295 terminologies brought to you From the Desk of Massey Kouhssari.
A type of title insurance policy issued by title insurance companies which expands the risks normally insured against under the standard type policy. It is a lender's policy.
To release a claim, as a declaration of Abandonment when property has been homestead.
A brief summary.
A condensation of essential provisions of a court judgment.
A summary or digest of the conveyances, transfers, and any other facts relied on as evidence of title, together with any other elements of record which may impair the title.
A method of valuing land. The indicated value of the improvements is deducted from the sale price.
Clause in trust deed or mortgage giving lender right to call all sums owing him to be immediately due and payable upon the happening of a certain event.
When the seller or agent's principal agrees to terms of the agreement of sale and approves the negotiation on the part of the agent and acknowledges receipt of the deposit in subscribing to the agreement of sale, that act is termed an acceptance.
The right of an owner to have ingress and egress to and from his property.
Acquiring title by having property added to your property.
Money owed by a business. They are considered liabilities.
Money owed to a business. They are considered assets.
A professional designation. A property evaluator who has achieved the requirements of the International Association of Assessing Officers.
A professional designation. A person who has met the requirements of the Realtors Land Institute to aid in the marketing of real property.
A professional designation for a person trained to manage residential properties. A person who has earned the designation by fulfilling the requirements of the Institute of Real Estate Management (IREM).
An addition to land from natural causes as, for example, from gradual action of the ocean or river waters.
Accumulated up to this point in time. Accrued interest, accrued depreciation.
The difference between the cost of replacement new as of the date of the appraisal and the present appraised value.
Interest earned but not yet paid.
A formal declaration before a duly authorized officer by a person who has executed an instrument that such execution is his act and deed.
The act or process by which a person procures property.
A measure of land equaling 160 square rods, or 4,840 square yards, or 43,560 square feet, or a tract about 208.71 feet square.
Knowledge of existence of a thing or fact.
A loan that finances the three major phases of a land development project: (i) acquisition, (ii) development and (iii) construction.
A person appointed by the probate court to administer the estate of a person deceased.
An addition to a document that forms part of it. Similar to a Schedule to an Agreement of Purchase and Sale.
A one-time or lump-sum payment made by a borrower in addition to the regular payments on a loan or mortgage which reduces the principal owing on the debt.
An interest rate that changes periodically according to an index.
A mortgage in which the interest rate is adjusted periodically based on a pre-selected index. Thus, interest rate and payments rise and fall with the market.
Cost of acquisition minus depreciation (if allowed) plus capital improvements. Used when figuring profit for income tax.
Total rents received from income property, after an allowance for vacancies and bad debts.
Selling price minus expenses of sale. Used when figuring profit for income tax.
The date soon after the completion of a purchase and mortgage transaction on which the borrower must make a payment of accumulated interest only.
The period of time between changes in the interest rate charged on an adjustable-rate mortgage.
Changes made to the selling price to account for the advantages and disadvantages of the subject property, market conditions, and other factors.
According to valuation.
A fee charged for advertising property or business opportunities in a publication other than a newspaper or general circulation.
The open and notorious possession of property for a statutory period, which can result in acquiring title.
A person who makes a sworn or affirmed statement.
A statement or declaration reduced to writing, sworn to or affirmed before some officer who has authority to administer an oath or affirmation.
A solemn declaration made by a person who objects to taking an oath.
Contract signed by buyer and seller stating the terms and conditions under which a property will be sold.
A method of documenting a loan file that relies on information the borrower is likely to be able to provide instead of waiting on verification sent to third parties.
A monthly repayment schedule according to which a loan is repaid in fixed payments of principal and interest. For the first few years, most of each payment is applied toward interest.
The cost of a mortgage expressed as a yearly rate. This percentage takes into account interest, points, origination fees, and mortgage insurance.
An initial statement of personal and financial information required to approve your loan.
Fees charged by lender to cover initial costs of processing a loan application, often including charges for property appraisal and a credit report.
A written estimate of a property's current market value, based on recent sales information for similar properties, the condition of the property, and neighborhood factors.
A fee charged by a licensed, certified appraiser to render an opinion of market value as of a specific date.
See Annual Percentage Rate.
See Adjustable Rate Mortgage.
A local tax levied against a property for a specific purpose, such as road or sidewalk construction, a sewer, or street lights.
Anything of monetary value that is owned by a person. Assets include real property, personal property, and enforceable claims against others.
The transfer of property rights by one person, the assignor, to another, the assignee.
A feature of a loan which allows it to be transferred to the new purchaser of a home. Assumable mortgages can help attract buyers.
Agreement between buyer and seller for the buyer to take over the payments on an existing mortgage.
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