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 .
07