Condominium association: An association of all owners in a condo.
Condominium spending budget: A financial forecast and report of a condo association's expenses and savings.
Condominium by-laws: Guidelines passed by the condominium association found in administration of the condo property.
Condominium declarations: A document that legally establishes a condominium.
Condominium right of first refusal: A person or an association which has the first opportunity to purchase condominium property when it becomes 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 agreement requiring certain acts to be completed prior to the contract is binding.
Continue to show: Whenever a property is less than contract with contingencies, however the seller requests that the property continue to be shown to prospective purchasers until contingencies are released.
Contract for deed: A sales contract in which the buyer uses possession of the property but the seller holds title until the mortgage is paid. Also known as an installment sale agreement.
Conventional mortgage: A type of mortgage that has certain limitations placed on it to meet up secondary market guidelines. Home loan companies, banks, and cost savings and loans underwrite conventional mortgages.
Cooperating commission: A commission wanted to the buyer's agent brokerage for bringing a customer to the selling brokerage's listing.
Cooperative (Co-op): Where in fact the shareholders of the corporation are the inhabitants of the building. Each shareholder has the right to lease a specific unit. The difference between a co-op and a condo is usually in a co-op, one owns shares in a corporation; in a condo http://xavierlmincey.bravesites.com/ one owns the machine fee simple.
Counteroffer: The response to an offer or a bid by the seller or buyer following the original offer or bid.
Credit report: Includes all the background for a borrower's credit accounts, outstanding debts, and payment timelines on former or current debts.
Credit score: A rating assigned to a borrower's credit report predicated on information contained therein.
Curb appeal: The visual impact a house projects from the road.
Days on market: The amount of days a property has been on the market.
Decree: A judgment of the court that sets out the agreements and privileges of the parties.
Disclosures: Federal, condition, county, and neighborhood requirements of disclosure that owner provides and the customer acknowledges.
Divorce: The legal separation of a husband and wife effected by a court decree that totally dissolves the marriage relationship.
DOM: Days on marketplace.
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 house listing or potential listing.
Dual agent: A state-licensed individual who represents the seller and the buyer in one transaction.
Earnest money deposit: The amount of money given to the seller at that time the offer is manufactured as an indicator of the buyer's great faith.
Escrow account for property taxes and insurance: An account into which debtors pay monthly prorations for property taxes and real estate insurance.
Exclusions: Fittings or personal real estate that are excluded from the contract or offer to get.
Expired (listing): A property listing which has expired per the conditions of the listing agreement.
Fax rider: A document that treats facsimile transmission as the same legal effect as the original document.
Feedback: The true estate telemarketer and/or his or her client's response to an inventory or home. Requested by the listing agent.
Fee simple: A kind of property ownership where in fact the owner has the to use and dispose of property at will.
FHA (Federal Housing Administration) Loan Warranty: A guarantee by the FHA a percentage of financing will be underwritten by a mortgage company or banker.
Fixture: Personal house that has become section of the real estate through permanent attachment.
Flat fee: A predetermined amount of compensation received or payed for a specific service in a real estate transaction.
For sale by owner (FSBO): A property that's for sale by the owner of the property.
Present letter: A letter to a loan provider stating that a gift of cash has been made to the customer(s) and that the person gifting the money to the buyer is not expecting the present to end up being repaid. The specific wording of the present letter should be requested of the lending http://www.thefreedictionary.com/New Jersey company.
Good faith estimate: Beneath the Real Estate Settlement Procedures Act, within three days of a credit card applicatoin https://alltop.com/my/drewbmitchell submission, lenders must provide in writing to potential borrowers a good 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 which includes personal liability and theft insurance in addition to hazard insurance.
HUD/RESPA (Housing and Urban Development/True Estate Settlement Procedures Work): A document and declaration that details all the monies paid out and received at a genuine estate property closing.
Hybrid adjustable rate: Presents a fixed rate the first 5 years and then adjusts annually for another 25 years.
IDX (Internet Data Exchange): Allows real estate agents to market 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 get.
Independent contractor: A real estate sales agent who conducts real estate business through a broker. This agent will not receive salary or benefits from the broker.
Inspection rider: Rider to buy agreement between alternative party relocation company and purchaser of transferee's property stating that property has been sold "seeing that is." All inspection reports conducted by the third party organization are disclosed to the buyer in fact it is the buyer's duty to accomplish his/her own inspections and tests.
Installment land contract: A contract in which the buyer uses possession of the property while the seller retains the https://en.search.wordpress.com/?src=organic&q=New Jersey name to the property before loan is paid.
Interest float: The borrower decides to delay locking their interest on their https://www.washingtonpost.com/newssearch/?query=New Jersey mortgage. They can float their rate in expectation of the rate moving down. At the end of https://drewbmitchell.tumblr.com/ the float period they must lock a rate.
Interest rate lock: When the debtor and lender consent to lock an interest rate on mortgage. Can have terms and conditions mounted on the lock.
List date: Actual time the house was listed with the current broker.
List price: The cost of a home through an inventory agreement.
Listing: Brokers written contract to represent a seller and their house. 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 house, through a listing agreement.
Listing agreement: A record that establishes the true estate agent's contract with the retailers to represent their property in the market.
Listing https://www.protopage.com/drewbmitchell appointment: The time when a real estate sales agent meets with potential clients selling a house to secure an inventory agreement.
Listing exclusion: A clause included in the listing agreement when the seller (transferee) lists his or her property with an agent.
Loan: An amount of money that is lent to a borrower who agrees to repay the total amount plus interest.
Loan application: A document that customers who are requesting a loan fill out and submit to their lender.
Mortgage closing costs: The costs a lender charges to close a borrower's loan. These costs vary from lender to lender and from marketplace to market.
Loan commitment: A written document informing the borrowers that the home loan company has agreed to lend them a specific amount of cash at a specific interest for a specific period of time. The loan commitment may also contain conditions where the loan dedication is based.
Loan package: The band of mortgage docs that the borrower's loan provider sends to the closing or escrow.
Loan processor: An administrative individual who is assigned to check on, verify, and assemble all of the files and the buyer's funds and the borrower's mortgage for closing.
Loan underwriter: One who underwrites financing for another. Some lenders possess traders underwrite a buyer's mortgage.
Lockbox: A tool that allows secure storage space of property keys on the premises for agent make use of. A combo runs on the rotating dial to gain access with a combination; a Supra® (digital lockbox or ELB) features a keypad.
Managing broker: A person licensed by the state because a broker who is also the broker of record designed for a genuine estate sales office. This person manages the daily procedures of a real estate sales office.
Marketing period: The time period in which the transferee may marketplace his / 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 money to borrowers and provides lenders and debtors together.
Large financial company: A business that or a person who unites lenders and debtors and processes mortgage applications.
Home mortgage servicing company: A firm that collects monthly mortgage repayments from borrowers.
Multiple listing service (MLS): Something that compiles available properties on the market by member brokers.
Multiple offers: Several customers broker present an give on one property where in fact the presents are negotiated simultaneously.
National Association of REALTORS® (NAR): A national association made up of real estate sales agents.
Net sales price: Gross sales cost less concessions to the purchasers.
Off market: A property listing that is removed from the sale inventory in market. A property could be temporarily or completely off market.
Offer to get: When a buyer proposes specific conditions and presents these terms to the seller.
Office tour/caravan: A going for walks or driving tour by a genuine estate sales workplace of listings represented by brokers in the office. Usually held on a established day and time.
Parcel identification amount (PIN): A taxing authority's tracking number for a property.
Pending: A real estate contract that is accepted on a property https://drewbmitchell.weebly.com/ but the transaction hasn't closed.
Personal assistant: A real estate sales agent administrative assistant.
Planned unit development (PUD): Mixed-use development that models aside areas for residential use, commercial use, and general public areas such as for example schools, parks, and so on.