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Terms your real estate agent may use Part 1



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By : frank jeffries    99 or more times read
market of Real Estate, whether it’s Chicago Real Estate, Paris Real Estate Market or Makati Real Estate, uses jargons. A first time buyer or seller in this market should learn said terms; with that, here’s a glossary of those terms:

Starker exchange or 1031 exchange- refers to delay in exchange of properties which qualifies for a tax deferred exchange.

Accompanied showing – Those showings wherein the listing agent must accompany an agent and his or her clients in viewing a listed property.

Addendum – An addition to a document.

Adjustable rate mortgage (ARM) – Is a form of mortgage loan where the interest rate is linked to an economic index which moves along with the market. Usual ARM periods are available in one, three, five, and seven years.

Agent – He/she is the qualified real estate broker or salesperson who can represent either the buyer or seller.

Annual percentage rate (APR) - The complete expenses (rate of interest, final costs, dues, etc) that are part of a borrower’s credit, shown as a rate of interest. The total costs are amortized on the length of the loan.

Application fees- Fees that mortgage companies charge buyers at the time of written application for a borrowing money; for instance, fees for doing loan updates of people who borrowed, property appraisal fees, and lender-curtained dues.

Appointments: Pertains to times or time periods an agent exhibits assets to patrons.

Appraisal: A document of estimation of house value at a specific point in time.

Appraised price (AP): The price the 3rd-party transfer company gives (under most contracts) the seller for his or her asset. In general, the average of 2 or more independent appraisals.

“As-is”: A transaction or proposal statement telling that the seller will not fix or correct any problems with the asset. Used as well in listings and marketing materials.

Assumable mortgage: One in which the buyer says yes to fulfill the obligations of the present loan transaction that the person who sells created with the lender. When assuming a mortgage, the person buying becomes individually liable for the payment of interest and principal. The original mortgagor must receive a written liberation from the responsibility when the buyer shoulders the original mortgage.

Back on market (BOM): If a property or selection is placed back on the market subsequent to being deleted from the market of late.

Back-up agent: A licensed agent who works with clients if their broker is unavailable.

Balloon mortgage: A kind of mortgage that is typically given in a small period of time, yet is amortized in a longer period of time. The person who borrowed typically gives a combination of principal and interest. By the end of the loan term, the entire uncompleted balance should be repaid.

Back-up offer: When a proposal is received reliant on the fall through or voiding of a received first offer on an asset.

Bill of sale: Transfers title to personal property in a deal.

Board of REALTORS® (local): An association of REALTORS® in a given geographic place.

Broker: A government licensed individual who acts as the representative for the seller or the one who buys.
Jeffries is an expert in Rent Makati properties. He can also help you to Makati Office Space and more.

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