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event before the contract can be completed. Contract - An agreement between competent parties to do or not to do certain things which is legally enforceable, whereby each party acquires a right.
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Nov 13, 2023 · In real estate, common data sources include demographics, property, event data, and behavioral trends. This forecasting can influence, and even direct, strategic decisions, but it can also help agents hyper-target their marketing and lead generation activities on the prospects most likely to buy or sell in the next year.
Mar 20, 2023 · When searching for a home or applying for a mortgage, you may hear your real estate agent or lender use any of the terms or acronyms below. Keep this guide handy — you'll be fluent in the language of home buying before you know it.
Black’s Guide’s Glossary of Real Estate Terms provides a complete reference dictionary of terms and phrases used in the commercial real estate industry. These definitions have been endorsed by numerous industry organizations as the Market Standard for their respective regions.
- Acceleration Clause
- Active Contingent
- Addendum
- Adjustable-Rate Mortgage
- Adjustment Date
- Amortization
- Appraisal
- Appreciation
- Assessed Value
- Assignment
Also known as an acceleration covenant, this is a contract provision requiring the borrower to repay all of their outstanding loan to a lender if certain requirements -- outlined by the lender -- aren’t met.
When a seller accepts an offer from a buyer, that offer is contingentupon the buyer’s ability to meet certain conditions before finalization of the sale. Contingencies might include the buyer selling their home, receiving mortgage approval, or reaching an agreement with the seller on the home inspection.
If a buyer or seller want to change an existing contract, they might add an addendum outlining the specific part of the contract they’d like to adjust and the parameters of that change. The rest of the contract stays the same, regardless of the addendum.
The interest rate for an adjustable-rate mortgagechanges periodically. You might start with lower monthly payments than you would with a fixed-rate mortgage, but fluctuating interest rates will likely make those monthly payments rise in the future.
This is the date your mortgage begins to accrue interest (though you might not have made a mortgage payment yet). The adjustment dateusually falls on the first day of the month after mortgage funds are advanced or dispersed to the borrower.
Amortizationis the schedule of your mortgage payments spread out over time. In real estate, a buyer's amortization schedule is usually one monthly payment scheduled over a 15- or 30-year period of time.
An appraisal on your home is an unbiased estimate of how much a home is worth. When buying a home, the lender requires an appraisal by a third party (the appraiser) to make sure the loan amount requested is accurate. If the home’s appraised value is below what the buyer has offered, the lender may request the buyer pay the difference in cost.
Appreciation is the amount a home increases in value over time. To calculatea home’s likely appreciation rate, add one to the annual appreciation rate, raise this to a power equal to the number of years you’d like to estimate, then multiply that by the current value of the property.
An assessmentis used to determine how much in taxes the owner of a property will pay. An assessor calculates the assessment of a home’s value by looking at comparable homes in your area and reviewing an inspection of the home in question.
An assignment is when the seller of a property signs over rights and obligations to that property to the buyer before the official closing.
Jul 21, 2021 · In this post, I’ll go over the definitions of 105 common real estate terms that you’ll likely encounter in your real estate business. Also, feel free to download my Real Estate Vocabulary PDF to save to your device for quick access and offline use. 1. What Does Contingent Mean in Real Estate.
Real Estate Terms Index. Welcome to our online real estate dictionary, where you’ll find over 1400 definitions of real estate terms and jargon. The go-to source for real estate agents, brokers, homeowners, home buyers, landlords, renters, property owners, landowners and mortgage providers.
