Home Buyers Guide from Tammy Mitchell Hines & Co. Workbook for Home Buyers | Page 39

Glossary of Terms Abstract of Title: Acceptance: Adjustable Rate Mortgage: Agency: American Society of Home Inspectors (ASHI): Amortization: Annual Percentage Rate (APR): Appraisal: Appreciation: Asbestos: Assessed Value: Assumption of Mortgage: Comparables: Condominium: Consideration: Contingency: Contract: Conventional Mortgage: A 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 property and traces the ownership of that property from the time of the first recorded transfer to present. Consent to an offer to enter into contract. A mortgage that allows the interest rate to be changed periodically; referred to as ARM. A legal relationship in which an owner-principal engages a broker-agent in the sale of property or a buyer-principal engages a broker-agent in the purchase of property. A professional trade association providing training and education in home inspections. Members meet qualification requirements to join. The gradual repayment of a mortgage by periodic installments. The total finance charge (interest, loan fees, and points) expressed as a percentage of the mortgage amount. An evaluation of a piece of property to determine its value. Increase in value due to any cause. A mineral fiber used in some building materials, such as flooring, siding, insulation, and roofing. It is presently banned for most uses in real property. The valuation placed on property by a public tax assessor as the basis of property taxes. An agreement whereby the buyer assumes responsibility for a mortgage owed by the seller; the seller remains liable to the lender unless lender agrees to release the seller from the liability. Properties similar in size and character to the one being bought or sold. Ownership of a unit only, rather than of the entire building with the land. Anything of value to induce another to enter into a contract (i.e. money, services, a promise, etc.). A condition that must be satisfied before a contract is binding. An agreement to do or not to do a certain thing. A fixed rate, fixed-term mortgage not insured by the federal government. Glossary Continued on next page www.CallTammy.com * 618-281-3959 * [email protected]