|
|
| A history
of ownership of a property and any documentation that affect the title
during that ownership. |
|
| Acceptance
of Sale/Sales Contract |
|
| An
offer to purchase that has been signed by both the buyer and the seller.
A firm contract that outlines all details of the property transaction. |
|
| Adjustable
Rate Mortgage ("ARM") |
|
| A
mortgage loan in which the interest rate varies in accordance with
a formula specified in the mortgage note which includes use of a specified
index and may result in changed monthly payments. |
|
|
|
| The
paying off of a debt such as a mortgage in periodic installments for
the term of the loan. |
|
| Annual Percentage Rate ("APR") |
|
| Actual
cost of credit to the borrower, including interest and certain other
charges, expressed as a yearly rate and calculated over the life of
the loan. |
|
|
|
| A
written analysis of the estimated value of your property. It insures
you are paying a fair market value for your home and is required to
close on your new home or property. |
|
|
|
| A
fee generally paid by the buyer to determine the estimated value of
the property. |
|
|
|
| The increase in value of a home. |
|
|
|
| Local improvements on a property for sewer or water generally paid in full on all cash or new loan transactions. |
| |
