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A
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Acceptance
- A voluntary receipt of a contract and all its terms offered by another.
Agent - A representative;
one who is authorized to act on behalf of another.
Appraisal - Professional
service provided by a registered, licensed or certified appraiser or Real Estate
licensee to produce an estimate of value.
"As Is" Acceptance
- Property is accepted in the physical condition at the time the offer is made.
Assumption of Mortgage
- Buyer takes over the existing mortgage of the seller and assumes the liability
of the debt. Both buyer and seller are equally liable in the event of default.
B back
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Borrower - The
mortgagor; one who gives a mortgage a security for a debt.
C back
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Clear Title -
A property that has no legal defects on the existing title that would affect
taking ownership.
Closing Costs - The costs are associated
with buying a home and are paid by both buyer and seller. These costs are prorated
to each party accordingly.
Comparative Market Analysis
(Comp or CMA) - An informal estimate of market value performed
to assist in arriving at an appropriate listing price, or if working with a
buyer in arriving at an appropriate offering price.
Condominium
- A multiunit project consisting of individual ownership of a dwelling unit
and undivided ownership of common areas.
Co-Op - A multiunit
project consisting of individual dwelling units owned by the corporation in
which the individual apartment tenants own stock rather than owning their prospective
units.
Co-Signer - Another
person who signs for the liability of the loan, but may not be an owner.
Contingency -
A contract is not complete until a specific event happens, i.e. an inspection,
or a payment for escrow has to be made.
Credit - A person's
ability to repay their existing liabilities on time, a person's credit history
can be obtained from specific companies.
Credit History
- Can be obtained from a local bureau. These bureaus allow for a comparatively
rapid check of new residents from other states.
D back
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Deed
- A type of conveyance; a written instrument to transfer title to real
property from one party to another.
E back
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Easement
- A right, privilege or interest in real property that one individual has in
lands belonging to another; a legal right to trespass; right-of-way authorizing
access to or over land.
Encroachment -
Unauthorized use of another person's property.
Encumbrance
- Any lien, claim or liability affecting the title or attaching to real property.
Equity - Amount
of money left after all debts on the property have been paid.
F back
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Fair Credit Report
- A Federal Law that gives you the right to see your credit report and correct
any errors.
Full Disclosure
- It is a Broker/Agent's duty to keep the principal informed at all times of
all facts or information obtained that might affect the transaction or value
of the property.
J back
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Judgement - Decree
of a court that not only declares that one party owes another party a debt,
but also fixes the debt amount.
L back
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Lien - A claim
on a property for payment of some obligation or debt.
M back
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Mechanic's Lien
- A claim based on the principle of "unjust enrichment"; favors parties who
have performed labor or delivered materials or supplies for the repair or building
of an improvement to real property.
Mortgage Lien
- The portion of a mortgage loan that is not paid.
Multiple Listing Service
- An arrangement among members of a real estate board or exchange that allows
each member broker to share listings with other members so that greater exposure
is obtained and greater chance of sale will result.
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Offer - An intentional
proposal or promise made by one party or act to perform provided the other party
acts or performs; in the manner requested.
Option - A right
or privilege to purchase or lease real property at a specified price during
a designated period based on sufficient consideration.
P back
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Plat Map - A plan
of a tract of land subdivided into lots and showing required or planned amenities.
R back
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Record - To place
any document or instrument affecting title or an interest in real property in
the public records of the county in which the property is located.
Right of First Refusal
- A buyer has the right to a priority arrangement that will allow them the first
right to purchase a property under the agreed upon conditions.
S back
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Self-Amortization
- Allows a loan to be repaid with monthly payments of principal and interest
over a specified period of time.
Survey - The procedure
used to measure and describe a specific tract of real property for the purpose
of determining exact boundaries and the area contained therein.
T back
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Tax - Compulsory
payment paid by a citizen to a unit of government.
Tax Rate - Percentage
of value that is used to determine the amount of tax to be levied against each
individual unit of property; ad valorem (according to value).
Title - The group
of rights that represent ownership of real property and the quality of the estate
owned; evidence of ownership of property; legal title.
Title Insurance
- A policy of insurance that protects the holder from any loss resulting from
defects in the title.
Townhouse - A residence connected to another
by a common wall, which is often two or three stories high.
W back
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Walk Through -
A final tour of the home before sale closing to note defects.
Warranty
- A plan that can be purchased by either buyer or seller for specific
items or systems found in the home.