A roofed structure that hangs over the driveway of a house, providing the homeowner shelter for their car.
This document gives a licensed attorney the power to act on behalf of a party in a transaction. In real estate, the power of attorney must be recorded in order for this action to be decreed.
This is a clause in some official document such as a will, deed of trust, or trust agreement that gives a specified party the ability to sell a property as long as the outlined terms of sale are met.
An assessment given by the lender that investigates the borrower
A penalty faced by a lender who prematurely pays off the entire loan amount.
Prepaid expenses are expenses paid in advance at the time of closing that will cover future fees and other expenses. Typical prepaid expenses included interest and insurance.
A preliminary assessment conducted by the lender that evaluates the buyer
This rate is reserved for a lender
The principal refers to the amount of money initially borrowed for a mortgage. The principal can also refer to the party that has given another power the ability to speak on his behalf and represent his best interest in a transaction.
This is the idea that the value of a home will increase, as long as its physical properties, such as age, condition, and size are similar to surrounding houses in the area.
This is the idea that the value of a home will likely benefit from surrounding homes that are priced on the higher end of the spectrum.
This is the idea that the value of a home may be affected by surrounding homes that are priced on the lower end of the spectrum.
Thus is an insurance paid by the borrower that protects the lender from a default by the borrower.
This is the insurance paid by the borrower that protects the lender from a default by the borrower.
The preparation of a mortgage loan application and supporting documentation for consideration by a lender or insurer.
A fee that is charged by a lender to initiate a loan.
This is the term that is used to decide if a broker is entitled to a commission from a transaction.
The amount paid to a broker that covers the cost of providing REALTORS
A document with a written promise that outlines the payment amount and due date to be paid to a party, usually for the repayment of a loan.
A physical or fictitious line that constitutes the barrier or dividing line between two properties.
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