Condominium association: A link of all owners in a condominium.
Condominium budget: A financial forecast and survey of a condo association's expenses and savings.
Condominium by-laws: Guidelines passed by the condominium association found in administration of the condominium property.
Condominium declarations: A document that legally establishes a condominium.
Condominium right of first refusal: A person or a link that has the first chance to purchase condominium real estate when it turns into available or the right to meet any other offer.
Condominium rules and regulation: Rules of a condo association by which owners consent to abide.
Contingency: A provision in a contract requiring certain works to be completed before the contract is binding.
Continue to show: When a property is in contract with contingencies, however the seller requests that the property continue to be demonstrated to prospective purchasers until contingencies are released.
Contract for deed: A product sales contract where the buyer takes possession of the property however the seller holds title until the loan is paid. Also referred to as an installment sale agreement.
Conventional mortgage: A type of mortgage which has certain limitations placed on it to meet up secondary market guidelines. Mortgage companies, banks, and savings and loans underwrite conventional mortgages.
Cooperating commission: A commission wanted to the buyer's agent brokerage for bringing a customer to the offering brokerage's listing.
Cooperative (Co-op): Where the shareholders of the organization are the inhabitants of the building. Each shareholder has the correct to lease a particular device. The difference between a co-op and a condominium is normally in a co-op, one owns shares in a company; in a condo one owns the unit fee simple.
Counteroffer: The response to an present or a bid by the seller or buyer after the original offer or bid.
Credit report: Includes all of the background for a borrower's credit accounts, exceptional debts, and payment timelines on former or current debts.
Credit score: A rating assigned to a borrower's credit file based on information contained therein.
Curb appeal: The visible impact a property projects from the street.
Days on marketplace: The number of days a property has been out there.
Decree: A judgment of the courtroom that pieces out the agreements and rights of the parties.
Disclosures: Federal, condition, county, and community requirements http://edition.cnn.com/search/?text=real estate of disclosure that owner provides and the buyer acknowledges.
Divorce: The legal separation of a couple effected by a court decree that totally dissolves the marriage relationship.
DOM: Days on market.
Down payment: The quantity of cash put toward a buy by the borrower.
Drive-by: When a buyer or seller agent or broker drives by a property listing or potential listing.
Dual agent: A state-licensed person that represents the seller and the buyer within a transaction.
Earnest money deposit: The amount of money given to owner at the time the offer is manufactured as an indicator of the buyer's great faith.
Escrow account for real estate taxes and insurance: A merchant account into which borrowers pay month to month prorations for real estate taxes and real estate insurance.
Exclusions: Fixtures or personal house that are excluded from the contract or offer to purchase.
Expired (listing): A house listing which has expired per the conditions of the listing contract.
Fax rider: A document that treats facsimile transmission as the same legal effect as the initial document.
Feedback: The real estate sales agent and/or his or her client's reaction to an inventory or real estate. Requested by the listing agent.
Fee simple: A form of property ownership where in fact the owner has the right to use and dispose of property at will.
FHA (Federal Casing Administration) Loan Promise: A warranty by the FHA a percentage of financing will be underwritten by a mortgage company or banker.
Fixture: Personal home that has become area of the property through permanent attachment.
Flat rate: A predetermined amount of compensation received or payed for a specific service in a genuine estate transaction.
Fsbo (FSBO): A property that's for sale by who owns the property.
Gift letter: A letter to a loan provider stating that a gift of cash has been designed to the buyer(s) and that the person gifting the money to the buyer isn't expecting the gift to be repaid. The exact wording of the present letter should be requested of the lending company.
Good faith estimate: Beneath the Real Estate Settlement Procedures Act, within 3 days of an application submission, lenders must provide on paper to potential borrowers an excellent faith estimate of closing costs.
Gross sale price: The sale cost before any concessions.
Hazard insurance: Insurance that covers losses to real estate from damages that may affect its value.
Homeowner's insurance: Coverage that includes personal liability and theft insurance in addition to hazard insurance.
HUD/RESPA (Casing and Urban Development/Real Estate Settlement Procedures Action): A document and statement that details all of the monies paid and received at a real estate property closing.
Hybrid adjustable rate: Offers a set rate the first 5 years and adjusts annually for another 25 years.
IDX (Internet Data Exchange): Allows real estate brokers to advertise each other's listings posted to listing databases like the multiple listing service.
Inclusions: Fixtures or personal home that are contained in a agreement or offer to purchase.
Independent contractor: A real estate sales agent who conducts real estate business through an agent. This agent does not receive income or advantages from the broker.
Inspection rider: Rider to buy agreement between alternative party relocation firm and customer of transferee's real estate stating that property has been sold "as is." All inspection reports conducted by the third party company are disclosed to the customer and it is the buyer's duty to accomplish his/her very own inspections and tests.
Installment land contract: A contract where the buyer uses possession of the property while the vendor retains the name to the property before loan is paid.
Interest float: The borrower decides to delay locking their interest rate on their mortgage. They are able to float their price in expectation of the rate moving down. By the end of the float period they need to lock a rate.
Interest rate lock: When the borrower and lender agree to lock a rate on loan. Can have terms and conditions mounted on the lock.
List date: Actual day the house was listed with the current broker.
List price: The cost of a property through a listing agreement.
Listing: Brokers written agreement to represent a seller and their property. Agents make reference to their inventory of agreements with sellers as listings.
Listing agent: The true estate sales agent that is representing the sellers and their property, through a listing agreement.
Listing agreement: A document that establishes the real estate agent's agreement with the retailers to represent their house in the market.
Listing appointment: The time when a real estate telemarketer meets with clients selling a property to secure an inventory agreement.
Listing exclusion: A clause included in the listing agreement when owner (transferee) lists his or her property with an agent.
Loan: An amount of money that's lent to a borrower who agrees to repay the total amount plus interest.
Loan application: A document that customers who are requesting financing fill out and submit with their lender.
Loan closing costs: The costs a lender charges to close a borrower's loan. These costs vary from lender to loan provider and from market to market.
Loan dedication: A written document informing the borrowers that the mortgage company has agreed to lend them a particular amount of money http://query.nytimes.com/search/sitesearch/?action=click&contentCollection®ion=TopBar&WT.nav=searchWidget&module=SearchSubmit&pgtype=Homepage#/real estate at a specific interest rate for a specific time period. The loan commitment could also contain conditions where the loan commitment is based.
Loan package: The group of mortgage papers that the borrower's lender sends to the closing or escrow.
Loan processor chip: An administrative individual who is assigned to check, verify, and assemble all of the documents and the buyer's money and the borrower's loan for closing.
Loan underwriter: One who underwrites a loan for another. Some lenders possess traders underwrite a buyer's loan.
Lockbox: A tool which allows secure storage of property keys on the premises for agent use. A combo runs on the rotating dial to get access with a combination; a Supra® (digital lockbox or ELB) features a keypad.
Handling https://www.washingtonpost.com/newssearch/?query=real estate broker: A person licensed by the state as a broker who's also the broker of record designed for a real estate sales workplace. This person manages the daily functions of a real estate sales office.
Marketing period: The period of time where the transferee may marketplace his or her property (typically 45, 60, or 90 days), as directed by the third-party company's contract with the employer.
Mortgage banker: One who lends the bank's funds to borrowers and brings lenders and borrowers together.
Large financial company: A business that or someone who unites lenders and debtors and processes home loan applications.
Home mortgage servicing company: A firm that collects monthly mortgage repayments from borrowers.
Multiple listing service (MLS): Something that compiles obtainable properties for sale by member brokers.
Multiple offers: More than one http://josueixan140.lucialpiazzale.com/what-would-the-world-look-like-without-best-realtor-in-cedar-grove-nj customers broker present an give on one property where the presents are negotiated simultaneously.
National Association of REALTORS® (NAR): A nationwide association made up of real estate sales agents.
Net sales price: Gross sales price less concessions to the purchasers.
Off market: A house listing that is removed from the sale inventory in a market. A property can be temporarily or completely off market.
Offer to get: When a buyer proposes particular conditions and presents these terms to the seller.
Office tour/caravan: A walking or driving tour by a genuine estate sales workplace of listings represented by brokers in the office. Generally held on a set day and time.
Parcel identification number (PIN): A taxing authority's tracking number for a property.
Pending: A real estate contract that has been accepted on a house but the transaction hasn't closed.
Personal assistant: A real estate sales agent administrative assistant.
Planned unit development (PUD): Mixed-use advancement that models aside areas for home use, industrial use, and general public areas such as schools, parks, and so on.