Real Estate and Mortgage Glossary
Your real estate terms
Welcome to our real estate and mortgage glossary. Understanding real estate terminology can be of great assistance in buying or selling a home, commercial property, or investment property. In order to help you understand words commonly used in a real estate transaction, we have prepared a list of real estate terms you should become familiar with. Thanks again and be sure to contact me for any of your real estate needs!
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 mortgage whose interest rate is raised or lowered at periodic intervals according to the prevailing interest rates in the market.
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) 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.
To offer (a price) whether for payment or acceptance.
An estimate of the amount of credit that can be extended to a company or person without undue risk.
A cooperative organization that makes loans to its members at low interest rates.
A loan or credit line that is secured by the equity the borrower has in a home.
A thorough inspection that evaluates the structural and mechanical condition of a property.
a) Money lent at interest; b) something lent usually for the borrower's temporary use.
The percentage usually on an annual basis that is paid for the use of money borrowed from another.
An asset's market value is the price it would fetch in the market, if it were sold in the current marketplace.
IDX, or broker reciprocity, is a listing sharing arrangement between brokers within a Mulitple Listing Service.
A temporary, conditional pledge of property to a creditor as security for performance of an obligation or repayment of a debt.
The lowest rate of interest on bank loans at a given time and place, offered to preferred borrowers.
A tax levied on real or personal property.
A type of insurance which guarantees the ownership and quality of title to land.
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