Glossary
The determination of value of a
property, completed by a licensed
appraiser. Required by the lender to
ensure the property is worth the amount
of the mortgage loan being given.
The costs associated with purchasing a
home, inclusive of fees charged by; a
lender, the title company, attorneys,
insurance companies, taxing authorities,
homeowner’s associations, real estate
agents, etc. These fees are separate
from the Down Payment.
The title to your property.
The initial funds that a buyer is asked to
put down once a seller accepts the
buyer’s offer. It shows not that the buyer
is serious about buying the home and is
held until settlement day.
The market value of the home over the
mortgage loan amount. For example, if
you are purchasing a home for
$500,000 and it appraises for $525,000
then you you have $25,000 in equity.
A claim against a property for money owed.
The loan borrowed to purchase a
home.
Approval of the loan to be funded
once the loan has been processed
and underwritten.
The agreement to repay the
mortgage. Signed at settlement.
The accepted offer for the sale of
real estate, signed by both the
buyer and seller, agreeing and
finalizing all terms offered.
Not every real estate agent is a
REALTOR®. A REALTOR®
promises to uphold the Code of
Ethics of the association and to
hold each other accountable for
when serving the public, customers,
clients and each other, with a high
standard of practice and care.
A Rent-back, refers to an
arrangement where the buyer, who
now owns the home, agrees to
allow the seller, the now-tenant, to
stay in the house beyond
settlement day. The terms are
agreed upon before settlement,
and will often involve a security
deposit, a daily rental rate, and a
length of time allowed.
The day the ownership of the
property changes hand from the
seller to the buyer. Both parties
sign, the buyer pays for the
property, and ownership is
transferred.
The document of ownership of the
property.
