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Deed
a legal document that formally conveys ownership of the property from seller to buyer.
Down Payment
a percentage of the purchase price that the buyer must pay in cash and may not borrow from a lender.
Equity
the value of the property actually owned by the homeowner: purchase price, plus appreciation, plus improvements, less mortgage and liens.
Escrow
a fund or account held by a third-party custodian until conditions of a contract are met.
Fixed Rate Mortgage
interest rates on this type of mortgage remain the same over the life of the loan. Compare to "adjustable rate mortgage."
Fixture
a recognizable entity (such as a kitchen cabinet, drape or light fixture) that is permanently attached to property and belongs to the property when it is sold.
Hazard Insurance
compensates for property damage from specified hazards such as fire and wind.
Interest
the cost of borrowing money, usually expressed as a percentage rate.
Lien
a security claim on property until a debt is satisfied.
Listing Contact
an agreement whereby an owner engages a real estate company for a specified period of time to sell property, for which, upon sale, the agent receives commission.
Market Value
the price that is established by present economic conditions, location and general trends.
Market Price
the actual price at which property is sold.
Mortgage
security claim by a lender against property until the debt is paid.
Multiple Listing Service (MLS)
a system that provides to its members detailed information about properties for sale.
Origination Fee
an application fee(s) for processing a proposed mortgage loan.
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