Real estate pocket dictionary

AAppraisalThe estimated value of the property.

CCertificate of Title

Document that ensures the property is legally owned by the person who claims it.

CClosing costsAll the fees and expenses associated with closing on a home, usually around 6% of the cost of the home.

CComparative Market Analysis

A study of how comparable local homes have sold to help determine a reasonable price for

property.

CContingenciesConditions that a responsible buyer must address in to protect the real estate investment.

DDebt to Income Ratio

In order to qualify for a loan, your monthly debt cannot exceed 43% of your monthly income.

EEarnest Money DepositPayment mad to the seller with the offer to show serious intention.

EEscrow

An account where all closing costs are collected while the lender approves the deal.

FFICO ScoreNumerical value assigned to leaders based on their credit history.

FFiduciary Duties

The responsibilities of the broker that the real estate agent work for.

gGood Faith DepositNumerical value assigned to leaders based on their credit history.

HHOA

Homeowners association; the organization that determines community rules and standards.

LLoan to Value RatioHow the lender determines if the loan is worth the risk associated with it.

mMortgage

Simply put: The home loan.

pPrequalificationThe process to determine if a borrower is qualified for a loan; amount is approximate.

phttps://www.firstflagrealty.com/

https://www.facebook.com/FirstFlagRealtyInc/

https://twitter.com/FirstFlagRealty

https://plus.google.com/+Firstflagrealty

https://pinterest.com/firstflagrealty/

Payment TermsPrincipal, interest, taxes, PMI, etc. all the buyer

really needs to know is the monthly and cumulative totals.