Real Estate Status Active Contingent Short

Real Estate Status Active Contingent Short' title='Real Estate Status Active Contingent Short' />Glossary. Acceptance The time at which an offer to purchase is accepted. The fact that it was accepted must be relayed to the person that made an offer in. Ad Valorem Tax Charged by local government, this tax is. Adjustable Rate MortgageARM A mortgage whose. Rate changes may go up or down and are. The person getting. Real estate news with posts on buying homes, celebrity real estate, unique houses, selling homes, and real estate advice from realtor. E. Earnest Money also called Deposit Funds given by the buyer and held in an escrow account until the real estate closing. Some ARMS are convertible. Agent A person authorized to act on anothers behalf. In. real estate, this agent may be a listing agent representing the. There. is a fourth option, a transaction agent or broker that represents neither. U Send Mii Download. A real estate agent must. An agent must place their license under. To become a broker, one must take the same. Amortization The repayment of a loan over time. The Agencys team of luxury real estate agents and brokers is dedicated to helping clients find the home of their dreams. With each. payment, there is a  the reduction of both principal the original amount borrowed. Amortization Schedule This table shows each payment amount for. The table shows each payment. Annual Percentage Rate APR Required by the Federal Truth in Lending Act. The APR is the true cost of borrowing. Appraisal    A professional determination of value. Mortgage companies usually require an appraisal of the property by a licensed, disinterested. Methods of determining. Appraised Value The worth of the property as determined. Appreciation The opposite of depreciation. When the value. of a property rises, based on economics and market conditions of the area, it appreciates. As Is Condition Disclaiming any warranties or representations. AskingListing Price The price a seller is asking in order. The price that a buyer offers to purchase the property. Assessed Value The value used by the governing authority i. Assignee The person responsible if the rights and responsibilities. Assumable Mortgage The buyer takes over and assumes the. This would mean the new buyer does not have to obtain a new. In years past, the new buyer could take over the loan without having to qualify. Assumption of mortgage The act of taking over and accepting. BACK TO TOPBBack Up Contract A contract or offer that is in a secondary. This contract shall be elevated to the. If the first. position contract is consummated, then the second contract is no longer in effect. Multi Car Radio Decoder'>Multi Car Radio Decoder. Balloon A mortgage where there are payments over a period. Bankruptcy A condition whereby the courts determine that a persons. Bill of Sale A document that serves as written proof for. Real estate is transferred by a deed. Personal property. Bill of Sale.  Mortgage companies will not make loans on. Bill of Sale may be included with a real estate contract. Binder A preliminary agreement, often accompanied by an earnest. Bridge Loan, also called a swing loan A short. This is often used to build or purchase a new home, when. Once the previous home is. Broker i. e. real estate broker A person duly licensed under. A broker has full authority to run a real. Buyer A person who purchases real estate. Buyers Agent Buyers Broker A real estate agent. The. commission paid to this buyers agent may come from either the seller or the. BACK TO TOPCCap  A maximum allowable. For example, many adjustable rate. Certificate of Title A statement verifying who has the rights. This may be ascertained by. Title insurance protects against claims that may. Certificate of Occupancy A document which must be obtained from. The property is therefore ready to. Clear Title Ownership that is free of liens, defects and encumbrances. Closing The transaction where title passes from seller to buyer. A settlement statement shows all costs incurred and gained. Closing Costs The expenses incurred in obtaining the property. This may include, but is not limited. Code of Ethics Set forth by the National Association of. Realtors, these are written professional standards that all members are expected. Commitment Letter, also known as a loan commitment. A written offer by a lender to make a loan by a particular date under certain. A buyer has more clout with a seller if he submits a letter of. Common Areas The space that is shared among. In a condominium that may be the building corridors. Condominium Real estate ownership where several owners hold title. Conforming  Loan A mortgage loan that meets underwriting. Fannie Mae and Freddie Mac. Construction Loan A short term loan made to a builder for the. After completion, permanent financing is normally. Contingency A condition that must be met before. The contingency. provides an out or an escape from performing if the condition is not met. Conventional loan or conventional mortgage A. FHA nor guaranteed. Veterans Administration. Typically subject to the terms of their particular. The lender looks to the credit of the borrower. Convertible ARM An adjustable rate mortgage ARM that can be. Conveyance  The passing or transfer of title from one party. Co op cooperative also known as. Where several residents hold shares to. Owning. the shares of ownership grants the resident the privilege of occupying a specific. Counteroffer If the receiver of an offer makes. Covenant as in Covenants, Conditions and Restrictions, or Restrictive Covenants. A clause in a written document, such as  a mortgage or a deed. These are not uncommon. Credit Rating Astandard of measure of a persons. Credit Report The official credit history of any individual as. This is used by lenders in determining the size. Credit Report Fee The amount that the person applying for a loan. BACK TO TOPDDeed The document that sellers and buyers sign when transferring. It legally transfers the property from the seller to. Deed of Trust Some states use a deed of trust to convey property. This document is then conveyed to a trustee. Default Failure to make payments when due which can result in. This includes not only monthly mortgage. Delinquency Outstanding past due mortgage or loan payments. Delivery The legal transfer of a deed to property by the. Deposit also called Earnest Money A good faith deposit. These funds are typically deposited into an escrow account and held. At the closing, the buyer is most. These funds may also be. Depreciation The decline in real estate value due to physical. Discount Points Investors typically offer an interest rate with. Each discount point. Distress Sale A distress sale occurs when the sellers must. Down Payment The difference, in dollar amount. Dual Agent An agent who represents both the seller and. Due Diligence The act of best effort of ensuring that all. Download 2014 Fifa World Cup. Due on Sale Clause Language in the mortgage closing agreements. BACK TO TOPEEarnest Money also called Deposit Funds given by the. In some. cases, these funds are refundable if the loan fails to close, but if the loan does. Easement A legal document on certain property. Example, power companies sometimes need a right. Closing documents andor land surveys will describe. These easements must be acceptable to the mortgage company. Eminent Domain The right of local or state government to. Owners receive compensation based. This is legal under the Fifth Amendment of the United States Constitution. Reasons for eminent domain can include schools, roads, parks, hospitals, public. Equal Credit Opportunity Act A 1. Title VII of the Consumer Credit Protection Act which requires lenders. Borrowers are notified at application in writing of. Equity The homeowners part of the property. Equity Loan A real estate loan based on the. The amount that the bank. Escrow A neutral third party holds other peoples. An earnest money deposit is held in a. It is the brokers account.