11/9/2023 0 Comments Mt real estate lingo![]() ![]() The part of the purchase price which the buyer pays in cash and does not finance with a mortgage.Ī right of way giving persons other than owner access to or over a property. The legal document conveying title (ownership) of a property.įailure to make mortgage payments on a timely basis or to comply with other conditions of a mortgage.Ī loan in which a payment is overdue but not yet in default.Ĭash paid to the seller when a formal sales contract is signed.Ī decline in the value of property, the opposite of appreciation. The percentage of gross monthly income that goes toward paying for your monthly housing expense, alimony, child support, ![]() For example, after the buyer presents the first offer, the seller may make a counter-offer with a slightly higher sale price.Ī report of an individual’s credit history prepared by a credit bureau and used by a lender in determining a loan applicant’s credit worthiness. The occasion where a sale is finalized the buyer signs the mortgage and closing costs are paid.Ī formal offer by a lender stating the terms under which it agrees to loan money to a home buyer.Ī comparison in determining the current value of a property that is being appraised.Ī form of property ownership in which the homeowner holds title to an individual dwelling unit plus an interest in common areas of a multi-unit project.Ī condition that must be met before a contract is legally binding.Īny mortgage that is not insured or guaranteed by the federal government.Ī form of common property ownership in which the residents of an apartment building do not own their own units, but rather own shares in the corporation that owns the property.Ī clause in a mortgage that obligates or restricts the borrow and which, if violated, can result in foreclosure.Īn offer made in response to a previous offer. vĪ preliminary agreement, secured by the payment of earnest money, under which a buyer offers to purchase real estate.Ī short-term loan secured by the borrower’s current home (which is usually for sale) that allows the proceeds to be used for building or closing on a new house before the current home is sold.Ī real estate agent who represents the buyer in a real estate transaction.Ī refinance transaction in which the borrower receives additional funds over and above the amount needed to repay the existing mortgage, closing costs, points, and any subordinate plans.Ī title that is free of liens and legal questions as to ownership of the property.Įxpenses (over and above the price of the property) incurred by buyers and sellers in transferring ownership of a property. Bankruptcy can severely impact your credit and your ability to borrow money. Legally declared unable to pay your debts. The value placed upon a property by a public tax assessor for purposes of taxation.Ī mortgage that can be taken over (assumed) by the buyer when a house is sold. The total yearly cost of a mortgage stated as a percentage of the loan amount, includes the base interest rate, primary mortgage insurance (PMI) and loan origination fee (points).Ī professional analysis used to estimate the value of the property.Ī professional who conducts an analysis of the property, including examples of sales of similar properties in order to develop an estimate of the value of the property.Īn increase in the value of a house due to changes in market conditions. The gradual repayment of a mortgage by installments. The contractual relationship between a real estate agent and a client. Just what do they all mean?Ī provision in a mortgage that gives the lender the right to demand payment of the entire outstanding balance if a monthly payment is missed.Ī mortgage with an interest rate that changes over time based on an index. No doubt you will hear words and terms you’ve never heard before. It also can be somewhat daunting, even if you’ve done it before.
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