Your real estate terms

Welcome to the Apache Junction real estate and homes for sale real estate and mortgage glossary for Mesa, Gilbert, Tempe, Chandler, Apache Junction, Queen Creek and Maricopa and Pinal County, AZ areas.

Understanding real estate terminology can be of great assistance in buying or selling a home, commercial property, or investment property. In order to help you understand words commonly used in a real estate transaction, I have prepared a list of real estate terms you should become familiar with.

Thanks again and be sure to contact me for any of your Mesa real estate needs or real estate needs for Gilbert, Tempe, Chandler, Apache Junction, Queen Creek here in Maricopa and Pinal County, AZ.

Terms:

Interest Rate
The monthly effective rate paid (or received if you are a creditor) on borrowed money. Expressed as a percentage of the sum borrowed.

MLS- IDX
IDX, or broker reciprocity, is a listing sharing arrangement between brokers within a Mulitple Listing Service.

Market Value
The price an asset would fetch if it were sold in the current marketplace.

Title Insurance
A type of insurance which guarantees the ownership and quality of title to land.

Appraisal
An educated estimate of the value of a property. Usually after an inspection of the property.

As is
Implied in most Agreements of Purchase and Sale, suggests the buyer is accepting the property in its present state and relinquishes responsibility from the buyer.


Bankruptcy
a) A person who has done any of the acts that by law entitle his creditors to have his estate administered for their benefit; b) a person judicially declared subject to having his estate administered under the bankrupt laws for the benefit of his creditors; c) a person who becomes insolvent.

Bid
To place an offer (a price) whether for payment or acceptance on an asset.

Property Tax
A tax levied on real or personal property.

Interest Rate
The percentage usually on an annual basis that is paid for the use of money borrowed from another

Home Loan
a) Money lent at interest; b) something lent usually for the borrower's temporary use.

Credit Risk
An estimate of the amount of credit that can be extended to a company or person without undue risk.

Credit Union
A cooperative organization that makes loans to its members at low interest rates.

Prime Rate
The lowest rate of interest on bank loans at a given time and place, offered to preferred borrowers.

ARM
A mortgage whose interest rate is raised or lowered at periodic intervals according to the prevailing interest rates in the market.

Home Equity Loan
A loan or credit line that is secured by the equity the borrower has in a home.

Mortgage
A temporary, conditional pledge of property to a creditor as security for performance of an obligation or repayment of a debt.

 

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Realty Executives
1400 E.Southern 100 • Tempe, AZ 85282
Phone: 480-254-2857 •
Fax: 480-491-0718
E mail: cgrave@earthlink.net
Janet 480-254-2856