Just about every business has it’s vocabulary and residential real house is no exception. Tag Nash author of one thousand one Techniques for Buying and Advertising a Home shares commonly used conditions with home buyers and sellers. business lawyer montreal
1031 exchange or Starker exchange: The delayed exchange of properties that qualifies for tax purposes as a tax-deferred exchange.
1099: The statement of income reported to the IRS for an independent contractor.
A/I: A contract that is pending with legal professional and inspection contingencies.
Accompanied showings: Those showings where the listing agent must go with a realtor and his or her clients when browsing a listing.
Addendum: A great addition to; a file.
Adjustable rate mortgage (ARM): A type of home loan loan whose interest is attached to an economical index, which fluctuates with the market. Typical ARM times are one, three, five, and seven years.
Agent: The accredited real property salesperson or broker who represents buyers or vendors.
Annual percentage rate (APR): The total costs (interest rate, closing costs, fees, and so on) that are part of a borrower’s loan, expressed as a portion rate of interest. The total costs are amortized over the term of the loan.
Application fees: Fees that mortgage companies charge purchasers at the time of written application for a loan; for example, fees for running credit information of borrowers, property evaluation fees, and lender-specific fees.
Appointments: Those times or time periods a real estate agent shows properties to clients.
Assessment: A document of judgment of property value at a specific point in time.
Appraised price (AP): The price the thirdparty relocation company offers (under most contracts) the merchant for his or her property. Generally, the regular of two or more 3rd party appraisals.
“As-is”: A agreement or offer clause proclaiming that the vendor will not repair or right any problems with the property. Also used in listings and ads.
Assumable mortgage: One in that the buyer agrees to satisfy the obligations of the existing loan agreement that the seller constructed with the lender. When assuming a home loan, a buyer becomes personally liable for the payment of primary and interest. The first mortgagor should receive a written release from the responsibility when the buyer considers the original mortgage.
Back again on market (BOM): When ever a property or list is put back on the market after being taken off the market lately.
Back-up agent: A accredited agent who works with clients when their agent is unavailable.
Balloon home loan: A type of home loan that is generally paid over a short time of time, but is amortized over a longer period of time. The borrower typically pays a combo of primary and interest. At the end of the loan term, the complete unpaid balance must be repaid.
Backing up offer: When an offer is accepted contingent on the fall through or voiding of your accepted first offer over a property.
Invoice of sale: Transfers name to personal items in a transaction.
Board of REALTORS(R) (local): A interconnection of REALTORS(R) in a particular geographic area.
Broker: A situation qualified individual who acts as the agent for the seller or buyer.
Broker of record: The person registered with his or her point out licensing authority as the managing broker of a specific real estate sales office.
Broker’s market research (BMA): The real property broker’s view of the expected final net sales price, determined after purchase of the property by the third-party company.