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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.
Agreement of Sale - A written agreement between seller and purchaser in which the purchaser agrees to buy certain real estate and the seller agrees to sell upon terms and conditions set forth therein. Air Rights - Rights in real property to use the space above the surface of the land.
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Mar 20, 2023 · When searching for a home or applying for a mortgage, you may hear your real estate agent or lender use any of the terms or acronyms below. Keep this guide handy — you'll be fluent in the language of home buying before you know it.
- 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.
Remaining the same; tending not to change.... Click for English pronunciations, examples sentences, video.
Mar 3, 2024 · Entitlements are simply specific permissions granted to property that relate to its use. Unlike general rights that every property owner enjoys, such as the Constitutional right against unlawful search and seizure, entitlements relate to the specific use of the land as granted by an appropriate governing agency.
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AcceptanceWhen you are offered and accept a mortgage offer from a lender this is what you need to sign and return.APRStands for ‘Annual Percentage Rate’ relating to interest on a loanApplicantThe term used by an estate agent to refer to you when you are a potential buyer of a property.AppraisalWhen selling your house an estate agent will ‘appraise’ your property to determine a current ...
