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Common Terms Using In Real Estate
Inerest Rate:
The monthly effective rate paid (or received if you are a creditor) on borrowed money. Expressed as a percentage of the sum borrowed.
Simple interest:
Simple Interest is calculated only on the principal, or on that portion of the principal which remains unpaid.
IDX, or broker reciprocity, is a listing sharing arrangement between brokers within a Mulitple Listing Service.
Market Value:
An asset's market value is the price it would fetch in the market, if it were sold in the current marketplace.
Title Insurance:
Title insurance is protection against loss arising from problems connected to the title to your property. Before you purchase your home, it may have gone through several ownership changes, and the land on which it stands went through many more. There may be a weak link at any point in that chain that could emerge to cause trouble. For example, someone along the way may have forged a signature in transferring title. Or there may be unpaid real estate taxes or other liens. Title insurance covers the insured party for any claims and legal fees that arise out of such problems.
An educated estimate of the value of a property on a certain date given by a person, usually after an inspection of the property. A valuation of property (e.g. real estate, a business, an antique) by the estimate of an authorized person.Investopedia Says: Appraisals are typically used either for taxation purposes or to determine a possible selling price for the property in question.
As is :
Implied in most Agreements of Purchase and Sale, suggests the buyer is accepting the property in it present state and relinquishes and responsibility from the buyer.
A person who has done any of the acts that by law entitle his creditors to have his estate administered for their benefit; b) a person judicially declared subject to having his estate administered under the bankrupt laws for the benefit of his creditors; c) a person who becomes insolvent. Bankruptcy law provides for the development of a plan that allows a debtor, who is unable to pay his creditors, to resolve his debts through the division of his assets among his creditors. This supervised division also allows the interests of all creditors to be treated with some measure of equality. Certain bankruptcy proceedings allow a debtor to stay in business and use revenue generated to resolve his or her debts. An additional purpose of bankruptcy law is to allow certain debtors to free themselves (to be discharged) of the financial obligations they have accumulated, after their assets are distributed, even if their debts have not been paid infull
To offer (a price) whether for payment or acceptance.
Property Tax:
A tax levied on real or personal property by the state and county etc.
Home Loan:
Money lent at interest or something lent usually for the borrower's temporary use.
Credit Risk:
An estimate of the amount of credit that can be extended to a company or person without undue risk.
Credit Union:
A cooperative organization that makes loans to its members at low interest rates.
Prime Rate:
The lowest rate of interest on bank loans at a given time and place, offered to preferred borrowers.
A mortgage whose interest rate is raised or lowered at periodic intervals according to the prevailing interest rates in the market.
Home Equity Loan:
A loan or credit line that is secured by the equity the borrower has in a home.
Mortgage :
A temporary, conditional pledge of property to a creditor as security for performance of an obligation or repayment of a debt.
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