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Acceleration Clause: allows the lender to speed up the rate at which your loan comes due or even to demand immediate payment of the entire outstanding balance of the loan should you default on your loan. Example : John sells his property to Mary who takes over John's mortgage payments. They do not notify the lender of this transaction. The lender finds out that the title to the property has transferred and calls the loan, since the loan documents state that the loan is due on the sale of the property. John is now liable to pay his lender in full. Adjustable Rate Mortgage (ARM): is a mortgage in which the interest rate is adjusted periodically based on a pre selected index. Also known as the renegotiable rate mortgage, the variable rate mortgage or the Canadian rollover mortgage. Acre A measure of land equal to 43,560 square feet. Appraisal An estimate of the value of property, made by a qualified professional called a "appraiser". Assessment A local tax levied against a property for a specific purpose such as street lights. Broker an individual in the business of assisting in arranging funding or negotiating contracts for a client but who does not loan the money himself. Brokers usually charge a fee or receive a commission for their services. Borrower (Mortgagor) One who applies for a loan secured by real estate and is responsible for repaying the loan (mortgage). Buyer's Market Market conditions that favor buyers i.e. there are more sellers than buyers in the market. As a result buyers have ample choice of properties and may negotiate lower prices. Buyer's markets may be caused by an economic slump or overbuilding. Bylaws A set of regulations by which an organization conducts its business. Closing The meeting between the buyer, seller and lender or their agents where the property and funds change hands. Also called settlement. Closing Cost Usually include an origination fee, discount points,appraisal fee, title search and insurance, survey, taxes, deeds recording fee, credit report charge and other cost assessed at settlement. The cost of closing usually are about 3-6% of the mortgage amount. Condominium Individual ownership of a dwelling unit and an individual interest in the common areas and facilities which serve the multi-unit project. Contingency Conditions which must be satisfied before the buyer can close the purchase of a property. Contingencies are generally outlined in the purchase contract between the buyer and seller. Contract An agreement between competent parties to do or not do certain things for consideration. Conveyance The transfer of title of real estate from one party to another. Depreciation Decline in the value of a house due to wear and tear, obsolescence, adverse changes in the neighborhood, or any other reason. Easement The right to use the land of another for a specific purpose. Easements may be temporary or permanent. Encroachment A building, a part of a building, or an obstruction (e.g.. a fence or a wall) that physically intrudes upon or overlaps into the property of another. Fixture Improvements or personal property attached to the land so as to become a part of the real estate. Fixtures are transferred to the buyer upon sale of the property. To determine whether an item is a fixture include: Intent (was it intended to be part of the property) How is it fixed ? Is the fixture essential to the property ? Legal Description Legally acceptable identification of real estate by one of the following: Lien A claim upon piece of property for the payment or satisfaction of debt or obligation. Realtor A real estate broker or an associate holding active membership in a local authorities, thereby making it part of the public records. Single Family Housing (SFR) A type of residential structure designed to include one dwelling. Subdivision A tract of land divided into lots suitable for home building purposes. Survey A measurement of land, prepared by a registered land surveyor, showing the location of land with reference to known points, its dimensions, and the location and dimensions of any buildings. Title A document that gives evidence of an individual's ownership of property. Zoning Areas may be zoned to specify use of a property i.e. residential, commercial, agricultural. These zoning ordinances are normally enforced by the city or the county. |
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