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GLOSSARY OF REAL ESTATE TERMS

Agent - An individual who represents a seller, a buyer or both in the purchase or sale of

real estate. Since the commission for the sale of a house is almost always paid for by

the seller, buyers are able to get assistance and information from Real Estate Agents,

usually at no cost to them. It is for this reason that the vast majority of homebuyers

employ the services of an Agent for their purchase. In addition, since most houses are

listed by Real Estate Agencies, it gives them the maximum number of available

properties to consider.

Amortization - The schedule of loan payments that establishes the amount of payment

to be applied to the principal and the amount to be applied to interest, usually on a

monthly basis, for the full term of the loan.

Annual Percentage Rate (APR) - The TOTAL interest rate of a mortgage, including

the stated loan interest as well as any upfront interest paid in securing the loan. The

APR will invariably differ from the mortgage rate quoted due to the inclusion of these

items.

Appraisal - An estimate of value of a Real Estate property by a professional third party.

Virtually all non-owner financed mortgages will require an appraisal and is generally paid

for by the buyer.

Adjustable Rate Mortgage (ARM) - A mortgage in which the Interest rate is

adjustable, meaning that the rate can go up or down according to prevailing financial

market conditions. Probably one of the reasons that buying a home is such an emotional

experience is because of the fact that not only do you have the actual house buying to

deal with, but for most homebuyers you also have the mortgage process to encounter.

This can be a smooth and almost uneventful process, or an unnerving one. A great deal

depends on the preparation of the buyer as well as the selection of an efficient mortgage

company.

Assessment - The value of a property as determined by the local tax jurisdiction which

is used to determine the amount of your property taxes.

Buyer's Agent - A Real Estate Agent that has made an agreement to represent the

buyer exclusively, rather than the seller. The Agent, unless specifically disclosed

otherwise, represents the seller in any transaction for the sale of a home. It is that

Agent's fiduciary duty (where their loyalty lies) to protect the seller's position at all

times.

Buyer's Agency, however, may be an option available to you. Simply put, it allows the

Agent with whom you are working to be your representative and to put your interests

above all others.

Comparable Market Analysis (CMA) - A comparison of the prices of similar houses

in the same general geographic area. A CMA is used to help determine the value of a

property, either for a seller or a buyer. A Comparable (or Comparative) Market Analysis

is developed by an Agent to compare similar properties in the same general
 

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Relocation >Enhancing Your Home A moderate climate can help your home sell, but wherever you live, you can enhance your home's hidden potential by bringing the outside into your home. Minor remodeling projects can be tailored to suit your taste and your budget. Study the placement of your home on the property. A small window can be made larger to let more light into a room and expand the view. You can create an entertainment area for guests by installing a sliding glass door which opens onto your garden or adding a patio or deck. The addition of a skylight in a dark room can make a dramatic improvement. You can also consider ways to enhance the outdoor features of your home and integrate them into the living space of your home. Such improvements can often greatly increase the value of your property. See All Tips In The "Relocation" Category > See Complete Library Of Hundreds Of Tips In 30+ Categories >

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