If you are thinking on sell your house,it’s important to take note of the correct glossary the real estate terms that are make most usage.
Also, don’t be afraid to ask me or your realtor to clarify any doubt you may have in the way.
Agency
A legal relationship in which someone (principal) hires someone else (agent) to represent them to a third party.
Application Fee
A fee to cover some of the charges of the loan process.
Appraisal Fee
A fee charged by the lender for an appraisal.
Assessed Value
The value placed on property by the County Assessor District as a basis for taxation.
Balloon Payment
An instance in which the final installment payment on a note is greater than the precedingpayments, and pays the note in full.
Chain Of Title
A history of conveyances and encumbrances affecting the title of real property.
Conventional Mortgage
A mortgage securing a loan made by investors without government underwriting – that is, not FHA insured or VA guaranteed.
Conveyance
Process of transferring ownership of property from one person to another.
Courier Fee
Charges for delivery.
Credit Report Fee Deed
Assessed by the lender for a required credit report from a credit bureau.
A document which, when properly executed and delivered, conveys title of real property.
Disclosure
To make known or public. When dealing with real property, all disclosures should be made in writing.
Discount Points
A negotiable fee paid to the lender to secure financing for the buyer. Discount points are up-front interest charges to reduce the interest rate on the loan over the life, or a portion, of the loan’s term. One discount point equals one percent of the loan amount.
Earnest Money
Money deposited by a buver as evidence of good faith.
Encumbrance
Anything that affects or limits the ownership of real property, such as mortgages, liens, easements or restrictions of any kind.
Escrow Fee
Charged by the title company to service the transaction and to escrowmoney and documents.
Escrow
The deposit ofdocuments and funds with instructions to a neutral third party to carry out the provisions of an agreement or contract.
Now you have a clear understanding of our approach to business, our people, and our clients.
I understand for most, the process of selling a home can be overwhelming and emotional. It’s my job to put your mind at ease and provide the proper support, care and guidance.
DRE: 02155483
408 7814633
crisjackson@intero.com
