The Ultimate Glossary Of Terms About Selling A Home In Cedar Grove, Nj

[Kirk Carina]

Preapproval: A higher degree of buyer/customer prequalification required by a mortgage lender. Some preapprovals have circumstances the borrower must meet.

Prepaid interest: Funds http://cristianaikh060.lowescouponn.com/responsible-for-a-best-real... paid by the debtor at closing predicated on the amount of days left in the month of closing.

Prepayment penalty: An excellent imposed on the debtor by the lending company when the loan is paid off before it comes due.

Prequalification: The mortgage business tells a buyer before the formal mortgage program, how much money the borrower can afford to borrow. Some prequalifications have conditions that the customer must meet.

Preview appointment: Whenever a buyer's agent sights a property alone to see in the http://edition.cnn.com/search/?text=real estate event that it meets their buyer's needs.

Prices: When the potential seller's https://www.washingtonpost.com/newssearch/?query=real estate agent goes to the potential listing property to see it for marketing and pricing purposes.

Principal: The money a buyer borrows.

Principal, interest, taxes, and insurance (PITI): The four parts that make up a borrower's regular monthly mortgage payment. Private mortgage insurance (PMI): A special insurance paid by a borrower in monthly payments, typically of loans greater than 80 percent of the worthiness of the property.

Professional designation: Extra nonlicensed real estate education completed by a genuine estate professional.

Professional regulation: Circumstances licensing authority that oversees and disciplines licensees.

Promissory note: A promise-to-pay document used in combination with a contract or an present to purchase.

R & We: Estimated and actual repair and improvement costs.

Real estate agent: A person who is certified by the state and who acts on behalf of his / her client, the customer or seller. The true estate agent who does not have a broker's permit must work for a certified broker.

Real estate contract: A binding agreement between buyer and seller. It contains an give and an acceptance in addition to consideration (i.e., money).

REALTOR®: A registered trademark of the National Association of REALTORS® that can be utilized only by its members.

Discharge deed: A written record stating a seller or purchaser has satisfied his / her obligation on a debts. This document is generally recorded.

Relist: Real estate that was outlined with another broker but relisted with a current broker.

Rider: Another document that is attached to a document for some reason. This is done so that an entire record does not need to be rewritten.

Salaried agent: A genuine estate sales agent or broker who receives all or part of their compensation in property sales in the kind of a salary.

Sale price: The purchase price paid for an inventory or property.

Seller (owner): Who owns a house who has signed an inventory agreement or a potential listing contract.

Showing: When a listing is shown to prospective customers or the buyer's agent (preview).

Special assessment: A particular and extra charge to a unit in a condominium or cooperative. Also a special real estate taxes for improvements that benefit a property.

Condition Association of REALTORS®: An association of REALTORS® in a particular state.

Supra®: An electronic lockbox (ELB) that keeps keys to a property. The user will need to have a Supra keypad to utilize the lockbox.

Temporarily away market (TOM): A listed property that's taken off the market due to illness, travel, needed repairs, and so on.

Short-term housing: Housing a transferee occupies until permanent housing is decided on or becomes available.

Transaction: The real estate process from present to closing or escrow.

Transaction management charge (TMF): A charge charged by listing agents to the seller within the listing agreement.

Transaction sides: The two https://en.search.wordpress.com/?src=organic&q=real estate sides of a transaction, sellers and buyers. The term used to record the amount of transactions in which a real estate telemarketer or broker was involved during a specific period.

24-hour notice: Allowed by law, tenants must be knowledgeable of showing a day before you arrive.

Under contract: A house that has a recognized real estate contract between seller and buyer.

VA (Veterans Administration) Mortgage Guarantee: A warranty on a mortgage amount backed by the Section of Veterans Affairs.

Virtual tour: An Internet web/cd-rom-based video presentation of a property.

VOW's (Virtual Office web sites): An Online true estate brokerage business model that works with property consumers in same way as a offline real estate brokerage.

W-2: The Internal Revenue form issued by employer to employee to reflect settlement and deductions to payment.

W-9: The Internal Income form requesting taxpayer identification amount and certification.

Walk-through: A showing before closing or escrow that allows the buyers one final tour of the property they are purchasing.