must know real estate terms, what they mean
Post on 13-Jan-2017
141 Views
Preview:
TRANSCRIPT
Real estate pocket dictionary
AAppraisalThe estimated value of the property.
CCertificate of Title
Document that ensures the property is legally owned by the person who claims it.
CClosing costsAll the fees and expenses associated with closing on a home, usually around 6% of the cost of the home.
CComparative Market Analysis
A study of how comparable local homes have sold to help determine a reasonable price for
property.
CContingenciesConditions that a responsible buyer must address in to protect the real estate investment.
DDebt to Income Ratio
In order to qualify for a loan, your monthly debt cannot exceed 43% of your monthly income.
EEarnest Money DepositPayment mad to the seller with the offer to show serious intention.
EEscrow
An account where all closing costs are collected while the lender approves the deal.
FFICO ScoreNumerical value assigned to leaders based on their credit history.
FFiduciary Duties
The responsibilities of the broker that the real estate agent work for.
gGood Faith DepositNumerical value assigned to leaders based on their credit history.
HHOA
Homeowners association; the organization that determines community rules and standards.
LLoan to Value RatioHow the lender determines if the loan is worth the risk associated with it.
mMortgage
Simply put: The home loan.
pPrequalificationThe process to determine if a borrower is qualified for a loan; amount is approximate.
phttps://www.firstflagrealty.com/
https://www.facebook.com/FirstFlagRealtyInc/
https://twitter.com/FirstFlagRealty
https://plus.google.com/+Firstflagrealty
https://pinterest.com/firstflagrealty/
Payment TermsPrincipal, interest, taxes, PMI, etc. all the buyer
really needs to know is the monthly and cumulative totals.
top related