Weekly Word Wizard

Welcome back to RealtyMyths weekly word wizard! Here are some terms that you should know. Capital budget An estimate of costs to cover replacements and improvements and the corresponding revenues needed to balance them, usually for a 12-month period. Different from an operating budget. Cost of equity...Read More

Weekly Word Wizard

Welcome back to RealtyMyths weekly word wizard. Here are some real estate terms that you should know. Acceleration clause: Usually written into a mortgage to allow the lender to accelerate or call the entire principal balance of the mortgage, plus accrued interest when the payments become delinquent....Read More

Weekly Word Wizard

Welcome back to RealtyMyths weekly word wizard! Here are the terms that you should know before buying your first home. Active — A property that is on the market and available for sale. It may have received offers but none have been accepted. ARM — Adjustable-Rate Mortgage. A mortgage loan with a fluc...Read More

RealtyMyths Weekly Word Wizard

Welcome back to RealtyMyths weekly word wizard. Here are some terms that you should know before buying your first home. DTI — Debt-to-Income. The total percent of a borrower’s income that is paid toward debt each month calculated as a ratio of a borrower’s gross monthly income over his debts includin...Read More

Weekly Word Wizard

Welcome back to RealtyMyths Weekly Real Estate Word Wizard! Here are some terms that you should know. Arms-length transaction — Both parties to a transaction are acting in their own self-interest. Neither party is pressured by or acts in connection with the other to assure the fair market value of th...Read More

Weekly Word Wizard

Welcome back to RealtyMyths weekly real estate word wizard! Here are some terms that you should know before buying your first home. Earnest money deposit — A partial payment by a buyer when submitting a contract that demonstrates the buyer’s commitment to the deal. The money, which is held in an escr...Read More

RealtyMyths Weekly Word Wizard

Welcome back to RealtyMyths word Wizard! Let’s talk about some real estate terms. Title Insurance: Compensates the buyer or lender if title defects, liens or competing claims of ownership on a property arise after closing. Rate Lock: An agreement between a borrower and a lender that allows the ...Read More

Weekly Word Wizard

Welcome back to RealtyMyths word wizard! Let’s talk about some real estate terms that confuse you. Sublease – Lease or rent all or part of to another person. Easement– The privilege of using something that is not your own. Lease – A contract granting use or occupation of the p...Read More

Weekly Word Wizard – Property Listings

Welcome back to Weekly Word Wizard! This week, we will discuss about property listings. Property listings MLS (Multiple Listing Service): Distributes local and regional listing information on a website for real estate agents and brokers. Listing: The actual property being sold or a contract establish...Read More

Weekly Word Wizard – Disclosure

Welcome back to weekly word wizard ! This week, we will discuss about Disclosure. Disclosures Disclosure and Informed Consent: Establishes the relationship between client and agent in writing, and discloses the agent’s ties to a broker or agency. Property Condition Disclosure Form: The seller produce...Read More

Weekly Word Wizard – Terms used in Contract Preparation

Welcome back to Weekly Word Wizard ! This week, we will talk about the terms used in Contract Preparation. Contract preparation • Conditions: Items included in a contract that create a legal obligation which, if unmet, would cause the contract to be null and void. • Contingency: Contingencies create ...Read More

RM Weekly Word Wizard – Terms Used In Property Purchase

Welcome back to Weekly Word Wizard ! This week we will talk about the terms used in Property Purchase. Offer: The price the buyer offers to pay the seller. If it’s accepted, the seller’s legal team drafts the sales contract. Counteroffer: If the seller rejects an offer, the buyer can make a counterof...Read More

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