Every business has its own language and residential real estate is no exception. Mark Nash authored 1001 tips for buying and selling home stocks that are commonly used with home buyers and sellers.
1031 Exchange or Exchange Starker: Delayed exchange of property that qualifies for tax purposes as a deferred tax exchange.
1099: Income statement reported to the IRS for an independent contractor.
A / I: A pending contract with an emergency solicitor and inspection.
OFFERS ATTACHED: Those offers must be accompanied by an agent listing agent and his clients when viewing a list.
Add: Add to; Document.
Adjustable Rate Mortgage (ARM): The type of mortgage loan that is linked to the economic index's interest rate, which fluctuates with the market. ARM model intervals are one, three, five and seven years.
Agent: A licensed real estate salesperson or broker representing buyers or sellers.
APR: Total costs (interest rate, closing costs, fees, etc.) that are part of a borrower's loan, expressed as a percentage of interest. Total costs are amortized over the term of the loan.
Application Fees: The fees charged by mortgage companies to buyers at the time of submitting a written request for a loan; for example, fees for running credit reports of borrowers, property valuation fees, and lender fees.
Appointments: Those times or periods of time the agent displays real estate to customers.
Valuation: Document view the value of the property at a specified point in time.
Estimated Price (AP): The price offered by the third party transfer company (under most contracts) to the seller for his property. Typically, the average two or more independent evaluations.
"As-is" is a contract or offer stating that the seller will not repair or correct any problems with the property. Also used in lists and marketing materials.
Mortgage Hypothesis: One in any buyer agreement to fulfill the existing loan agreement obligations made by the seller with the lender. When you bear a mortgage, the buyer becomes personally liable for repayment of principal and interest. The original bank must receive a written statement of liability when the buyer collects the original mortgage.
Return to Market (BOM): When property or listing is re-entered into the market after it is removed from the market recently.
Backup Agent: A licensed agent works with clients when their agent is unavailable.
Mortgage balloon: A type of mortgage is generally paid over a short period of time, but is amortized over a longer period of time. The borrower usually pays a combination of origin and interest. At the end of the loan term, the entire outstanding balance must be repaid.
Reserve Offer: When the offer is accepted competing to fall through or cancel the first acceptable offer on a property.
Bill of sale: Transfers title to personal property in a transaction.
Board of Realtors (Local): Association of brokers in a specific geographical area.
Broker: A licensed person is a state who acts as an agent for a seller or buyer.
Mediator: A person registered with his government licensing authorities as a management broker for a specific real estate sales office.
Broker Market Analysis (BMA): Broker's opinion on the net final selling price expected, which was determined after the acquisition of the property by the third party company.
Mediator Tour: It is a predetermined time and day when real estate sales agents can view listings by many brokers on the market.
Buyer: Buyer's property.
Buyer's agency: Realtor is kept by the buyer who has a credit duty to the buyer.
Buyer's Agent: The agent who displays the buyer's property, negotiates the contract or offer to the buyer, and works with the buyer to close the transaction.
Endurance costs: The cost incurred to maintain property (taxes, interest, insurance, utilities, and so on).
Closure: The end of the transaction where the deed is delivered, the documents are signed, and the money is disputed.
CLUE (Comprehensive Loss of Loss Underwriting): A national insurance industry database that assigns individuals a degree of risk. CLUE also contains an electronic file from the property lock history. These files can be accessed by insurance companies nationwide. These files can affect the ability to sell property because they may contain information that the potential buyer may find undesirable and in some cases uninsured.
Commission: compensation paid to the brokerage on the list by the seller to sell the property. The buyer may also be required to pay a commission to his agent.
Commission division: Percentage of commission split between brokerage in real estate sales and real estate sales agent or broker.
Competitive Market Analysis (CMA): The analysis used to provide market information to the seller and help the real estate broker secure the listing.
Joint Assembly: Association of all owners in buildings.
Budget of the common apartment: financial projections and a report on the expenses of the association buildings and savings.
Joint Property Laws: Rules passed by a condominium association are used in the management of common property.
Joint Property Declarations: A document establishing a public law.
The right to own a first refusal apartment: The person or association that has the first opportunity to buy residential property when it becomes available or the right to meet any other offer.
Rules and regulations of condominiums: The rules of the association of buildings agreed by the owners to abide by them.
Emergency: A text is required in the contract to complete certain work before the contract is binding.
Continue to show: When the property is under contract with the emergency, but the seller requests that the property be offered to prospective buyers until the emergency is disclosed.
Work contract: A contract of sale in which the buyer acquires the property but the seller retains ownership rights until the loan is repaid. Also known as batch sale contract.
Traditional Mortgage: A type of mortgage that has put some restrictions on it to meet secondary market guidelines. Mortgage companies, banks, savings and loans occupy traditional mortgages.
Contracting Committee: A committee is offered to the buyer's financial intermediary to bring the buyer to the list of the selling broker.
Co-op: where the shareholders of the company are residents of the building. Each shareholder has the right to rent a specific unit. The difference between cooperative and housing is in cooperative, one owns shares in a company; in one flat owners simple unit fees.
Counteroffer: Reply to the offer or offer from the seller or buyer after the original offer or offer.
Credit report: Includes all credit history of borrower accounts, outstanding debts, and payment schedules on previous or current debts.
Credit score: A degree dedicated to a borrower's credit report based on the information contained therein.
Curbing Appeal: Visual Impact on Real Estate Projects from the Street.
Days on the market: The number of days the property was on the market.
Decision: A judgment by the court specifying the conventions and rights of the parties.
Disclosures: Federal, state and county, local detection requirements provided by seller and buyer recognized.
Divorce: The legal separation between husband and wife by judicial decree completely dissolves the relationship of marriage.
DOM: Days on the market.
The first installment: The amount of cash paid towards the purchase by the borrower.
Drive-by: When a buyer or agent is a seller or a broker through a list of properties or a possible list.
Double agent: A licensed individual of the state representing the seller and the buyer in a single transaction.
Deposit of fixed funds: The money given to the seller at the time of presentation of the offer as a mark of good faith of the buyer.
Escrow Account for Real Estate Taxes and Insurance: An account in which borrowers pay monthly bills for real estate taxes and property insurance.
Exceptions: fixtures or personal property excluded from the contract or offer of purchase.
Expired (List): A list of expired properties according to the terms of the listing agreement.
Fax Passenger: A document that treats fax transmission as the same legal effect of the original document.
Notes: Real estate sales agent and / or customer reaction to a data card or property. Required by the list agent.
Simple fee: a form of property ownership where the owner is entitled to use and dispose of property at will.
FHA (Federal Housing Administration) Loan Guarantee: An FHA guarantee that the proportion of the loan will be written by a mortgage company or a banker.
Fixture: Personal property has become part of the property through permanent booking.
Fixed charges: a predetermined amount of compensation received or paid for a particular service in a real estate transaction.
For sale by Owner (FSBO): Property for sale by the owner of the property.
A gift letter: A letter to a lender stating that a cash gift has been given to the buyer (s) and that the person giving the money to the buyer does not expect the gift to be paid. The exact word of the gift letter must be requested from the lender.
Good faith estimate: Under the Land Settlement Procedure Act, within three days of the submission of the application, lenders are required to submit in writing to potential borrowers a good faith estimate of closing costs.
Total selling price: Selling price before any concessions.
Risk insurance: insurance that covers property losses from damages that may affect their value.
Homeowner insurance: coverage that includes personal liability and theft insurance in addition to risk insurance.
HUD / RESPA (Housing and Urban Development Law / Real Estate Adjustment Procedures): A document and statement detailing all funds paid and received when a real estate is closed.
Hybrid Modification Rate: Provides a fixed price for the first 5 years, then annual adjustments over the next 25 years.
IDX (Internet Data Exchange): allows real estate brokers to advertise lists of each other that are published to include databases such as multiple menu service.
Listing: Matches or personal property that is included in a contract or offer for purchase.
Independent Contractor: Real estate sales agent who carries out real estate transactions through an intermediary. This agent does not receive salary or benefits from the broker.
Rider Inspection: Rider to buy an agreement between a third party transfer company and the buyer of the transferere property which states that the property is being sold "as is". All inspection reports associated with the third party company are disclosed to the buyer and the buyer is obliged to perform its own testing and testing.
Land Contract Installment: A contract in which the buyer receives the property while the seller retains title until the loan is repaid.
Floating Interest Rate: The borrower decides to delay the postponement of the interest rate on his loan. They can float their price in anticipation of a rate cut. At the end of the buoyancy period they must lock rate.
CLOSING INTEREST RATES: When the borrower and the lender agree to secure the price on the loan. You may have terms and conditions attached to the lock.
Listing Date: Effective Date The property was listed with the current broker.
Price List: Property price through listing agreement.
List: Brokers written agreement to represent the seller and their property. Agents refer to their inventory of agreements with sellers as lists.
Listing Agent: A real estate sales agent representing sellers and their property, through an listing agreement.
Listing Agreement: A document that specifies a real estate agent agreement with sellers to represent their property on the market.
Listing Date: The time when a real estate sales agent meets with potential clients who sell real estate to secure the listing agreement.
Exclusion of Listing: An item included in the Listing Agreement when the seller (transferere) lists its property with an intermediary.
Loan: The amount of money lent to the borrower who agrees to repay the amount plus the interest.
Loan application: A document that buyers who request a loan will fill out and submit to the lender.
Loan Closing Costs: Bank lender costs to close the borrower's loan. These costs vary from lender to lender and from market to market.
Commitment to the loan: A written document informing borrowers that the mortgage company has agreed to lend them a fixed amount of money at a fixed interest rate for a specified period of time. A loan commitment may also contain terms on which the loan obligation is based.
Loan Package: A collection of mortgage documents that a lender sends to the borrower to close or account.
Loan Processor: An administrative person to inspect, verify and collect all documents, buyer's money and the borrower's loan to terminate.
Subscriber to subscribe: The person who is providing a loan to another. Some lenders have investors who believe in a buyer's loan.
Lockbox: A tool that allows safe storage of proprietary property on MLM to use proxy. Combo uses a rotating disk to gain access using a group. The Supra® (Electronic Safety Box or ELB) features a keyboard.
Broker Management: A person licensed by the state as an intermediary who is also a broker in the register of the real estate sales office. This person manages the daily operations of the real estate sales office.
Period of marketing: The period of time in which a transferere may market his property (usually 45, 60 or 90 days), as directed by a third party company with the employer.
Mortgage Banker: A person who lends money to borrowers, lenders and borrowers together.
Realtor: A trading company or individual unites lenders, borrowers and mortgage finance operations.
Mortgage Loan Service Company: A company that collects monthly mortgage payments from borrowers.
Multiple Listing Service (MLS): A service combining real estate available for sale by member brokers.
Multiple offers: More than one broker offers buyers an offer on a real estate where bids are negotiated at the same time.
National Association of Realtors (NAR): National Association contracts with real estate sales agents.
Net selling price: Total selling price less concessions to buyers.
Out of Market: A data list has been removed from the market's sales inventory. The property can be temporary or always out of the market.
Buy Offer: When buyer proposes some conditions and displays these terms to seller.
Office Tour / Caravan: Walking Tour or Driving by Real Estate Sales Office from the lists represented by agents in the office. Usually held on a specific day and time.
Parcellation Identification Number (PIN): A tracking number for the taxi authority of a property.
Suspended: Real estate contract was accepted on a property but the deal was not closed.
Personal Assistant: Administrative Assistant Property Sales Agent.
Development of Planned Units (PUD): A multi-use development that sets aside areas for residential use, commercial use, and public areas such as schools, parks, etc.
Preapproval: A higher level of pre-qualification for the buyer / borrower required by the mortgage lender. Some preconditions have conditions that the borrower must fulfill.
Interest paid in advance: Funds paid by the borrower at closing based on the number of days remaining in the closing month.
Pre-payment penalty: A fine imposed on the borrower by the lender when the loan is repaid before the due date.
Pre-qualification: The mortgage company tells the buyer in advance about the official mortgage application, how much money the borrower can afford to borrow. Some preconditions have terms that the borrower must fulfill.
Preview: When a buyer's customer looks at a property individually to see if it meets the buyer's needs or not.
Pricing: When a potential seller's agent moves to a potential listing location for marketing and pricing purposes.
Manager: Amount of money borrowed by the buyer.
The Principal Interest, Tax and Insurance (PITI): The four parts that make monthly payments to the borrower. Private Mortgage Insurance (PMI): Private insurance is paid by the borrower in monthly installments, usually more than 80% of the value of the property.
Professional Design: Complete unlicensed real estate education by professional real estate.
Professional organization: A government licensing authority that supervises and distributes licenses.
Promissory note: The payment promise document used with a contract or offer for purchase.
First Research and Development: Estimated and Actual Reform and Development Costs.
Real Estate Agent: A person licensed by the State who acts on behalf of his client, buyer or seller. A real estate agent who does not have a broker's license must work for a licensed broker.
Real estate contract: binding agreement between buyer and seller. It consists of presentation and acceptance as well as consideration (ie money).
REALTOR®: A registered trademark of the National Association of Realtors® that can only be used by its members.
Instrument of release: A written document stating that the seller or buyer has fulfilled its obligation towards the debt. This document is usually recorded.
Relist: A property was incorporated with another broker but he compensated with an existing broker.
Rider: A separate document attached to a document in some way. This is done so that the entire document does not need to be rewritten.
Payroll: A real estate sales agent or broker receives all or part of his compensation in real estate sales in the form of a salary.
Selling Price: The price paid for listing or property.
Seller (Owner): The site owner who has signed the listing agreement or a possible listing agreement.
Display: When viewing a list of potential buyers or buyer agent (preview).
Special assessment: special and additional fee for the unit in a residential or cooperative unit. Also a special estate tax for improvements that benefit the property.
State Association of Realtors: Association of Realtors in a specific case.
Supra®: An electronic lockbox (ELB) with keys. The user must have a Supra keyboard to use the safety deposit box.
Temporarily out of the market (TOM): A listed property is taken off the market due to illness, travel, necessary repairs and so on.
Temporary accommodation: housing transfer jobs until a permanent residence is selected or becomes available.
Transactions: Process real estate from supply to closure or escrow.
Transaction Management Fee (TMF): A fee charged by listing brokers to the seller as part of the listing agreement.
Commercial aspects: both sides of the transaction, sellers and buyers. The term is used to record the number of transactions involving a real estate agent or broker during a specified period.
24-hour notice: By law, tenants must be informed of the show 24 hours before your arrival.
Under contract: A property has an acceptable property contract between the seller and the buyer.
VA Loan Guarantee (Veterans Administration): A guarantee on the amount of mortgage backed by the VA.
Virtual Tour: A web video / cd-based CD-ROM of a feature.
Virtual Office Web Sites (VOW): An online real estate brokerage model that works with real estate consumers in the same way as a real estate broker.
W-2: The internal revenue model issued by the employer to the employee to reflect compensation and discounts on compensation.
W-9: Internal Revenue is the taxpayer ID number and certificate.
Walking Through: A pre-closing offer or warranty that allows buyers to tour the final one of the property they buy.
Will: A document by which a person acts with his property after death.
Source by Mark Nash