Home Buyers and Sellers Real estate Glossary
All businesses has it’s jargon and residential real estate is very little exception. Mark Nash author of 1001 Methods for Investing your house shares popular terms with house buyers and sellers.
1031 exchange or Starker exchange: The delayed exchange of properties that qualifies for tax purposes being tax-deferred exchange.
1099: The statement of revenue reported towards IRS to have an independent contractor.
A/I: An agreement that could be pending with attorney and inspection contingencies.
Accompanied showings: Those showings in which the listing agent must accompany a realtor brilliant or her clients when viewing a subscriber base.
Addendum: An addition to; a document.
Adjustable rate mortgage (ARM): A sort of mortgage loan whose interest rate is stayed with a monetary index, which fluctuates considering the market. Typical ARM periods are certainly one, three, five, and seven years.
Agent: The licensed real estate salesperson or broker who represents buyers or sellers.
Annual percentage rate (APR): costs (interest rate, settlement costs, fees, and similar matters) that are a natural part of a borrower’s loan, expressed as a percentage rate appealing. The entire charges are amortized across the term of one’s loan.
Application fees: Fees that mortgage companies charge buyers before written application to be lent money; to illustrate, fees for running credit files of borrowers, property appraisal fees, and lender-specific fees.
Appointments: Those occasions or time periods a broker shows properties to clients.
Appraisal: A document of opinion of property value during a specific time limit.
Appraised price (AP): The charge the third-party relocation company offers (under most contracts) the vendor for property. Generally, usual of some independent appraisals.
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