commit 3826691fce0a2ac48ba39f2c3eefc3dd310a22c4 Author: rochellesabell Date: Thu Aug 28 11:39:20 2025 +0000 Add 'Glossary of Terms' diff --git a/Glossary-of-Terms.md b/Glossary-of-Terms.md new file mode 100644 index 0000000..62ae1a0 --- /dev/null +++ b/Glossary-of-Terms.md @@ -0,0 +1,143 @@ +
A clause in a mortgage which permits the lender to of the exceptional balance at a specific time.
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CAP. +Connected With Adjustable Rate [Mortgages](https://propertyfied.com). A limitation on how high monthly payments or how much rates of interest might change within a specific period or the life of the mortgage.
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CAPE COD COLONIAL. +A single-story home design made popular in New England. Often characterized by a high roofing system with gables.
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CAPITAL. +Accumulated products and money which is most often utilized to produce extra income.
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CAPITAL INVESTMENT. +An expense of funds developed to enhance the income-producing abilities of a possession or to extend its financial life.
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CASH-OUT REFINANCE. +Refinancing a mortgage at a greater amount than the present balance in order to transform a portion of the equity into cash.
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CAULKING. +A pliable material utilized to seal fractures or openings such as around [windows](https://listone.co.za).
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CAVEAT EMPTOR. +Literally translated: "Let the buyer beware." A typical company tenet whereby the buyer is accountable for confirming any and all claims by the seller of residential or commercial property.
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CERTIFICATE OF DEPOSIT. +A document revealing that the bearer has a certain amount of money, at a particular quantity interest, on deposit with a banks.
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CERTIFICATE OF DEPOSIT INDEX. +An index based upon the rates of interest of six month CD's. Used to set interest rates on some Adjustable Rate Mortgages.
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CERTIFICATE OF ELIGIBILITY. +A document issued by the Veterans Administration that accredits eligibility for a VA loan.
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CERTIFICATE OF OCCUPANCY. +Issued by a proper jurisdictional entity, this file certifies that a building adhere to all structure codes and is safe for use or [habitation](https://arkagroup.pro).
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CERTIFICATE OF [REASONABLE](https://realtorpk.com) VALUE (CRV). +Usually based upon an independent appraisal, a CRV for a particular residential or commercial property develops the maximum amount which can be secured by a VA mortgage.
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CERTIFICATE OF TITLE. +A document designating the legal owner of a parcel of realty. Usually supplied by a title or abstract business.
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CERTIFIED GENERAL APPRAISER. +Generally, any [specialist](https://nosazz.ir) who has actually satisfied the local or state requirements, and passed the suitable certification test, and can evaluating any kind of residential or commercial property.
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CERTIFIED RESIDENTIAL APPRAISER. +A sub-classification of appraiser who is only licensed to assess residential property, typically as much as 4 systems.
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CHAIN OF TITLE. +The total history of ownership of a piece of residential or commercial property.
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CHATTEL. +Any personal residential or commercial property which is not attached to or an essential part of a residential or commercial property. Chattel is not typically thought about when evaluating the worth of real residential or commercial property.
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CIRCUIT BREAKERS. +Electrical gadgets which automatically open electrical circuits if they are overwhelmed.
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CLEAR TITLE. +Ownership of residential or commercial property that is not encumbered by any counter-claim or lien.
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CLOSING. +An agonizing process designed to cause cramping in a home buyer's hands by needing signature on numerous pieces of paperwork that nobody has ever read. Or, the process where the sale of a residential or commercial property is consummated with the purchaser finishing all applicable documents, consisting of signing the mortgage responsibility and paying all proper costs related to the sale (CLOSING COSTS).
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CLOSING COSTS. +All appropriate expenses generated by the sale of residential or commercial property which the celebrations must pay to complete the deal. Costs might consist of appraisal costs, origination costs, title insurance coverage, taxes and any points negotiated in the offer.
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[CLOSING STATEMENT](https://property-northern-cyprus.com). +The file detailing the final financial plan in between a buyer and seller and the expenses paid by each.
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CO-BORROWER. +A 2nd person sharing responsibility on the loan and title on the residential or commercial property.
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COLLATERAL. +An asset which is put at risk to protect the repayment of a loan.
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COLLECTION. +The procedure a lending institution takes to pursue a borrower who is overdue on his payments in order to bring the mortgage current again. Includes documents that might be utilized in foreclosure.
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CO-MAKER. +A 2nd party who signs a loan, together with the customer, and becomes liable for the debt should the customer default.
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COMMON LAW. +Rather than statute law. Laws that have been established by customized, use and courts over several years.
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[COMMISSION](https://www.myownvacationrentals.com). +A portion of the list prices or a fixed cost worked out by a representative to compensate for the effort used up to sell or acquire residential or commercial property.
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COMMON AREA ASSESSMENTS. +Fees which are charged to the tenets or owners of residential or commercial properties to cover the expenses of preserving areas shown other tenets or owners. Commonly discovered in condominium, PUD or office spaces.
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COMMON AREAS. +Any areas, such as entranceways, foyers, swimming pools, leisure facilities or the like, which are shared by the tenets or owners of residential or commercial property near by. Commonly found in condominium, PUD or office spaces.
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COMMUNITY RESIDENTIAL OR COMMERCIAL PROPERTY. +In numerous jurisdictions, any residential or commercial property which has actually been acquired by a couple. The ownership of the residential or commercial property is thought about equal unless stated otherwise by both celebrations.
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COMPARABLES. +A shortened term used by appraisers to explain residential or commercial properties which are comparable in size, condition, place and facilities to a subject residential or commercial property who's worth is being determined. The Uniform Standards of Professional Appraisal Practice (USPAP) develop clear standards for figuring out a comparable residential or commercial property.
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COMPOUND INTEREST. +Interest paid on the primary quantity, as well as any built up interest.
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CONCESSIONS. +Additional worth granted by a buyer or seller to entice another party to complete a deal.
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CONDEMNATION. +The official process by which a residential or commercial property is considered to be uninhabitable or unusable due to internal damage or other external conditions.
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CONDENSATION. +The transition of water vapor to liquid. Typically kinds in locations of high humidity.
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CONDOMINIUM. +A development where private units are owned, however common locations and facilities are shared equally by all owners.
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CONDOMINIUM CONVERSION. +Commonly, the conversion of a rental residential or commercial property such as an apartment building into a CONDOMINIUM-style complex where each system is owned rather than rented.
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CONDOTEL:. +Are Condo-hotels usually situated in touristy areas or buildings including both condominiums and hotel spaces. Condotels typically provide ownership in a vacation-style condos that provide onsite rental management. Often owners of condotels are restricted to a specific variety of days of use and thus not appropriate for primary home.
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CONDUIT. +The pipeline through which electrical electrical wiring is run.
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CONSTRUCTION LOAN. +A loan made to a builder or property owner that finances the preliminary construction of a residential or commercial property, however is replaced by a standard mortgage one the residential or commercial property is finished.
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CONTIGUOUS. +Connected to or touching along an [unbroken limit](https://pricelesslib.com).
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CONTINGENCY. +Something that should happen before something else takes place. Often utilized in genuine estate sales when a buyer should sell a present home before acquiring a brand-new one. Or, when a purchaser makes a deal the needs a total home examination before it ends up being main.
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CONTRACT. +A lawfully binding agreement, oral or written, in between two parties.
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CONVENTIONAL MORTGAGE. +A conventional, [genuine estate](https://www.dominicanrepublicrealestate.org) funding system that is not backed by any federal government or other company (FHA, VA, and so on).
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CONVERTIBLE ARM. +A mortgage that begins as and adjustable, that permits the debtor to convert the loan to a set rate within a specific timeframe.
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COOPERATIVE (CO-OP). +A type of ownership where each resident of a multiunit residential or commercial property owns a share in a cooperative corporation that owns the building. With each resident having rights to a particular system within the structure.
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CORPORATE RELOCATION. +A situation where an individual's company pays all or a few of the expenditures connected with moving from one place to another, typically over a considerable range. Relocation expenses frequently include the quantities, such as brokerage costs, incurred in the selling and buying of the worker's primary residence.
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COST OF FUNDS INDEX (COFI). +An index of financial institutions expenses utilized to set rate of interest for some Adjustable Rate Mortgages.
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COVENANT. +A stipulation in any mortgage that, if not fulfilled, can be cause for the loan provider to foreclose.
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CREDIT. +A loan of money for the purchase of residential or commercial property, real or personal. Credit is either protected by a property, such as a home, or unsecured.
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CREDIT HISTORY. +A record of financial obligation payments, past and present. Used by mortgage lenders in determining credit value of people.
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CREDITOR. +A person to whom cash is owed.
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CREDIT REPORT. +A detailed report of an individuals credit, employment and home [history prepared](https://my-tenders.com) by a credit bureau. Used by loan providers to figure out credit value of individuals.
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CREDIT REPOSITORY. +Large business that collect and save financial and credit info about people who get credit.
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CUL-DE-SAC. +A dead-end street. One with just one entrance/exit.
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DATE OF APPRAISAL. +The specific moment as of which an appraiser designates the worth of a home. Often stipulated as the date of evaluation.
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DEBT. +A commitment to repay some quantity owed. This might or might not be monetary.
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DEBT EQUITY RATIO. +The ratio of the quantity a mortgagor still owes on a [residential](https://cubicbricks.com) or commercial property to the quantity of equity they have in the home. Equity is computed at the fair-market value of the home, less any impressive mortgage debt.
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DEED. +A document indicating the ownership of a residential or commercial property.
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DEED-IN-LIEU (OF FORECLOSURE). +A document provided by a borrower to a lending institution, transferring title of the residential or commercial property. Often used to prevent credit-damaging foreclosure treatments.
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DEED OF TRUST +A document which transfers title in a residential or commercial property to a trustee, who's obligations and powers are stipulated. Often utilized in mortgage deals.
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DEED OF RECONVEYANCE +A file which transfers ownership of a [residential](https://freerealestateclassifieds.com) or commercial property from a Trustee back to a debtor who has actually fulfilled the commitments of a mortgage.
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DEED OF RELEASE +A document which dismisses a lien or other claim on a residential or commercial property.
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DEED OF SURRENDER +A file used to surrender any claim a person needs to a residential or commercial property.
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DEFAULT. +The condition in which a debtor has actually failed to fulfill the responsibilities of a loan or mortgage.
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DELINQUENCY. +The state in which an obtain has actually stopped working to meet payment commitments on time.
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DEPOSIT. +Cash given together with an offer to buy residential or commercial property, Also called down payment.
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DEPRECIATION. +The natural decrease in residential or commercial property value due to market forces or deficiency of resources.
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DETACHED SINGLE-FAMILY HOME. +A single structure enhancement meant to work as a home for one family.
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DISCOUNT POINTS. +Points paid in addition to the loan origination cost to get a lower interest rate. One point amounts to one percent of the loan quantity.
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