| adjustments: | Money that both buyers and sellers credit to
each other at closing, including taxes and down payment. |
|
| appraisal: | Unbiased, professional opinion of a
property's value based on its style and appearance, construction quality, usefulness, and
the value of comparable properties. |
|
| asking price: | Price at which the owner wishes to sell a
property. |
|
| assessor: | Municipal or county official who determines
the value of property for taxation. |
|
| closing: | Final settlement, including the buyer's
signing of the mortgage and mortgage note, and exchange of title. |
|
| closing costs: | Fees and other charges paid by both buyers
and sellers at closing. |
|
| comparables: | Houses and properties that are similar in
style, appearance, construction quality and usefulness to a particular property in a
certain location. |
|
| conventional mortgage: | Mortgage not FHA insured or guaranteed by the
VA, so-called because it is the most popular home financing method. |
|
| counter-offer: | Offer made by the buyer or seller in response
to the other's bid. |
|
| curb appeal: | Common term for everything prospective buyers
can see from the street that might make them want to take a closer look at a house for
sale. |
|
| deed: | Instrument that transfers title from the
seller to the buyer. |
|
| down payment: | Buyer's payment to the seller at time of
closing for that percentage of the purchase price required by the buyer's mortgage loan. |
|
| earnest money: | Money paid by a buyer at the time of making
an offer or entering into a contract to purchase which is intended to show the buyer's
good faith intention to complete the purchase. Generally, earnest money is applied to
against the purchase price, but may be forfeited if the buyer fails to complete the
purchase. |
|
| equity: | Difference in dollars between a house's
anticipated sale price and the mortgage. |
|
| escrow account: | Third-party account for holding money, such
as buyer's earnest money and the owner's taxes and insurance payment. |
|
| fair market value: | Highest price an informed buyer will pay,
assuming there is no unusual pressure to complete the purchase. |
|
| FHA-insured mortgage: | Mortgage with low down payment requirements,
insured by the Federal Housing Administration and made available through banks and other
lenders. |
|
| home warranty: | Policy purchased by a buyer or seller as
assurance against unexpected home repair costs. |
|
| homeowner's policy: | Insurance policy covering at least the
appraised value of a house and property. |
|
| inspection: | Formal survey of a home's structure and
systems, often performed by a licensed professional. |
|
| inspection clause: | Stipulation in an offer-to-purchase that
makes the contract contingent upon the findings of a professional home inspector. |
|
| interest: | Charge paid to a lender for borrowed money. |
|
| lease-purchase agreement: | Agreement between a tenant and landlord that
a portion of monthly rent may be credited toward eventual purchase of the rental property. |
|
| lender's agent: | Person who represents the lender holding the
mortgage at closing. |
|
| mortgage: | Claim that a lender receives on a property as
its security for the loan it makes to a home buyer. |
|
| mortgage broker: | Independent, third-party broker who arranges
transactions between borrowers and lenders by streamlining the application and approval
process and finding favorable terms for the buyer. |
|
| mortgage note: | Signed promise to repay a mortgage loan in
regular monthly payments. |
|
| offer (offer to purchase): | Legally binding, written contract that
declares how much a buyer will pay for the house provided certain conditions are met. |
|
| open house: | Opportunity for prospective buyers to view a
house for sale in a low-pressure atmosphere. |
|
| origination fee: | Similar to a point; a supplemental fee paid
to lenders. |
|
| over-improvement: | Addition or improvement in which the cost is
greater than the increased value of the house. |
|
| points: | One point equals one percent of the total
mortgage loan amount. Buyers often pay lenders a supplemental fee, calculated in points,
to get a better mortgage interest rate. |
|
| pre-qualify: | Informal determination by a lender or broker
of how large a mortgage a buyer can afford. |
|
| principal: | Money borrowed from a lender, not including
any fees or interest. |
|
| qualify: | Ability to meet a lender's mortgage approval
requirements. |
|
| return on investment: | Value or profit gained as a result of dollars
spent, as in an improvements or addition. |
|
| settlement disclosure statement: | A list giving a complete breakdown of costs
involved in a real estate transaction, prepared by the lender's agent at closing. |
|
| title: | Right of ownership and possession of a
property. |
|
| title insurance: | Policy that protects a buyer against errors
or omissions or defects in the title of a property. |
|
| VA mortgage: | Mortgage guaranteed by the Department of
Veterans Affairs and made available through banks and other lending institutions. Reserved
for active military personnel, veterans, or spouses of veterans who died of
service-related injuries. |
|
| walk-through inspection: | Final inspection of a property's condition by
the buyer, usually to ensure that all conditions noted in the offer-to-purchase have been
met. |
|
| zoning: | Local restrictions for neighborhood building
and land use. |
| Toledo OH | 2460 N. Reynolds Rd. 43615 | 419 535-0011 | Fax: 419 535-7571 | MB 3169 |
| Maumee OH | 1677 Lance Pointe Rd. 43537 | 419 891-0888 | Fax: 419 891-1092 | MB 3168 |
| Bowling Green OH | 1224 W. Wooster St. Ste. B 43402 | 419 352-6565 | Fax: 419 352-2654 | |
| Napoleon OH | 1006 Dodd St. 43545 | 419 592-7653 | Fax: 419 592-7021 | |
| Oregon OH | 4728 Navarre 43616 | 419 698-5370 | Fax: 419 754-1408 | MB 4172 |
| Swanton OH | 131 E Airport Hwy 43558 | 419 825-2299 | Fax: 419 825-2209 | |
| Defiance OH | 905 N Clinton St 43512 | 419 782-8216 | Fax: 419 782-0989 | |
| Wauseon OH | 1384 N. Shoop Ave. 43567 | 419 335-5170 | Fax: 419 335-5237 | |
Site Map · Site Maintenance by Irishis Website Design Services | ||||