Condominium association: An association of all owners in a condominium.
Condominium budget: A financial forecast and report of a condominium association's expenses and savings.
Condominium by-laws: Rules passed by the condominium association used in administration of the condominium property.
Condominium declarations: A document that legally establishes a condominium.
Condominium right of first refusal: A person or an association that has the first opportunity to purchase condominium real estate when it turns into available or the right to meet up any other offer.
Condominium rules and regulation: Guidelines of a condo association where owners consent to abide.
Contingency: A provision in a contract requiring certain works to be completed before the contract is binding.
Continue to show: Whenever a property is under contract with contingencies, but the vendor requests that the house continue to be proven to prospective customers until contingencies are released.
Agreement for deed: A sales contract where the buyer uses possession of the property but the seller holds name until the loan is paid. Also called an installment sale agreement.
Conventional mortgage: A type of mortgage which has certain limitations located on it to meet up secondary market guidelines. Home loan companies, banks, and cost savings and loans underwrite regular mortgages.
Cooperating commission: A commission offered to the buyer's agent brokerage for bringing a customer to the offering brokerage's listing.
Cooperative (Co-op): Where the shareholders of the corporation are the inhabitants of the building. Each shareholder has the right to lease a specific unit. The difference between a co-op and a condominium is certainly in a co-op, one owns shares in a company; in http://judahlird738.theglensecret.com/don-t-buy-into-these-trends-about-best-relocation-realtors-in-woodland-park-nj a condo one owns the unit fee simple.
Counteroffer: The response to an offer or a bid by the seller or buyer after the original give or bid.
Credit file: Includes all the history for a borrower's credit accounts, exceptional debts, and payment timelines on history or current debts.
Credit history: A score assigned to a borrower's credit report predicated on information contained therein.
Curb appeal: The visual impact a house projects from the street.
Days on marketplace: The amount of days a property has been available.
Decree: A judgment of the court that units out the agreements and rights of the parties.
Disclosures: Federal, state, county, and local requirements of disclosure that owner provides and the customer acknowledges.
Divorce: The legal separation of a couple effected by a court decree that totally dissolves the relationship relationship.
DOM: Days on market.
Down payment: The quantity of cash put toward a purchase by the borrower.
Drive-by: When a buyer or vendor agent or broker drives by a property listing or potential listing.
Dual agent: A state-licensed individual who represents owner and the buyer in a single transaction.
Earnest money deposit: The amount of money given to owner at the time the offer is made as an indicator of the buyer's good faith.
Escrow account for real estate taxes and insurance: An account into which borrowers pay regular monthly prorations for property taxes and real estate insurance.
Exclusions: Fixtures or personal home that are excluded from the agreement or offer to purchase.
Expired (listing): A house listing that has expired per the terms of the listing contract.
Fax rider: A document that treats facsimile transmission as the same legal effect as the initial document.
Feedback: The real estate sales agent and/or his or her client's response to a listing or home. Requested by the listing agent.
Fee simple: A kind of property ownership where in fact the owner has the right to use and dispose of property at will.
FHA (Federal Casing Administration) Loan Guarantee: A warranty by the FHA that a percentage of a loan will end up being underwritten by a mortgage company or banker.
Fixture: Personal home that has become portion of the property through permanent attachment.
Flat fee: A predetermined amount of compensation received or payed for a specific service in a real estate transaction.
Fsbo (FSBO): A property that is for sale by the owner of the property.
Present letter: A letter to a loan provider stating that a gift of cash has been designed to the buyer(s) and that the person gifting the money to the buyer is not expecting the gift to be repaid. The precise wording of the present letter should be requested of the lending company.
Good faith estimate: Beneath the Real Estate Settlement Procedures Act, within 3 days of a credit card applicatoin submission, lenders are required to provide in writing to potential borrowers an excellent faith estimate of closing costs.
Gross sale price: The sale price before any concessions.
Hazard insurance: Insurance that covers losses to property from damages that may 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/True Estate Settlement Procedures Action): A document and declaration that details all the monies paid out and received in a real estate property closing.
Hybrid adjustable rate: Offers a set rate the first 5 years and adjusts annually for another 25 years.
IDX (Internet Data Exchange): Allows real estate agents to market each other's listings posted to listing databases such as the multiple listing service.
Inclusions: Fixtures or personal property that are contained in a agreement or offer to get.
Independent contractor: A real estate telemarketer who conducts real estate business through a broker. This agent will not receive salary or advantages from the broker.
Inspection rider: Rider to buy agreement between alternative party relocation organization and purchaser of transferee's home stating that property is being sold "as is." All inspection reports conducted by the third party firm are disclosed to the buyer and it is the buyer's duty to do his/her very own inspections and tests.
Installment land contract: A contract where the buyer needs possession of the house while the vendor retains the name to the property until the loan is paid.
Interest rate float: The customer decides to delay locking their interest rate on their mortgage. They can float their price in expectation of the rate moving down. At the end of the float period they need to lock a rate.
Interest lock: When the debtor and lender consent to lock an interest rate on loan. Can have terms and conditions attached to the lock.
List date: Actual time the property was listed with the current broker.
List price: The price of a real estate through an inventory agreement.
Listing: Brokers written agreement to represent a seller and their property. Agents refer to their inventory of agreements with sellers as listings.
Listing agent: The real estate sales agent that's representing the retailers and their property, through a listing agreement.
Listing agreement: A document that establishes the real estate agent's agreement with the retailers to represent their property in the market.
Listing appointment: Enough time when a real estate telemarketer meets with potential clients selling a house to secure an inventory agreement.
Listing exclusion: A clause included in the listing agreement when the seller (transferee) lists his / her property with a broker.
Loan: An amount of money that's lent to a customer who agrees to settle the total amount plus interest.
Application for the loan: A document that purchasers who are requesting financing complete and submit to their lender.
Loan closing costs: The costs a lender costs to close a borrower's mortgage. These costs vary from lender to loan provider and from market to market.
Loan commitment: A written document telling the borrowers that the mortgage company has agreed to lend them a specific amount of money at a specific interest for a specific period of time. The loan commitment may also contain conditions where the loan dedication is based.
Loan package: The band of mortgage records that the borrower's lender sends to the closing or escrow.
Loan processor: An administrative person that is assigned to check, verify, and assemble all of the docs and the buyer's money and the borrower's mortgage for closing.
Loan underwriter: Person who underwrites financing for another. Some lenders possess investors underwrite a buyer's loan.
Lockbox: A tool that allows secure storage space of house keys on the premises http://www.thefreedictionary.com/real estate for agent use. A combo uses a rotating dial to get access with a mixture; a Supra® (digital lockbox or ELB) features a keypad.
Handling broker: A person licensed by the state because a broker who is also the broker of record pertaining to a real estate sales office. This person manages the daily operations of a genuine estate sales office.
Marketing period: The period of time in which the transferee may market his / her 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 money to borrowers and brings lenders and https://en.wikipedia.org/wiki/?search=real estate borrowers together.
Large financial company: A business that or a person who unites lenders and debtors and processes home loan applications.
Home mortgage servicing company: A firm that collects month to month mortgage payments from borrowers.
Mls (MLS): Something that compiles available properties on the market by member brokers.
Multiple offers: More than one buyers broker present an give on one property where in fact the offers are negotiated simultaneously.
National Association of REALTORS® (NAR): A nationwide association comprised of real estate sales agents.
Net sales price: Gross sales cost less concessions to the purchasers.
Off market: A property listing that has been removed from the sale inventory in market. A property could be http://query.nytimes.com/search/sitesearch/?action=click&contentCollection®ion=TopBar&WT.nav=searchWidget&module=SearchSubmit&pgtype=Homepage#/real estate temporarily or permanently off market.
Offer to get: When a buyer proposes specific terms and presents these conditions to the seller.
Office tour/caravan: A going for walks or traveling tour by a real estate sales office of listings represented by brokers in the office. Generally held on a arranged day and time.
Parcel identification quantity (PIN): A taxing authority's tracking quantity for a property.
Pending: A real estate contract that is accepted on a house but the transaction has not closed.
Personal assistant: A real estate sales agent administrative assistant.
Planned unit development (PUD): Mixed-use development that sets aside areas for residential use, commercial use, and general public areas such as schools, parks, and so forth.