Angelika M. Schlieper

REALTOR«, GRI, SFR, e-Pro

 

 

 

 

       

 

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  Glossary

 

Abstract of Title

A summary of all conveyances, such as deeds or wills and legal proceedings, giving the names of the parties, the description of the land and the agreements, arranged to show the continuity of ownership. The union of all the elements that constitute proof of ownership.

Adjustable-Rate Mortgage

 

A loan written for a fixed period of time with an interest rate that is adjusted at specified intervals based on the monetary index to which it is keyed.

Appraisal

 

An estimate of quantity, quality or value. the process through which conclusions of property value or property facts are obtained; also, commonly, the report setting forth such estimate and conclusion.

Assumption of Mortgage

 

When a buyer takes ownership to real estate encumbered with a mortgage, he or she may assume the responsibility as the guarantor for the unpaid balance of the mortgage. Such a buyer is liable for the mortgage repayment.

 

Bargain and Sale Deed

 

Conveys title; does not include warranties of title.

Bilateral Contract

 

Parties exchange reciprocal contracts; that is, each party agrees to perform an act for the other.

Blanket Mortgage

 

A mortgage that has two or more properties pledged or conveyed as security for a debt, usually for subdividing and improvement purposes.

Certificate of Eligibility

 

A certificate issued to a veteran by the Department of Veterans Affairs showing eligibility for a guaranteed loan.

Certificate of Title

 

A document usually given to the homebuyer with the deed stating that title of the property is clear; it is prepared by a title company or an attorney and is based on the abstract of title; sometimes an opinion of title serves the same purpose.

Closing

 

Point in a real estate transaction when the seller transfers title to the buyer in exchange for the purchase price.

Closing Statement

 

A listing of the debits and credits of the buyer and seller to a real estate transaction for the financial settlement of the transaction.

Commercial Property

 

Property intended for use by all types of retail and wholesale stores, office buildings, hotels and service establishment.

Commission

 

Payment for the performance of specific duties; in real estate, usually payment measured by a percentage of another sum - such as a percentage of the sales price paid for selling a property.

Comparables

 

Properties that are similar in value to a particular property and are used to indicate fair market value for that property.

Contract

 

An agreement entered into by two or more parties by which one or more of the parties, for a consideration, undertakes to do or to refrain from doing some act or acts in accordance with the wishes of the other party or parties. To be valid and binding, a contract must (1) be entered into by competent parties, (2) be bound by a consideration, (3) possess mutuality, (4) represent an actual meeting of minds and (5) cover a legal and moral act.

 

Conventional Loan

 

A loan made without government insurance guarantees.

Deposit, Earnest Money

 

A sum of money or other consideration tendered in conjunction with an offer to purchase rights in real property. As evidence of good faith, buyers should always make an earnest money deposit when they sign a contract. The amount should be substantial and depends upon the value of the property. Earnest money makes the offer bona fide to the owner. the deposit is part of the required equity money (down payment), which will have to be posted soon.

Documentary Stamps

 

A revenue stamp issued for the payment of a tax on documents, such as deeds, checks or wills.

 

Deed Documentary Stamps:  Purchase Price x .007  (Seller)

Note Documentary Stamps:  Mortgage Amount x .0035  (Buyer)

Intangible Tax on Mortgage:  Mortgage Amount x .002   (Buyer)

Encroachment

 

The act of trespassing upon the domain of another. Partial or gradual invasion or intrusion.

Encumbrance

 

An interest or right in real property that diminishes the value of the fee but does not prevent conveyance of the fee by the owner thereof. Mortgages, taxes and judgments are encumbrances known as liens. Restrictions, easements and reservation are encumbrances but not liens.

Exclusive Right to Sell

 

Contract, for a specific time period, between owner and broker that gives the broker sole and exclusive right to sell the property. The broker is thus entitled to the commission regardless of who sells the property.

 

Fixer-Upper

 

A property needing work that is generally offered at a discount.

Foreclosure

 

The legal process by which a mortgagee, in case of default by the mortgagor, forces sale of the property mortgaged in order to recover his or her loan.

 

Grantee

 

One who receives a transfer of real property by deed.

 

Grantor

 

One who transfers real property by deed.

Income Property

 

A property whose income is derived from commercial rentals or whose returns attributable to the real estate can be so segregated as to permit direct estimation. The income production may be in several forms: commercial rents, business profits attributable to real estate other than rents, etc.

Market Price

 

The price paid for a property; the amount of money that must be given or that can be obtained at the market in exchange under the immediate conditions existing at a certain date. To be distinguished from market value.

Market Value

 

The quantity of other commodities a property would command in exchange; specifically, the highest price estimated in terms of money that a buyer would be warranted in paying and a seller justified in accepting, provided both parties were fully informed and acted intelligently and voluntarily, and, further, that all the rights and benefits inherent in or attributable to the property were included in the transfer. At any given moment in time, market value connotes what a property is actually worth and market price that it can be sold for. The amounts may or may not coincide, because current supply and demand factors enter strongly into market price.

Mortgagee

 

The source of the funds for a mortgage loan and in whose favor the property serving as security is mortgaged.

Mortgagor

 

The owner of property who borrows money and mortgages the property as security for the loan.

MLS - Multiple Listing Service

 

A computerized system that makes possible the orderly dissemination and correlation of listing information to its members so that REALTORS« - may better serve the buying and selling public.

Points

 

One point is 1 percent of the amount of the loan. A charge of the lender to make the loan competitive.

Quit Claim Deed

 

A deed of conveyance whereby whatever interest the grantor possesses in the property described in the deed is conveyed to the grantee without warranty.

Survey

 

The process of ascertaining the quantity and/or location and boundaries of a piece of land; it may include physical features affecting it. such as grades, contours, structures, etc. A statement of the courses, distance and quantity of land.

Taxable Value

 

The total amount or base upon which taxes are computed under predetermined tax rates. May cover all or any part of the assets represented in tangible and/or intangible property and may be for ad valorem or other forms of taxation.

Warranty Deed

 

Conveyance of title that contains certain assurances und guarantees by the grantor that the deed conveys a good and unencumbered title. Conveyances vary from state to state but generally assume (1) a good title to land; (2) no encumbrances except stated in deed; (3) that grantee will not be evicted or disturbed by person having a better title or lien.

 

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You can reach me at 

(386) 846-7196 

or 

(800) 541-0844 ext. 113

or 

 

  click here to email me:     century21angie@att.net                        

        

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