage is said to “roll over” and the borrower and lender may agree to extend to loan. If satisfactory terms cannot be agreed upon, the lender is entitled to be repaid in full. In this case, the borrower may seek alternative financing.
A term to describe something which is not of an urban center.
Sale Agreement (Purchase Agreement)
Also known as “Agreement of Purchase and Sale”. The contract that sets out the terms and conditions agreed to by the buyer and the seller in the sale of land.
This is usually at a higher interest rate and represents the difference between the price of the house and first mortgage plus the down-payment. This may be obtained from banks and finance companies or through lawyers or notaries.
The Seller’s Agent represents the seller — either as a Listing Agent under the listing agreement with the seller or by cooperating as a Sub-Agent, typically through the MLS® system. In dealing with prospective buyers — customers– the Seller’s Agent can provide a variety of information and services to assist the buyer in his/her decision-making. The Seller’s Agent does not represent the buyer.
Settlement (or Closing)
The settlement or closing is the conclusion of your real estate transaction. It includes the delivery of your security instrument, signing of your legal documents and the disbursement of the funds necessary to the sale of your home or loan transaction (refinance).
Also known as closing costs, these costs are for services that must be performed before your loan can be initiated. Examples include title fees, recording fees, appraisal fee, credit report fee, pest inspection, attorney’s fees, taxes, and surveying fees.
A housing development that is created by dividing a tract of land into individual lots for sale or lease.
A measurement of land, prepared by a licensed surveyor, showing a property’s boundaries, elevations, improvements, and relationship to surrounding tracts.
Claim against a property for unpaid taxes.
The length of time during which you pay a specific interest rate on your mortgage loan. You may not have paid off your entire mortgage principal at the end of a term because your amortization period will likely be longer than the term.
The right to use and occupy all or part of a property under a rental agreement.
A loan that comes due on a given date, often before the periodic payments would pay the loan out.
Title (Freehold or Leasehold)
A freehold title is evidence of ownership of land and buildings for an indefinite period of time. A leasehold title is evidence of a right to sue and occupy land and buildings for a defined period of time. In a leasehold arrangement actual ownership of the land (and perhaps buildings) remains with the landlord.
Total Debt Service Ratio (TDS)
The percentage of gross annual income required to cover all payments for housing and all other debts such as car payments.
Type Of House
These definitions apply to the different types of housing on the market
Single Family Detached: This is what most American’s want. It is free standing on its own lot and is occupied by one family.
Semi-detached: One of two single-family houses joined by a common wall.
Duplex:Two dwelling units, one above the other. Often the owner lives in one unit and rents the other.
Row or town house: One of several single-family homes joined by common walls.
Link or carriage homes: Row houses where homes are joined by garages or carports which provide access between the front and rear yards. Builders sometimes join basement walls so that, when see above ground, link houses look like singles on small lots.
High-rise buildings: Multistory residential buildings containing apartments for rent or condominium units. Mobile or manufactured housing: A factory-built, single family dwelling designed to be transported to its ultimate site. They come in single widths or multiple width which have to be joined on site.
Note: A condominium is not a type of house. It is a type of ownership. Condominiums are most often in high-rise buildings or in row houses arrangements.
In mortgage lending, the process of determining the risks involved in a particular loan and establishing suitable terms and conditions for the loan.
A sum of money collected by some lenders to offset expenses incurred in the lending transaction.
Land that has no claims, liens or mortgages registered against it.
Ownership of land which is subject to flaws such that a title insurance company refuses insure it.
The process of acquiring and redeveloping property for the purposes of increasing its profitability or utility. May be conducted by government, private interests or a combination of the two.
Slang term for the growth of cities in an unplanned and often wasteful manner.
Services, such as gas, electricity, water, sewers, which are required in any dwelling and for which the owner must pay separately. In some jurisdictions, arrears in payment of charges for utilities may form a lien on the property.
Interest rate that changes periodically in relation to an index.
Variable Rate Mortgage (Floating Rate)
A mortgage where payments can be fixed from one to five years, but the interest rate could change from month to month depending on market conditions. If interest rates go down, the monthly principal is reduced; if rates go up, the monthly payments might not cover the interest owing and payments may be increased for the next term. Most variable rate mortgages allow prepayment of any amount (with certain minimums) on any monthly payment date and usually without penalty.
The Seller or Purchasee.
Vendor Financing (Balance of Sale)
The seller sometimes takes the mortgage at a rate lower than market rates. Most of these arrangements are not renewable nor transferable to the next owner.
Vendor Take Back Mortgage
Mortgage financing arranged between the seller of the property and the buyer. The title is transferred to the buyer. Often this type of loan is a second mortgage which the seller is willing to arrange at below market rates to ensure the buyer can make the purchase of the house. Most of these arrangements are not renewable nor can they be transferred to the next owner of the house.
Null, not legally enforceable.
Voluntary relinquishment or surrender of some right or privilege.
The legal right to use water from a water course or body of water on a property.
The natural accumulation of water either above or below ground, often used for well purposes. May also refer to the distance from the surface of the land to the location of the water.
A secondary financing option in which new money borrowed is blended with money already owed and registered on title to the property. A second mortgage is registered as security for the new money but the old mortgage remains in existence and the rate of interest is a blend of the rate chargeable on the old mortgage and the rate chargeable on the newly borrowed money.
Writ of Execution
A claim or lien which is registered with the local enforcement officer to enforce a judgment of a court. The officer is then required to enforce the judgment against the judgment debtor and any property owned by that debtor in the jurisdiction.
An X may be used as a substitute for a signature in certain instances. An individual who cannot write his or her name can indicate the intention to sign by marking an X in the place for signature. A witness would then write the name of the signer alongside the X.
A unit of measurement equaling three feet .
The open, unoccupied space on the plot between the property line and the front, rear or side wall of a building.
The ratio of investment income to the total amount invested over a given period of time.
Yield to Maturity
The lender’s percentage of annual return on actual funds loaned, assuming that the loan will be paid in full at maturity.
Zero Lot Line
A zoning regulation which allows certain properties to have buildings placed up to the line dividing separate properties.
Zoning Ordinances (or Zoning Regulations)
Local law establishing building codes and usage regulations for properties in a specified area.
One-time modification of existing zoning law
The above real estate terms/glossary outlines the basic terms. Naturally, there are a lot of real estate words pertaining to the buying and selling a process and owning a home. If you need additional information feel free to contact me, (Cecilia Sherrard) anytime. Realtor with RE/MAX Real Estate Group in Cleveland/Lakewood/West Park, Rocky River, Ohio if considering buying or selling a home. All areas of Northeast, Ohio. Assistance with relocation, investing home buying and selling and obtaining a mortgage/home loan in all price ranges.