Condominium association: An association of most owners in a condo.
Condominium spending budget: A financial forecast and record of a condominium association's expenses and savings.
Condominium by-laws: Guidelines passed by the condo association found in administration of the condominium property.
Condominium declarations: A record that legally establishes a condominium.
Condominium right of initial refusal: A person or a link which has the first chance to purchase condominium property when it becomes available or the right to meet up http://chanceqogj537.trexgame.net/a-beginner-s-guide-to any other offer.
Condominium rules and regulation: Guidelines of a condo association where owners agree to abide.
Contingency: A provision in a contract requiring certain functions to be completed before the contract is binding.
Continue to show: Whenever a property is in contract with contingencies, however the vendor requests that the house continue to be shown to prospective buyers until contingencies are released.
Contract for deed: A product sales contract in which the buyer calls for possession of the house however the seller holds title until the loan is paid. Also called an installment sale contract.
Conventional mortgage: A type of mortgage that has certain limitations placed on it to meet secondary market guidelines. Mortgage companies, banks, and savings and loans underwrite regular 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 the shareholders of the corporation are the inhabitants of the building. Each shareholder has the correct to lease a particular device. The difference between a co-op and a condo is normally in a co-op, one owns shares in a corporation; in a condominium one owns the machine fee simple.
Counteroffer: The response to an give or a bid by owner or buyer after the original offer or bid.
Credit report: Includes all the background for a borrower's credit accounts, outstanding debts, and payment timelines on history or current debts.
Credit score: A score assigned to a borrower's credit file based on information contained therein.
Curb appeal: The visual impact a property projects from the road.
Days on market: The amount of days a property has been available.
Decree: A judgment of the courtroom that sets out the agreements and privileges of the parties.
Disclosures: Federal, condition, county, and community requirements of disclosure that the seller provides and the customer acknowledges.
Divorce: The legal separation of a couple effected by a courtroom decree that totally dissolves the marriage relationship.
DOM: Days on marketplace.
Down payment: The amount of cash put toward a purchase 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 person that represents the seller and the buyer within a transaction.
Earnest money deposit: The amount of money given to the seller at that time the offer is made as an indicator of https://www.washingtonpost.com/newssearch/?query=real estate the buyer's good faith.
Escrow account for property taxes and insurance: A merchant account into which debtors pay regular prorations for real estate taxes and home insurance.
Exclusions: Fixtures or personal real estate that are excluded from the agreement 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 http://query.nytimes.com/search/sitesearch/?action=click&contentCollection®ion=TopBar&WT.nav=searchWidget&module=SearchSubmit&pgtype=Homepage#/real estate legal effect as the original document.
Feedback: The real estate telemarketer 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 the owner has the to use and dispose of property at will.
FHA (Federal Casing Administration) Loan Guarantee: A guarantee by the FHA a percentage of financing will end up being underwritten by a home loan company or banker.
Fixture: Personal house that has become section of the home through permanent attachment.
Flat fee: A predetermined amount of compensation received or payed for a particular service in a genuine estate transaction.
Fsbo (FSBO): A property that's for sale by the owner of the property.
Gift letter: A letter to a loan provider stating that a present of cash has been made to the customer(s) and that the individual gifting the money to the buyer is not expecting the gift to be repaid. The specific wording of the gift letter should be requested of the lending company.
Good faith estimate: Beneath the Real Estate Settlement Procedures Act, within three days of a credit card applicatoin submission, lenders must provide in writing to potential borrowers a good faith estimate of closing costs.
Gross sale price: The sale price before any concessions.
Hazard insurance: Insurance that covers losses to real estate from damages that might 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/Real Estate Settlement Procedures Work): A document and statement that details all the monies paid and received at a real estate property closing.
Hybrid adjustable rate: Offers a set rate the 1st 5 years and then 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: Fittings or personal real estate that are included in a agreement or offer to purchase.
Independent contractor: A real estate telemarketer who conducts real estate business through an agent. This agent will not receive salary or benefits from the broker.
Inspection rider: Rider to purchase agreement between alternative party relocation business and purchaser of transferee's property stating that property is being sold "as is." All inspection reports conducted by the third party business are disclosed to the customer in fact it is the buyer's duty to accomplish his/her personal inspections and tests.
Installment land contract: A contract where the buyer takes possession of the property while the seller retains the name to the property until the loan is paid.
Interest rate float: The customer decides to delay locking their interest on their mortgage. They are able to float their rate in expectation of the price moving down. By the end of the float period they must lock a rate.
Interest rate lock: When the customer and lender consent to lock an interest rate on mortgage. Can have terms and conditions mounted on the lock.
List date: Actual date the property was listed with the existing broker.
List price: The price of a house through a listing agreement.
Listing: Brokers written contract to represent a vendor and their house. Agents refer to their inventory of agreements with retailers as listings.
Listing agent: The real estate sales agent that's representing the sellers and their property, through an inventory agreement.
Listing agreement: A document that establishes the real estate agent's agreement with the sellers to represent their property in the market.
Listing appointment: Enough time when a real estate sales agent meets with clients selling a property to secure an inventory agreement.
Listing exclusion: A clause included in the listing agreement when the seller (transferee) lists their property with an agent.
Loan: Some money that's lent to a debtor who agrees to settle the amount plus interest.
Application for the loan: A document that purchasers who are requesting financing fill out and submit with their lender.
Mortgage closing costs: The expenses a lender fees to close a borrower's loan. These costs vary from lender to lender and from market to market.
Loan commitment: A written document informing the borrowers that the mortgage company has decided to lend them a specific amount of cash at a specific interest rate for a specific period of time. The loan commitment could also contain conditions upon which the loan commitment is based.
Loan package: The band of mortgage papers that the borrower's loan provider sends to the closing or escrow.
Loan processor: An administrative individual who is assigned to check, verify, and assemble all of the documents and the buyer's funds and the borrower's mortgage for closing.
Loan underwriter: One who underwrites financing for another. Some lenders have got traders underwrite a buyer's mortgage.
Lockbox: A tool which allows secure storage of property keys on the premises for agent use. A combo uses a rotating dial to get access with a combination; a Supra® (electronic lockbox or ELB) includes a keypad.
Controlling broker: A person certified by the state since a broker who is also the broker of record meant for a genuine estate sales office. This person manages the daily procedures of a real estate sales office.
Marketing period: The period of time in which the transferee may market their property (typically 45, 60, or 3 months), as directed by the third-party company's contract with the employer.
Mortgage banker: Person who lends the bank's funds to borrowers and provides lenders and borrowers together.
Large financial company: A business that or an individual who unites lenders and borrowers and processes mortgage applications.
Mortgage loan servicing company: A business that collects monthly mortgage payments from borrowers.
Multiple listing service (MLS): A service that compiles obtainable properties for sale by member brokers.
Multiple offers: Several purchasers broker present an offer on one property where the gives are negotiated simultaneously.
National Association of REALTORS® (NAR): A nationwide association made up https://en.wikipedia.org/wiki/?search=real estate 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 can be temporarily or permanently off market.
Offer to purchase: When a buyer proposes certain terms and presents these terms to the seller.
Office tour/caravan: A going for walks or driving tour by a real estate sales workplace of listings represented by agents in the office. Usually held on a arranged day and time.
Parcel identification amount (PIN): A taxing authority's tracking amount for a property.
Pending: A genuine estate contract that has been accepted on a house but the transaction has not closed.
Personal assistant: A genuine estate sales agent administrative assistant.
Planned unit development (PUD): Mixed-use development that models aside areas for home use, commercial use, and general public areas such as for example schools, parks, and so forth.