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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.
- Adjustable-rate Mortgage (ARM) A loan repayment term wherein the interest rate changes periodically, typically in five, seven, and 10-year intervals. This could be a risky loan in volatile market conditions as interest rates can increase exponentially depending on fluctuating market conditions.
- Amortization. A schedule of mortgage payments in equal installments that includes varying percentages of the principal loan and the interest over a period of time, typically paid in 15 or 30 years.
- Annual Percentage Rate (APR) The amount of interest, broker fees, and other charges borrowers are required to pay on their loan every year.
- Appraisal. A professional, non-biased assessment to determine the fair market price of a property. When buyers take out a loan, lenders require an appraisal to ensure that the amount requested is commensurate to the value of the property.
Definition: Estate in land refers to the ownership interest or rights a person has in real property. Types: There are various types of estates in land, including freehold estates and leasehold estates. Rights: Estates in land dictate what an owner can do with the property and how long they can hold those rights.
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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Vendor bids, caveats, LVI and LMI got you confused? From appraisal to unconditional, here’s your complete guide to real estate terms explained.
A party who purchases real property without any knowledge of outside claims to the title, or encumbrances impacting the land.
Wed, 25/09/2024 - 12:00. · 4 min read. Unlocking the Potential of Brownfield Development. The government’s new brownfield passport initiative could be a game-changer in tackling the UK’s housing shortage, especially in urban areas. As a planner, I’ve seen first-hand the challenges and opportunities that come with developing brownfield ...
