If you are a consumer (a home buyer or a home seller, or just a real estate watcher) you may not be familiar with all of the terms involved in real estate transactions. Realtors® know the terminology, but wouldn't it be great to have that information as a consumer? A "Real Estate Terminology Dictionary" of sorts.
Look no further, here is Part 2 of the Real Estate Glossary!
AFFIDAVIT - A sworn statement reduced to writing and made under oath before a Notary Public or other official authorized by law to administer an oath.
AGENCY - A relationship created when one person, the "principal," delegates to another, the "agent," the right to act on the principal's behalf in business transactions and to exercise some degree of discretion while so acting. An agency gives rise to a fiduciary relationship and imposes on the agent, as the fiduciary of the principal, certain duties, obligations and high standards of good faith and loyalty.
AGENT - One who is authorized to represent and to act on behalf of another person (called the principal). A real estate broker is the agent of his client, be it the seller or buyer, to whom he owes a fiduciary obligation. A salesman is the agent of his broker and does not have a direct personal contractual relationship with either the seller or buyer.
AMORTIZATION - The gradual repayment of a debt by means of systematic payments of principal and interest over a set period, where at the end of the period there is a zero balance.
If you would like to search the entire Glossary of Real Estate Terms, click here:
http://www.northtexastopteam.com/37/Real-Estate-Glossary
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