terms you
should
know
> amortized loan. a loan that is paid off— both interest and principal— by regular payments that are equal or nearly equal.
> amendment. a change— either to alter, add to, or correct— part of an agreement without changing the principal idea or essence.
> appraisal. an estimate of value of property resulting from analysis of facts about the property; an opinion of value.
> assumption. taking over another person’ s financial obligation; taking title to a property with the buyer assuming liability for paying an existing note secured by a deed of trust against the property.
> beneficiary. the recipient of benefits, often from a deed of trust; usually the lender.
> close of escrow. the date the documents are recorded and title passes from seller to buyer. on this date, the buyer becomes the legal owner, and title insurance becomes effective.
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