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Jun 15, 2021 · The real estate industry uses several unique acronyms and abbreviations. Understanding these terms can be beneficial for buyers and sellers.
Nov 13, 2023 · Whether you’re a veteran agent or a rookie hoping to sound authoritative during your first transaction, you need to be able to succinctly explain common real estate terms and definitions to your clients.
Vendor bids, caveats, LVI and LMI got you confused? From appraisal to unconditional, here’s your complete guide to real estate terms explained.
- Christina Karras
- Absorption: Often reported as a property’s absorption rate, an absorption is the amount of units or inventory of a particular type of commercial property that was occupied in a given market within a specified time period (usually not exceeding one year).
- Addendum: An addendum in real estate is a piece of additional information covering certain circumstances of a transaction and it is often added to a form contract as an attachment before execution of the contract or during escrow.
- Adjustable-Rate Mortgage (ARM): ARM refers to an instrument that allows real property to be used as collateral for a promissory note, which must specify interest rates and how they are expected to change from time to time.
- Amortization: Amortization is a process of using regular payments or installments to pay off debts, for example, a mortgage, over an agreed period of time.
- What Is An Alta Statement?
- The Difference Between Seller & Closing Disclosures, HUD-1 & Alta statements?
- Are Alta Settlement Statements The Same as Net Sheets?
- Where Can I Download A Sample Alta Settlement Statement?
The ALTA settlement statement is an itemized list of all of the fees or charges that the buyer and seller will pay during the settlement portion of a real estate transaction. Everything from the sale price, loan amounts, school taxes and other pertinent information is contained in this document. The statements are provided to brokers and agents on ...
The difference between a seller disclosure and closing disclosure is simple – the seller will receive a seller’s disclosure, which provides a breakdown of costs and fees that factor into the cash they will receive at the transaction’s end. Due to TRID regulations, agents will have nothing to do with the closing disclosure. The closing disclosure is...
No, an ALTA settlement statement is not the same as the net sale sheet. A net sheet is a document that can be provided throughout the sale process to give the seller an estimate on what they can expect to make. The net sale sheet is not final, and multiple sheets may be provided as offers are made and transactions process. An ALTA settlement statem...
You can download a sample ALTA statement by clicking the text link below. Click here to download a sample alta statement ALTA has developed standardized ALTA settlement statements for title insuranceand settlement companies. These sheets help itemize all the fees and charges that both the homebuyer and seller must pay during the settlement process ...
Estate - The degree, quantity, nature and extent of interest which a person has in real property. Estate in Reversion - The residue of an estate left for the grantor, to commence in possession after the termination of some particular estate granted by the grantor.
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Jun 19, 2017 · (NASDAQ: YHOO) assets, the remaining entity has changed its name to Altaba , effective June 16. That company is worth far more than the $4.5 billion Verizon paid in its deal -- as of this...
