From 6a70933b8b41f28bfc27182ac3534023ef525f0e Mon Sep 17 00:00:00 2001 From: traceepantano Date: Sat, 29 Nov 2025 14:35:14 +0800 Subject: [PATCH] Add Glossary of Terms --- Glossary-of-Terms.md | 143 +++++++++++++++++++++++++++++++++++++++++++ 1 file changed, 143 insertions(+) create mode 100644 Glossary-of-Terms.md diff --git a/Glossary-of-Terms.md b/Glossary-of-Terms.md new file mode 100644 index 0000000..d19251e --- /dev/null +++ b/Glossary-of-Terms.md @@ -0,0 +1,143 @@ +
A clause in a mortgage which allows the lending institution to demand payment of the exceptional balance at a particular time.
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CAP. +Connected With Adjustable Rate Mortgages. A limit on how high [monthly payments](https://livingfiuggi.com) or how much rates of interest might change within a certain time period or the life of the mortgage.
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CAPE COD COLONIAL. +A single-story house style made popular in New England. Often identified by a high roofing system with gables.
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CAPITAL. +Accumulated items and money which is most frequently used to produce extra income.
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CAPITAL INVESTMENT. +An outlay of funds created to [enhance](https://latanyakeith.com) the income-producing abilities of an asset or to extend its economic 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 money.
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CAULKING. +A flexible product used to seal cracks or openings such as around windows.
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CAVEAT EMPTOR. +Literally translated: "Let the buyer beware." A common business tenet whereby the buyer is accountable for validating any and all claims by the seller of residential or commercial property.
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CERTIFICATE OF DEPOSIT. +A document showing that the bearer has a specific amount of money, at a specific quantity interest, on deposit with a financial institution.
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CERTIFICATE OF DEPOSIT INDEX. +An index based upon the interest rate of 6 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 certifies eligibility for a VA loan.
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CERTIFICATE OF OCCUPANCY. +Issued by a suitable jurisdictional entity, this file accredits that a structure abide by all building regulations and is safe for use or habitation.
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CERTIFICATE OF REASONABLE VALUE (CRV). +Usually based upon an independent appraisal, a CRV for a particular residential or commercial property develops the optimum amount which can be secured by a VA mortgage.
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CERTIFICATE OF TITLE. +A file 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 expert who has satisfied the local or state requirements, and passed the proper certification test, and can appraising any type of residential or commercial property.
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CERTIFIED [RESIDENTIAL APPRAISER](https://citytowerrealestate.com). +A sub-classification of appraiser who is just accredited to evaluate domestic property, generally up to 4 systems.
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CHAIN OF TITLE. +The total history of ownership of a piece of [residential](https://2dimensions.in) or commercial property.
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CHATTEL. +Any individual residential or commercial property which is not connected to or an integral part of a residential or commercial property. Chattel is not commonly taken into account when appraising the worth of real residential or [commercial](https://turism.travel) property.
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BREAKER. +Electrical devices which automatically open electrical circuits if they are strained.
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CLEAR TITLE. +Ownership of residential or commercial property that is not overloaded by any counter-claim or lien.
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CLOSING. +An excruciating procedure designed to cause cramping in a home buyer's hands by requiring signature on numerous pieces of documentation that nobody has actually ever checked out. Or, the procedure where the sale of a residential or [commercial property](https://dre.com.ng) is [consummated](https://thaipropertyplus.com) with the buyer finishing all suitable paperwork, consisting of signing the mortgage obligation and paying all [connected](https://www.brunoimoveisaraxa.com.br) with the sale (CLOSING COSTS).
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CLOSING COSTS. +All suitable expenses generated by the sale of residential or commercial property which the celebrations must pay to finish the transaction. Costs might consist of appraisal fees, origination fees, title insurance, taxes and any points negotiated in the deal.
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CLOSING STATEMENT. +The document detailing the final monetary plan between a buyer and seller and the costs paid by each.
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CO-BORROWER. +A second individual sharing commitment 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 payment of a loan.
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COLLECTION. +The procedure a lending institution requires to pursue a borrower who is delinquent on his payments in order to bring the mortgage present again. Includes documents that might be used in foreclosure.
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CO-MAKER. +A 2nd party who signs a loan, together with the borrower, and becomes responsible for the financial obligation needs to the customer default.
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COMMON LAW. +Rather than statute law. Laws that have been developed by customized, use and courts over lots of years.
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COMMISSION. +A portion of the sales rate or a repaired charge negotiated by a representative to compensate for the effort used up to offer or acquire residential or commercial property.
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COMMON AREA ASSESSMENTS. +Fees which are credited the tenets or owners of residential or commercial properties to cover the expenses of maintaining locations shown other tenets or owners. Commonly discovered in condo, PUD or workplace.
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COMMON AREAS. +Any areas, such as entryways, foyers, swimming pools, recreational facilities or the like, which are shared by the tenets or owners of residential or commercial property near by. Commonly discovered in condo, PUD or office spaces.
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COMMUNITY RESIDENTIAL OR COMMERCIAL PROPERTY. +In lots of jurisdictions, any residential or commercial property which has been acquired by a couple. The ownership of the residential or commercial property is considered equivalent unless stated otherwise by both parties.
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COMPARABLES. +A shortened term utilized by appraisers to explain residential or commercial properties which are comparable in size, condition, location and features to a subject residential or commercial property who's worth is being identified. The Uniform Standards of Professional Appraisal Practice (USPAP) develop clear standards for identifying a comparable residential or commercial property.
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COMPOUND INTEREST. +Interest paid on the principal quantity, along with any built up interest.
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CONCESSIONS. +Additional worth given by a buyer or seller to lure another celebration to finish 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. +An advancement where specific units are owned, however typical locations and facilities are shared similarly 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 unit is owned instead of rented.
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CONDOTEL:. +Are Condo-hotels typically situated in touristy areas or structures consisting of both condos and hotel rooms. Condotels generally supply ownership in a vacation-style condos that offer onsite rental management. Often owners of condotels are restricted to a certain variety of days of use and thus not suitable for primary house.
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CONDUIT. +The pipeline through which electrical wiring is run.
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CONSTRUCTION LOAN. +A loan made to a home builder or home owner that finances the initial building and construction of a residential or commercial property, but is replaced by a conventional mortgage one the residential or commercial property is completed.
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CONTIGUOUS. +Connected to or touching along an unbroken limit.
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CONTINGENCY. +Something that must occur before something else occurs. Often used in property sales when a buyer need to offer a present home before [acquiring](https://luxury.homepro.casa) a new one. Or, when a buyer makes an offer the requires a total home examination before it ends up being main.
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CONTRACT. +A legally binding arrangement, oral or composed, in between two celebrations.
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CONVENTIONAL MORTGAGE. +A standard, realty financing mechanism that is not backed by any government or other company (FHA, VA, etc).
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CONVERTIBLE ARM. +A mortgage that starts as and adjustable, that enables the customer to convert the loan to a set rate within a specific timeframe.
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[COOPERATIVE](https://www.vitalproperties.co.za) (CO-OP). +A type of ownership where each citizen of a multiunit residential or commercial property owns a share in a cooperative corporation that owns the building. With each [resident](https://freebroker.co) having rights to a specific unit within the structure.
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CORPORATE RELOCATION. +A situation where an individual's employer pays all or a few of the costs connected with moving from one place to another, typically over a considerable range. Relocation costs frequently include the quantities, such as brokerage costs, sustained in the selling and purchasing of the staff member's main home.
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COST OF FUNDS INDEX (COFI). +An index of banks costs used to set interest rates for some Adjustable Rate Mortgages.
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COVENANT. +A specification in any mortgage that, if not fulfilled, can be cause for the lender to foreclose.
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CREDIT. +A loan of money for the purchase of residential or commercial property, real or individual. Credit is either protected by an asset, such as a home, or unsecured.
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CREDIT HISTORY. +A record of financial obligation payments, previous and present. Used by mortgage lending institutions in identifying credit worthiness of people.
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CREDITOR. +A person to whom cash is owed.
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CREDIT REPORT. +An in-depth report of a people credit, employment and home history prepared by a credit bureau. Used by loan providers to figure out credit worthiness of people.
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CREDIT REPOSITORY. +Large business that collect and save monetary and credit information about individuals who make an application for 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 particular moment since which an appraiser designates the worth of a home. Often stated as the date of evaluation.
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DEBT. +An obligation to pay back some quantity owed. This might or might not be monetary.
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DEBT EQUITY RATIO. +The ratio of the amount a mortgagor still owes on a residential or commercial property to the quantity of equity they have in the home. Equity is determined at the fair-market value of the home, less any outstanding mortgage financial obligation.
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DEED. +A file showing the ownership of a residential or commercial property.
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DEED-IN-LIEU (OF FORECLOSURE). +A file provided by a borrower to a lending institution, transferring title of the residential or commercial property. Often utilized to prevent credit-damaging foreclosure treatments.
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DEED OF TRUST +A file which transfers title in a residential or commercial property to a trustee, who's commitments and powers are stipulated. Often utilized in mortgage deals.
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DEED OF RECONVEYANCE +A file which transfers ownership of a residential or commercial property from a Trustee back to a debtor who has actually satisfied the obligations of a [mortgage](https://dasseygeneralgroup.com).
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DEED OF RELEASE +A file which dismisses a lien or other claim on a residential or commercial property.
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DEED OF SURRENDER +A file used to give up any claim an individual needs to a residential or commercial property.
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DEFAULT. +The condition in which a debtor has actually stopped working to satisfy the responsibilities of a loan or mortgage.
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DELINQUENCY. +The state in which a borrow has failed to fulfill payment responsibilities on time.
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[DEPOSIT](https://tuliaspaces.co.ke). +Cash given in addition to a deal to acquire residential or commercial property, Also called down payment.
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DEPRECIATION. +The natural decrease in residential or commercial property worth due to market forces or depletion of resources.
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[DETACHED SINGLE-FAMILY](https://theofferco.com) HOME. +A single structure improvement planned to serve as a home for one family.
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DISCOUNT POINTS. +Points paid in addition to the loan origination fee to get a lower rates of interest. One point is equal to one percent of the loan quantity.
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