commit af8ad4a7389f3741dd84202e35b1199b90b02e36 Author: jarrodmcvilly Date: Mon Jan 12 09:27:14 2026 +0000 Add 'Glossary of Terms' diff --git a/Glossary-of-Terms.md b/Glossary-of-Terms.md new file mode 100644 index 0000000..c130d15 --- /dev/null +++ b/Glossary-of-Terms.md @@ -0,0 +1,143 @@ +
A stipulation in a mortgage which allows the lending institution to demand payment of the impressive balance at a particular time.
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CAP. +Related To Adjustable Rate Mortgages. A limitation on how high regular monthly [payments](https://astroproperties.com) or how much interest rates 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 defined by a steep roof with gables.
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CAPITAL. +[Accumulated](https://residence.my) goods and cash which is most frequently used to generate additional income.
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CAPITAL EXPENDITURE. +An outlay of funds designed to improve the income-producing capabilities of an asset or to extend its financial life.
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CASH-OUT REFINANCE. +Refinancing a mortgage at a higher quantity than the current balance in order to transform a portion of the equity into money.
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CAULKING. +A pliable material utilized to seal cracks or openings such as around windows.
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CAVEAT EMPTOR. +Literally translated: "Let the buyer beware." A common service tenet whereby the purchaser is responsible for 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 quantity of cash, at a specific amount interest, on deposit with a monetary institution.
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CERTIFICATE OF DEPOSIT INDEX. +An index based on the rates of interest of six month CD's. Used to set rate of interest on some Adjustable Rate Mortgages.
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CERTIFICATE OF ELIGIBILITY. +A file released by the Veterans Administration that certifies eligibility for a VA loan.
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CERTIFICATE OF OCCUPANCY. +Issued by a proper jurisdictional entity, this document accredits that a structure complies with all building regulations and is safe for use or habitation.
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CERTIFICATE OF REASONABLE VALUE (CRV). +Usually based on an independent appraisal, a CRV for a particular residential or commercial property develops the optimum quantity which can be protected by a VA mortgage.
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CERTIFICATE OF TITLE. +A document designating the legal owner of a parcel of property. Usually provided by a title or abstract business.
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CERTIFIED GENERAL APPRAISER. +Generally, any specialist who has actually satisfied the local or state requirements, and passed the suitable certification test, and can evaluating any type of [residential](https://www.proplisting.online) or commercial property.
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CERTIFIED RESIDENTIAL APPRAISER. +A sub-classification of appraiser who is only certified to assess home, normally approximately four systems.
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CHAIN OF TITLE. +The complete 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 connected to or an essential part of a residential or commercial property. Chattel is not frequently taken into consideration when assessing the worth of real residential or commercial property.
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BREAKER. +Electrical devices which immediately open electrical circuits if they are overloaded.
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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 procedure created to induce cramping in a home buyer's hands by needing signature on countless pieces of documents that no one has actually ever checked out. Or, the procedure where the sale of a residential or commercial property is consummated with the purchaser finishing all applicable documentation, including signing the mortgage obligation and paying all appropriate costs associated 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 should pay to finish the transaction. Costs might consist of appraisal charges, origination charges, title insurance, taxes and any points negotiated in the offer.
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CLOSING STATEMENT. +The document detailing the final monetary plan in between a buyer and seller and the costs paid by each.
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CO-BORROWER. +A 2nd [individual sharing](https://altamiz.com) commitment on the loan and title on the residential or commercial property.
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COLLATERAL. +An asset which is positioned at danger to protect the repayment of a loan.
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COLLECTION. +The process a lender takes to pursue a customer who is overdue on his payments in order to bring the mortgage current once again. Includes documents that may be utilized in foreclosure.
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CO-MAKER. +A 2nd celebration who signs a loan, along with the customer, and becomes responsible for the debt should the customer default.
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COMMON LAW. +As opposed to statute law. Laws that have been developed by custom, usage and courts over many years.
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COMMISSION. +A portion of the list prices or a fixed charge worked out by an agent to compensate for the effort used up to sell or buy 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](https://www.imobiliaremogosoaia.info) to cover the expenses of preserving areas shown other tenets or owners. Commonly discovered in condominium, PUD or office.
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COMMON AREAS. +Any areas, such as entrances, foyers, swimming pools, recreational centers 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.
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COMMUNITY RESIDENTIAL OR COMMERCIAL PROPERTY. +In numerous jurisdictions, any residential or commercial property which has actually been gotten by a couple. The ownership of the residential or commercial property is thought about equal unless specified otherwise by both parties.
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COMPARABLES. +An abbreviated term used by appraisers to explain residential or commercial properties which are similar in size, condition, place and features to a [subject residential](https://investir-en-grece.fr) or commercial property who's value 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 principal amount, as well as any built up interest.
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CONCESSIONS. +Additional value approved by a buyer or seller to attract another party to finish an offer.
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CONDEMNATION. +The official procedure by which a residential or commercial property is deemed to be uninhabitable or [unusable](https://bedsby.com) due to internal damage or other external conditions.
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CONDENSATION. +The transition of water vapor to liquid. Typically types in locations of high humidity.
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CONDOMINIUM. +An advancement where individual systems are owned, however common areas and features 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 complex into a CONDOMINIUM-style complex where each system is owned instead of leased.
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CONDOTEL:. +Are Condo-hotels normally situated in [touristy](https://sananrealhomes.com) areas or buildings consisting of both condos and hotel rooms. Condotels normally offer ownership in a vacation-style condominiums that offer onsite rental management. Often owners of condotels are limited to a specific variety of days of use and therefore not appropriate for primary house.
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CONDUIT. +The pipeline through which [electric electrical](https://abpropertysolution.com) wiring is run.
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CONSTRUCTION LOAN. +A loan made to a contractor or resident that finances the [preliminary building](https://www.businesstradecentre.co.uk) of a residential or commercial property, but is changed by a traditional mortgage one the residential or commercial property is completed.
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CONTIGUOUS. +Connected to or touching along an unbroken border.
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CONTINGENCY. +Something that should happen before something else takes place. Often used in genuine estate sales when a buyer must offer an existing home before buying a new one. Or, when a purchaser makes an offer the needs a complete home inspection before it ends up being main.
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CONTRACT. +A legally binding agreement, oral or written, between 2 celebrations.
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CONVENTIONAL MORTGAGE. +A conventional, property funding system that is not backed by any government or other firm (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 (CO-OP). +A kind of ownership where each local 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 specific unit within the building.
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CORPORATE RELOCATION. +A circumstance where an individual's employer pays all or a few of the expenditures related to moving from one location to another, normally over a considerable distance. Relocation expenses often consist of the amounts, such as brokerage charges, incurred in the selling and purchasing of the staff member's main residence.
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COST OF FUNDS INDEX (COFI). +An index of banks expenses used to set interest rates for some Adjustable Rate Mortgages.
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COVENANT. +A terms in any mortgage that, if not met, can be trigger for the loan provider to foreclose.
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CREDIT. +A loan of cash for the purchase of residential or commercial property, real or individual. Credit is either secured by a property, such as a home, or unsecured.
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CREDIT REPORT. +A record of financial obligation payments, past and present. Used by mortgage lending institutions in identifying credit merit of people.
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CREDITOR. +An individual to whom money is owed.
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CREDIT REPORT. +A comprehensive report of an individuals credit, employment and house history prepared by a credit bureau. Used by loan providers to figure out credit merit of individuals.
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CREDIT REPOSITORY. +Large companies that gather and save monetary and credit details about people who obtain credit.
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CUL-DE-SAC. +A dead-end street. One with only one entrance/exit.
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DATE OF APPRAISAL. +The specific point in time since which an appraiser designates the worth of a home. Often stated as the date of evaluation.
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DEBT. +A responsibility to pay back some amount owed. This may or may not be financial.
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DEBT EQUITY RATIO. +The ratio of the quantity a mortgagor still owes on a residential or commercial property to the quantity of equity they have in the home. Equity is computed at the fair-market worth of the home, less any impressive mortgage financial obligation.
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DEED. +A document showing the ownership of a residential or commercial property.
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DEED-IN-LIEU (OF FORECLOSURE). +A document provided by a debtor to a lending institution, moving title of the residential or commercial property. Often used to avoid credit-damaging foreclosure procedures.
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DEED OF TRUST +A file which transfers title in a residential or commercial property to a trustee, who's obligations and powers are stated. Often used in mortgage transactions.
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DEED OF RECONVEYANCE +A file which moves ownership of a residential or commercial property from a Trustee back to a debtor who has fulfilled the commitments of a mortgage.
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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 document used to give up 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 commitments of a loan or mortgage.
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DELINQUENCY. +The state in which a borrow has actually stopped working to meet payment responsibilities on time.
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DEPOSIT. +Cash offered together with an offer to acquire 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 exhaustion of resources.
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DETACHED SINGLE-FAMILY HOME. +A single structure enhancement [planned](https://openbds.com.vn) 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 amount.
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