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Meridian
Financial
4501 E. La Palma, Suite 150
Anaheim, CA 92807
Phone: 1-866-333-1500 (Toll Free)REAL ESTATE AND MORTGAGE TERMS: C
- Accumulated wealth. A portion of wealth which is set aside for the production of
additional wealth; specifically, the funds belonging to the partners or shareholders of a
business, invested with the expressed intention of their remaining permanently in the
business.
- Taxable profit on the sale of an appreciated asset.
- Caps are used on adjustable rate mortgages (ARM's) to limit the interest rate and/or the
payment. Most ARMs have a periodic cap that is around 2% per year and a life cap of around
5%-6% over the life of the loan. "Payment only" caps sometimes create negative
amortization where the principal balance of the loan increases rather than decreases over
time.
- A legal term meaning "let buyer beware".
- A certificate obtained by a veteran from a Veteran's Administration office which states
that the veteran is eligible for a VA insured loan..
- Document issued by a local governmental agency that states a property meets the local
building standards for occupancy.
- An appraisal of property for the purpose of insurance by the Veteran's Administration.
- A certification issued by a title company or a written opinion rendered by an attorney
that the seller has good marketable and insurable title to the property which he is
offering for sale. A certificate of title offers no protection against any
hidden defects
in the title which an examination of the public records could not reveal. The issuer of a
certificate of title is liable only for damages due to negligence. The protection offered
a homeowner under a certificate of title is not as great as that offered in a title
insurance policy.
- A true copy, attested to be true by the officer holding the original.
- One having an equitable interest in property with the legal title being vested to the
trustee.
- The chronological order of conveyance of a parcel of land from the original owner to the
present owner.
- Personal property.
- Person who employs the agent. Typically the seller is a client. The buyer can be a
client (buyer's broker) or customer (seller's broker).
- Conclusion of a real estate sale where the title of the property is transferred to the
new owners and funds are transferred to the appropriate parties ( seller, old lender, real
estate broker, etc.).
- A neutral third party that facilities the closing of a real estate transaction. The
closing agent can be an escrow company, title company or attorney.
- Expenses incurred by the buyer/borrower and the seller in a real estate or mortgage
transaction. There can be non-recurring costs that include a one time charge for points,
appraisal fees, etc. or a prorating of recurring costs such as taxes and insurance
incurred while the new buyer/borrower owns the real estate.
- Statement prepared for the buyer and seller itemizing all of the costs of a real estate
transaction.
- The day on which the formalities of a real estate sale are concluded. The buyer signs
the mortgage, and closing costs are paid. The final closing merely confirms the original
agreement reached in the agreement of sale..
- An outstanding claim or encumbrance which, if valid, adversely affects the marketability
of title.
- Standards subscribed to by members of the National Association of Realtors.
- Equally responsible for repayment as the borrower.
- Property intended for use by all types of retail and wholesale stores, office buildings,
hotels and service establishments.
- Fee paid to a broker or other entity for services rendered. Real estate brokers and
mortgage brokers receive a commission for the services they provide; a real estate broker
secures a buyer for a property that is for sale and a mortgage broker secures a mortgage
loan for the buyer to finance the purchase of a property. Commissions are generally paid
as a percentage of the sales price in a real estate transaction or the loan amount in a
mortgage transaction.
- A written promise to make or insure a loan for a specified amount and on specified
items.
- Rules based on usage as demonstrated by decrees and judgments from the courts.
- Property owned jointly by husband and wife.
- Properties which are similar in value to a particular property and are used as
comparisons to determine the fair market value of a specified property.
- The taking of private property for public use by a government unit, against the will of
the owner, but with payment of just compensation under the government's power of eminent
domain. Condemnation may also be a determination by a governmental agency that a
particular building is unsafe or unfit for use.
- A lenders promise to issue a loan subject to certain conditions. Generally, the lender
will not fund the loan until the conditions have been met.
- Purchase offer in which the buyer proposes to purchase property only after certain
events (sale of another home, finding a loan commitment, etc.) occur.
- A structure of two or more units, the interior space of which are individually owned.
- Anything of value given to induce another to enter into a contract. Earnest money
deposit on a sales contract is consideration.
- Short-term financing for real estate construction. Generally followed by long term
financing called a "take out" loan issued upon completion of construction.
- Condition which must be satisfied before the buyer can consummate the purchase of a
property. Contingencies are generally outlined in the purchase contract between the buyer
and seller.
- An agreement between parties for the sale of real estate. In some states it is
synonymous with a Purchase Agreement, Sales Agreement, or Land Contract. In Texas it is
known as an Earnest Money Contract.
- A purchase transaction in which the buyer receives possession of the property, but the
seller retains title.
- The full purchase price as stated in the contract.
- A mortgage loan that is not guaranteed or insured by the government. FHA and VA loans
are not conventional loans.
- ARMs that have a provision allowing the borrower to convert the mortgage to a fixed rate
term. The conversion feature is outlined in the mortgage note and has certain
restrictions.
- A loan neither insured by the FHA nor guaranteed by the VA.
- An apartment building or a group of dwellings owned by a corporation, the stockholders
of which are the residents of the dwellings. It is operated for their benefit by their
elected board of directors. In a cooperative, the corporation or association owns title to
the real estate. A resident purchase stock in the corporation which entitles him to
occupy a unit in the building or property owned by the cooperative. While the resident
does not own his unit, he has an absolute right to occupy his unit for as long as he owns
the stock.
- A building contract setting the builder's profit at a set percentage of actual cost of
labor and materials.
- Accounting figure that includes original cost of property plus certain expenses to
purchase, money spent on permanent improvements and other costs, minus any depreciation
claimed on tax returns over the years.
- A new offer made as a result of another offer, which cancels the original offer
- A division within a state, usually encompassing one or more cities or towns.
- An agreement written into deeds and other instruments promising performance or
nonperformance of certain acts or stipulating certain uses or non users of the property.
- Typically, the buyer (before buyer agency laws), as opposed to the principal (seller).
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