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- When it comes to legal documents, ensuring that every detail is replicated faithfully is of utmost importance. This is where the concept of a facsimile comes into play. A facsimile, in its legal definition, refers to an exact copy or reproduction of a document, retaining all the original characteristics and details.
fitterlaw.com/insight/legal-dictionary/define-facsimile/
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.
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- Note: Letters of the alphabet without a relevant term are not listed.
- Adjustable-rate mortgage (ARM): A mortgage loan with an interest rate that can change throughout the loan’s lifetime.
- Agent: A real estate professional that is legally licensed to buy and sell property on behalf of their clients. An agent cannot operate independently, they must work under a licensed broker.
- Amortization: The process of gradually reducing mortgage loan debt over time by establishing scheduled monthly payments. The interest payment of an amortized loan will decrease as time goes on, while the principal payment will increase.
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.
- Christina Karras
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.
Discover our extensive Lexicon of Real Estate Terms featuring over 4,500 definitions. Perfect for home buyers, sellers, real estate professionals, investors, and students. Easily navigate key concepts from appraisal to zoning, and enhance your understanding of modern real estate language today!
Mar 18, 2021 · From amortization to under contract, here are the basic real estate terms you should understand, especially if you're a first-time home buyer.
