|
|
Real Estate
News
|
Expand
Your Real Estate Knowledge
The
more you know about real estate, the easier it will be to make
wise decisions that affect your style of life and your
investment potential.
|
 |
10
Commonly-Used Real Estate Terms
| Adjustable-Rate
Mortgage (ARM) |
| A
mortgage rate that may fluctuate based on market conditions. |
| Appraised
Value |
| The
estimate of a property's fair market value based on an
appraiser's analysis of the property. |
| Buyer's
Market |
| When
the real estate buyer is at an advantage because there is a
greater supply of homes or real estate available for sale than
there is demand, thus lowering prices. |
| Closing
costs |
| Expenses
over and above the price of the property that are incurred by
the buyers and sellers in transferring ownership of property,
usually including property insurance, taxes, attorney's fees,
an origination fee, an amount placed in escrow, title
insurance, the mortgage insurance premium, points and filing
fees. |
| Deed |
| A
written document that conveys the ownership of real estate
from one person or party to another. |
| Fixed-Rate
Mortgage (FRM) |
| A
mortgage in which the interest rate remains fixed over the
duration of the term of the loan. |
| Multiple-Listing
Service (MLS) |
An
organization of brokers who share their listing agreements
with one another in order to find buyers for their properties
more effectively than they could individually.
| Point |
| A
one-time fee charged by the lender for originating a
loan; one point is equal to one percent of the
amount of the mortgage. |
| Real
Property |
| Land
and appurtenances permanently thereon, including
buildings, trees, minerals and the interest,
benefits and inherent rights thereof. |
| Title |
| A
legal document that evidences one's ownership of and
right to possess a property. |
|
|
