Real Estate Terms Made Simple! "A"
Knowledge is power! A Glossary of Real Estate Terms will help you to untangle the complicated web of current real estate language.
I'll add weekly to my real estate glossary starting with "A" and ending with "Z" . Feel free to contact me with any questions regarding the local real estate market of Williamsburg Virginia.
Abstract of Title - The summary of the public records relating to the ownership of a particular piece of land. It represents a short legal history of an individual piece of preoperty from the time of the first recorded transer to present.
Acceptance - Consent to an offer to enter into a contract.
Adjustable Rate Mortgage (ARM) - A mortgage in which interest and payment rates vary periodically, based on a specific index, such as 30- year Treasury Bill or the Cost-of-Funds Index.
Adjustments - Money credited or debited to either/both buyer and seller at closing, including real estate taxes, association fees, gargage fees, rents, etc..
Agency - A mutual-consent, legal relationship in which a seller or buyer engages a broker-agent in the sale or purchase of property.
Agent/REALTOR - A licensed person who represents the seller (and/or buyer) and who provides market assessment, offers sales or buying strategy, recommends various services and sources important to the seller or byer, is a memeber of the National Assocations of REALTORS (NAR), and subscribes to NAR's strict Code of Ethics.
Ammortization - A method by which monthly mortgage payments are equalized over the life of a loan, despite the fact that the proportion of principal to interest changes.
Annual Percentage Rate (APR) - The total finance charge (interest, loan fees, points) expressed as a percentage of the mortgage amount.
Appraisal - A professional and unbiased written opinion of a property's value that is based on recent, comparable sales; quality of construction and current condition; and style of architecture.
Appreciation - Increase in value to any cause.
Asking Price - The price at which a property has been placed on the market for sale.
Assessed Value - The established value of a property has been placed on the market for sale.
Next Up "B" terms!