- Selling including
advice on where to start, and how to select the right property at the right
price. Whether you've spent years saving and preparing to buy a place, or
are still unsure about what you can afford, the questions surrounding real
estate can feel endless. You can find the answers - and peace of mind - by
working with RE/MAX, the industry leader in experience and
service.
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- Buying
with advice on showing buyers your property's best side and increasing its
value. As a homeowner, you can play an important part in the timely sale of
your property. When you take the following steps, you’ll help your agent
sell your house faster, at the best possible price. The easiest and most
reliable way to improve a home's appeal is to enlist an expert who can help
you get everything in order so you can stay focused on more important
things.
Real Estate Glossary
acceleration clause
A provision in a mortgage that gives the lender the right to demand payment of
the entire principal balance if a monthly payment is missed.
acceptance
An offeree’s consent to enter into a contract and be bound by the terms of the
offer.
additional principal payment
A payment by a borrower of more than the scheduled principal amount due in order
to reduce the remaining balance on the loan.
adjustable-rate mortgage (ARM)
A mortgage that permits the lender to adjust its interest rate periodically on
the basis of changes in a specified index.
adjusted basis
The original cost of a property plus the value of any capital expenditures for
improvements to the property minus any depreciation taken.
adjustment date
The date on which the interest rate changes for an adjustable-rate mortgage
(ARM).
adjustment period
The period that elapses between the adjustment dates for an adjustable-rate
mortgage (ARM).
administrator
A person appointed by a probate court to administer the estate of a person who
died intestate.
affordability analysis
A detailed analysis of your ability to afford the purchase of a home. An
affordability analysis takes into consideration your income, liabilities, and
available funds, along with the type of mortgage you plan to use, the area where
you want to purchase a home, and the closing costs that you might expect to pay.
amenity
A feature of real property that enhances its attractiveness and increases the
occupant’s or user’s satisfaction although the feature is not essential to the
property’s use. Natural amenities include a pleasant or desirable location near
water, scenic views of the surrounding area, etc. Human-made amenities include
swimming pools, tennis courts, community buildings, and other recreational
facilities.
amortization
The gradual repayment of a mortgage loan by installments.
amortization schedule
A timetable for payment of a mortgage loan. An amortization schedule shows the
amount of each payment applied to interest and principal and shows the remaining
balance after each payment is made.
amortization term
The amount of time required to amortize the mortgage loan. The amortization term
is expressed as a number of months. For example, for a 30-year fixed-rate
mortgage, the amortization term is 360 months.
amortize
To repay a mortgage with regular payments that cover both principal and
interest.
annual mortgagor statement
A report sent to the mortgagor each year. The report shows how much was paid in
taxes and interest during the year, as well as the remaining mortgage loan
balance at the end of the year.
annual percentage rate (APR)
The cost of a mortgage stated as a yearly rate; includes such items as interest,
mortgage insurance, and loan origination fee (points).
annuity
An amount paid yearly or at other regular intervals, often on a guaranteed
dollar basis.
application
A form used to apply for a mortgage loan and to record pertinent information
concerning a prospective mortgagor and the proposed security.
appraisal
A written analysis of the estimated value of a property prepared by a qualified
appraiser. Contrast with home inspection.
appraised value
An opinion of a property's fair market value, based on an appraiser's knowledge,
experience, and analysis of the property.
appraiser
A person qualified by education, training, and experience to estimate the value
of real property and personal property.
appreciation
An increase in the value of a property due to changes in market conditions or
other causes. The opposite of depreciation.
assessed value
The valuation placed on property by a public tax assessor for purposes of
taxation.
assessment
The process of placing a value on property for the strict purpose of taxation.
May also refer to a levy against property for a special purpose, such as a sewer
assessment.
assessment rolls
The public record of taxable property.
assessor
A public official who establishes the value of a property for taxation purposes.
asset
Anything of monetary value that is owned by a person. Assets include real
property, personal property, and enforceable claims against others (including
bank accounts, stocks, mutual funds, and so on).
assignment
The transfer of a mortgage from one person to another.
assumable mortgage
A mortgage that can be taken over ("assumed") by the buyer when a home is sold.
assumption
The transfer of the seller’s existing mortgage to the buyer. See assumable
mortgage.
assumption clause
A provision in an assumable mortgage that allows a buyer to assume
responsibility for the mortgage from the seller. The loan does not need to be
paid in full by the original borrower upon sale or transfer of the property.
assumption fee
The fee paid to a lender (usually by the purchaser of real property) resulting
from the assumption of an existing mortgage.
attorney-in-fact
One who holds a power of attorney from another to execute documents on behalf of
the grantor of the power.
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