REAL ESTATE GLOSSARY
August Maier
August Maier
August is a driven “goal-getter” who combines her NYC upbringing, military service, and nursing background to build relationships centered around service, dedication, and unwavering tenacity on behalf of her clients. Whether you are a buyer or seller, she takes great pride in understanding what your personal goals are and paves the way for you to achieve success.
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RealEstateTerminology
Review the terms on the following pages
Real Estate terminology can be confusing, here are some terms that you may hear during your real estate transaction.
August Maier Realtor
RealEstate Terminology
Amortization 1
Amortization is an accounting technique used to periodically lower the book value of a loan or an intangible asset over a set period of time Concerning a loan, amortization focuses on spreading out loan payments over time. When applied to an asset, amortization is similar to depreciation.
Down-Payment 2
A down payment is a sum of money that a buyer pays in the early stages of purchasing an expensive good or service The down payment represents a portion of the total purchase price, and the buyer will often take out a loan to finance the remainder.
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ClosingCosts
Closing costs are the fees and charges in excess of the purchase price of the property due at the closing of a real estate transaction.
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Escrow
Escrow is a legal arrangement in which a third party temporarily holds large sums of money or property until a particular condition has been met (such as the fulfillment of a purchase agreement). It is used in real estate transactions to protect both the buyer and the seller throughout the home buying process.
RealEstate Terminoloy
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Pre-Approval Letter
Pre-approval letters typically include the purchase price, loan program, interest rate, loan amount, down payment amount
CreditScore
A credit score is a number between 300–850 that depicts a consumer's creditworthiness The higher the score, the better a borrower looks to potential lenders A credit score is based on credit history: number of open accounts, total levels of debt, and repayment history, and other factors.
CleartoClose 7
Clear to close means that you've met the requirements and conditions to close on your mortgage and can head to the closing table.
A multiple listing service (MLS) is a database established by cooperating real estate brokers to provide data about properties for sale. An MLS allows brokers to see one another's listings of properties for sale with the goal of connecting homebuyers to sellers.
RealEstate Terminology
Contingency
A Contingency Is a demand that must be met particular In the contract such as loan approval, Inspection period, attorney review, etc
Many residential communities have a homeowner's association (HOA) structure to help maintain a clean and cohesive atmosphere in the neighborhood Also, when you buy a condominium, townhouse, or singlefamily home within "a planned development" you may also encounter the HOA structure.
A closing statement is a document that records the details of a financial transaction. A homebuyer who finances the purchase will receive a closing statement from the bank, while the home seller will receive one from the real estate agent who handled the sale.
Earnest money is a deposit made to a seller that represents a buyer's good faith to buy a home. The money gives the buyer extra time to get financing and conduct the title search, property appraisal, and inspections before closing. In many ways, earnest money can be considered a deposit on a home, an escrow deposit, or good faith money.
RealEstate Terminology
Cleartitle
Clear title is a title free of claims, doubts, or disputes about ownership Clear title is free from material defects and is necessary before property can be sold
Closing
Closing is the final stage of the real estate transaction The date is agreed upon when both the buyer and seller go under contract on the home On the closing date, the property is legally transferred from seller to buyer
Deed
A housing deed is the legal document transferring a title from the seller to the buyer. It must be a written document and is sometimes referred to as the vehicle of the property interest transfer.
HomeEquity
Home equity is the part of your property you actually own. While you do “own” your home, your mortgage lender has interest in the property until it’s paid off. To calculate your home’s equity, subtract your outstanding loan balance from the current market value of your property. Home equity will increase as you pay down your loan or the market value of your home increases.
August Maier
Realtor
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