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Over $100 Million Sold Since 2003

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National Association of Realtors (NAR) - A real estate trade organization that sets the standards for integrity and honesty within the real estate profession nationwide

Negative amortization - A gradual increase in the balance of a loan or mortgage which occurs because the monthly payments made are too small to cover the entire principal and interest charges; this shortfall amount i

Net listing - The advertisement of the price of property for sale in terms of the net price the seller will receive, once the property is sold, a type of listing which is illegal in many states

Net worth - The total value of all of an individual's assets, minus all liabilities or debts

No cash-out refinance - A transaction for refinancing a mortgage in which the new mortgage amount is limited to the sum total of the remaining balance of the first mortgage, points, closing costs, whatever is require

Notary - An individual authorized by law to certify documents and signatures

Note - A legal document that obligates a borrower to repay a loan or owed sum of money at a stated interest rate over a designated period of time

Open listing - A contract under which the broker is commissioned to find a buyer before the property is sold by the seller or another competing broker

Option - The agreement to keep an offer to purchase or lease open for a specific period of time

Option listing - An agreement by which the broker advertising the property has the right to purchase the listed property himself

Origination fee - A fee paid to the lender for processing a loan application

Owner financing - A property transaction for which the seller provides all or part of the financing to the buyer

Owner's Title Insurance - A policy insuring the full purchase price of a piece of property for the buyer, usually including adjustments for inflation each year up to a maximum of 150% of the original policy amount, the

Partial payment - A payment that is less than the agreed upon monthly payment on a loan

Partition - The forced dividing of real estate among parties who were previously its co-owners

Patent - A first in a series of documents by which the federal or state government transfers ownership of public lands to an individual

Pay-off amount - The total balance on an existing loan or mortgage

Percolation test - A testing of the soil on a property to evaluate if its absorption and drainage capacity will allow installation of a septic system

Personal property - Property that does not qualify as real property

PITI - Acronym for principal, interest, taxes and insurance, the four components of a monthly mortgage payment, which are taken into account when a lender is evaluating a borrower's financial qualifi

Plat, or Plot - A map showing a piece of land subdivided into lots, streets and common area, if applicable

P.M.I, or Private Mortgage Insurance - Acronym for Private Mortgage Insurance, see below

Point - A one-time fee charged by the lender for originating a loan, one point being equal to one percent of the amount of the mortgage

Power of attorney - A written legal document authorizing a person to act as agent for another, to the extent outlined in the document

Power of Sale - A provision in a will, mortgage or trust agreement authorizing the sale or transfer of land in accordance with the terms of the provision

Pre-Approval - A commitment from a lender to loan a certain amount of money to a buyer at a designated interest rate and for a specified period of time, which gives the buyer an advantage in competing to pur

Preforeclosure sale - The sale of a property by a mortgagor for less than the amount owed to the lender of the mortgage for the property, thereby allowing the mortgagor to avoid foreclosure, and done with the appro

Prepayment penalty - A fee that is charged by the lender to a borrower who pays off a loan earlier than the due date, thereby costing the lender interest and other income from charges

Pre-qualification - The process by which the amount of loan a prospective buyer will be eligible to borrow is determined, based on his or her income and expenses, which can be used to demonstrate the buyer's fina

Prime rate - The most favorable interest rate that banks charge, usually to their preferred customers

Principal - The amount borrowed, not including interest or other charges

Principal balance - The portion of the original amount borrowed that is due on a loan or mortgage at any point in time

Private mortgage insurance, or P.M.I. - A policy that insures that the lender will recover a specific percentage of the loan amount from the insurance company in the event that the borrower defaults; is not backed by any government

Probate - The court proceedings to prove that a will is valid

Procuring cause - The action or person who brings about the desired result; e.g., under an open listing, the broker who brings in the buyer who actually purchases the property

Promissory note - A written promise to pay a specified amount of money in a designated period of time, which is also transferable to a third party

Prorate - To divide the proportionate share of existing expenses on a piece of property between the seller and buyer, e.g., taxes owed at the time of a transfer of title from the seller to the buyer

PUD (Planned Unit Development) - A multi-unit property or subdivision that includes common property that is owned and maintained by a homeowners' association, for the use of the individual owners

Purchase and sale agreement - A written contract signed by the buyer and seller that states the conditions under which a property will be transferred or sold

Purchase money mortgage - An agreement whereby financing provided by the seller is included in the purchase price

Quiet title - A court action to remove a claims or objections of other parties on a title

Quitclaim deed - A deed that releases whatever interest or title a grantor may hold in a property, without claiming any obligations or warranties

Radon - A radioactive gas that can cause health problems if present in sufficient concentration, found in some structures

Rate cap - In an adjustable-rate loan, the ceiling on the amount that the interest rate can be increased at each adjustment

Rate lock, or lock-in - A commitment to a specified fixed interest rate for a designated period of time, issued by a lender

Real estate agent - An individual trained and licensed to negotiate the sale of real estate on behalf of the property owner

Real estate investment trust (REIT) - An organization of individuals who purchase certificates of ownership in the trust, which then invests their money in real property, distributing the profits back to the individual investors f

Real Estate Settlement Procedures Act (RESPA) - A federal consumer protection law that requires certain disclosures of lenders to consumers relative to mortgage loans

Real property - Land and appurtenances permanently on it, including buildings, trees, minerals, and the interest, benefits, and inherent rights thereof

Realtor - A real estate professional who holds active membership in a local real estate board that is affiliated with the National Association of Realtors

Realtor® - The registered trademark reserved for the sole use of members of local Realtor boards affiliated with the National Association of Realtors; other real estate professionals who do not belong to

Recision - The cancellation or annulment of a transaction or contract based on law or by mutual consent

Recording - The entering or noting of documents affecting all transactions of real estate in the recorder's office in each county, making it public record; until recorded, a mortgage or deed is usually no

Recording fees - Payment made to the lender for recording the sale of a property with the county office

Refinance - To obtain a new mortgage loan on a property already owned

Regulation Z - A federal law that requires disclosure by a credit institution or lender of the terms, conditions, and full cost of a loan or mortgage, including the annual percentage rate and any other charg

Remainder - An interest in land that is postponed until the termination of some other interest

RESPA - Abbreviation for the Real Estate Settlement Procedures Act, which is a federal law that requires lenders to provide information on estimated settlement costs, which is available for review by

Restrictive covenants, or Protective covenants - A provision in a deed that limits how real estate ownership may be used

Reverse-annuity mortgage (RAM) - A loan or mortgage whereby the amount of the monthly payments the borrower receives is based on accumulated equity, rather than on the agreed-upon total sum loaned

Reversion - A clause in a transfer of title that returns the property to the grantor upon specified events or occurrences happening

Right of first refusal - The right specified in an agreement to have the first opportunity to purchase or lease a given property before it is offered to others, or alternately, the prior right to purchase a property b

Right of survivorship - In joint tenancy, when one of the joint tenants dies, the right of the survivors to the deceased's interest in the property

Right-of-way - Permission to pass across the property of another

Riparian rights - The right of an owner of property to make use of waterways adjoining the property


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