Here is a list of some real estate terms you might find useful.
ACCEPTANCE: The date when both parties, seller and buyer, have agreed to and completed signing and/or initialing the contract.
APPRAISAL: An estimate of real estate value, usually issued to standards of FHA, VA, and FHMA. Recent comparable sales in the neighborhood is the most important factor in determining value. This should be contrasted against the home inspection.
APPRECIATION: An increase in the value of a property due to changes in market conditions or other causes. The opposite of depreciation.
CLOSING STATEMENT (HUD1): A financial statement rendered to the buyer and seller at the time of transfer of ownership, giving an account of all funds received or expended.
CLOUD ON TITLE: Any condition that affects the clear title to real property.
COMPARABLE SALES: Sales that have similar characteristics as the subject property and are used for analysis in the appraisal process.
CONTRACT: An agreement to do or not to do a certain thing.
DEED: Written instrument, which when properly executed and delivered, conveys title to real property.
EASEMENT: The right to use the land of another.
ENCUMBRANCE: Anything that burdens (limits) the fee title to property, such as a lien, easement, or restriction of any kind.
FORECLOSURE: Procedure whereby property pledges as security for a debt is sold to pay the debt in the event of default.
Daniel Lowery, Certified Negotiation Specialist (CNS)
REALTOR® Broker/Sales
Coldwell Banker Gordon Co. Realtors
Direct: (573) 291-1819
Office: (573) 761-3312
Email: daniel@daniellowery.com
Website: www.daniellowery.com
When Service Matters Call Dan!
Visit my website http://www.daniellowery.com for FREE information.
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