Sell House Definitions P-T2020-08-29T20:48:23+00:00

Sell Your Home: Definitions

Selling your home is all about financial transactions and legalities. Bottom line, you need to understand the lingo.
Here is an abbreviated list of terms you should know.

personal property
Any property that is not real property, consisting of things that are temporary or movable..
Acronym for the four primary components of a monthly mortgage payment: principal, interest, taxes, and insurance.
PITI reserves
A cash amount that a borrower has available after making a down payment and paying closing costs for the purchase of a home. The reserves for payment of principal, interest, taxes, and insurance (PITI) must be enough to cover PITI for a predefined number of months.
One percent of the amount of a mortgage loan.
power of attorney
A legal document that authorizes an individual to act on another’s behalf. Power of attorney can grant complete authority or can be limited to certain acts or periods of time.
Any amount paid to reduce the principal balance of a loan before the scheduled due date. Prepayment in full on a mortgage may be triggered by sale of the property, a foreclosure, or winning the lottery, but in any case, it means that payment is completed before the loan has been fully amortized.
prepayment penalty
A fee that may be charged to a borrower for paying off a loan before it is due.
The amount borrowed or remaining unpaid, not including interest. The part of the monthly payment that reduces the remaining balance of a mortgage.
principal balance
The amount owed on a loan minus the amount already repaid; sometimes called the outstanding or unpaid principal balance. The principal balance does not include interest or any other charges.
purchase agreement
A written contract signed by the buyer and seller stating the terms and conditions under which a property will be sold.
quitclaim deed
A deed that releases a person’s interest in a property without stating the nature of that person’s interest or rights and making no warranty of ownership. Though a quitclaim does not validate the grantor’s current claim to the property, it does prevent the grantor from claiming any interest in the property in the future.
real estate agent
A person licensed to negotiate and transact the sale of real estate.
real property
Land and anything permanently attached to it, such as buildings and other structures, trees, and minerals.
A real estate agent, broker, or associate, who holds active membership in the National Association of REALTORS®
right of first refusal
A provision in an agreement that requires the owner of a property to give another party the opportunity to purchase or lease the property before it is offered for sale or lease to anyone else.
A transaction in which the buyer leases a property back to the seller for a specified period of time.
A precise measurement of a property that delineates its legal boundaries and shows the location of improvements, easements, rights of way, encroachments, and other physical features.
sweat equity
Contribution to the value of a property in the form of labor or services rather than cash; also, a borrower’s contribution to the down payment for a property in the form of labor or services rather than cash.
The right to, and ownership of, property. Title to real estate is usually conveyed by a written document, known as a deed, that transfers ownership from the seller to the buyer. Title is sometimes used to mean the evidence of proof of ownership of land.
title company
A company that specializes in examining and insuring titles to real estate.
title insurance
Insurance that protects lenders or buyers against loss arising from legal problems that were not discovered during a title search and from disputes over ownership of a property. Typically, only the lender is protected by the insurance issued at closing. Borrowers may purchase similar insurance to protect themselves.
title search
A check of public records to ensure that the seller is the legal owner of the property and that there are no liens or other claims outstanding against the property.
transfer of ownership
Any means by which the ownership of a property changes hands. Lenders consider all of the following situations to be transfer of ownership: purchase of a property subject to a mortgage, the assumption of the mortgage debt by the property purchaser, and any exchange of possession of the property under a land sales contract or any other land trust device.
transfer tax
State or local tax payable when title passes from one owner to another.

We Buy Houses In Cincinnati, OH.

We’ve already bought more than 650 houses in Cincinnati. If you’re ready to sell, then We Buy Houses Cincinnati would like to make an offer for yours.
Learn more

Cincinnati Property Twins Mitch and Matt Painter buy houses “as is.” You don’t need to make repairs or improvements of any kind (our partners handle that). Revitalizing Cincinnati homes is a passion of the Painter twins, who believe in making it super easy for sellers to sell. They understand your need for execute quickly and can close in 10 days. If you’re looking for cash home buyers, Mitch and Matt are ready to do business with you.

“Mitch and Matt Painter made me a fair offer and bought my house very fast. They didn’t have to get a loan and were able to close right away. They were easy to work with and I was happy with the experience. I would recommend the Painter twins to anyone looking to sell their house.” -Jennifer Sharon

Why Sell To Us?

We buy houses “as is.” You don’t need to make any improvements (our partners take care of that end). Revitalizing Cincinnati homes is a passion of the Painters, who also believe in making it incredibly easy for sellers to sell. Bid lengthy closings goodbye. We understand your need for faster execution and closing. If you are looking for a direct house buyer, your friendly cash home buyers, Mitch and Matt, are more than happy to help!

Learn more

Frequently Asked Questions

Why don’t you care if my house is a mess?2020-08-16T23:17:40+00:00

In almost all cases, the houses the Painters buy are going to be renovated. As we said on our home page, we buy the good and the bad. Room dimensions and overall layout of the house are among the most important factors. Other major considerations are the age of major systems, including plumbing, electricity, and HVAC. Cosmetic repairs are of no concern; we simply expect to clean out and repair any property we buy. We often suggest sellers take only the belongings they wish to keep and leave the stuff they don’t want, to make the selling process as easy as possible for them.

What if my property is in probate?2020-08-16T23:20:34+00:00

The Painter twins specialize in probate property. We’re very familiar with the process and can work through it with you. We can easily make our purchase contingent upon approval by a probate court, to relieve you of worries about being held to the contract if the probate court doesn’t release the property. We’re very flexible with our timing as well. If your probate case takes longer than expected, or you need more time for any reason, no problem. Call or text us at 513-445-2274 or respond here to begin the process of having the Cincinnati Property Twins buy your probate house.
Contact Us

Is We Buy Houses A Scam2020-09-08T16:58:05+00:00

Lots of “We Buy Houses” and “Sell Your House Fast For Cash” companies are operating these days. But unlike the majority of house buyers, the Painter twins use cash or an existing line of credit to buy houses. Because of this, they can close in as little as 10 days. Mitch and Matt Painter make it easy for Cincinnati property owners to sell a house “as is” – fast! They have a proven track record of buying houses for cash and the reviews to back it up. If you want to quickly sell your house, the Cincinnati Property Twins make it easy.

Get a free online quote.


I need to sell my house fast, for a fair price. What’s in it for you?2020-08-16T23:17:11+00:00

The Painter twins are Cincinnati real estate investors who buy houses needing renovation – and TLC. They buy at a fair price and have partners make each property “like new.” From there, the house is sold at a reasonable profit. Each renovation project takes significant capital, risk, and hard work. The average project takes 3-5 months to complete. The Painters tend to pay more than other buyers, and are able to buy homes without having to get a loan.

How does your selling process work?2020-08-16T23:18:34+00:00

The Painter twins make it easy for Cincinnati property owners to sell a house “as is” – fast! Call or text us at 513-445-2274 or respond here to give us some basic information about your property. From there, we’ll typically be able to make a ballpark offer with 24 hours, even if we don’t initially get the chance to see the inside of your house. Once we agree on a price, we’ll sign a simple one-page purchase contract and set up the closing. All you have to do is show up to add your signature on the day of closing. That’s all there is to selling your house for cash!
Contact Us

How come you don’t need to get financing to buy my house?2020-08-16T23:18:04+00:00

Unlike the majority of buyers, the Painter twins use cash or an existing line of credit to buy Cincinnati houses. Because of this, they can close in as little as 10 days. This means sellers avoid surprises – like a problem securing financing, and thus, a deal falling through – and receive their cash very fast. Since the Great Recession, it’s become more difficult for buyers to get financing. That’s why it’s often risky to sell to a buyer who needs to get a loan.

Go to Top