Alphabetical Real Estate Terminology
- Assessed value: tax assessor valuation of property for taxing
- Balloon payment: upon termination of a balloon mortgage, the final due and payable sum
- Clear title: title to property that has no liens or ownership discrepancies or questions
- Deed: document that legally gives title to property
- Eminent domain: govt right to take property for public use after paying fair market value, or govt ability to condemn a property
- Fannie Mae: Largest US (investor)supplier of home mortgage money for home loans
- Grantor: person passing interest in real property
- Hazard insurance: insurance coverage for real estate to cover damages from any hazard such as fire
- Interest: % amount charged for borrowing money (mortgage)
- Joint tenancy: more than one party owns a property, upon one party’s death, survivors own property as a whole
- Knotty pine: a type of wood known for its knots or "eyes" used to make floors, cabinets, furnishings
- Legal description: a description acceptable legally of any property in writing distinguishing it from any other property
- Maturity: referring to a financial document of which the balance becomes due and payable
- Notice of default: notice in writing that borrower has defaulted on loan and lender can take action
- Owner financing: in a purchase contract the seller will provide financing for the buyer
- Point: one percent of any mortgage amount
- Quit claim deed: transfer of interest in title when a conveyance is made
- Real property: land with any permanent attachments: buildings, minerals, benefits, and rights from any such property
- Second mortgage: a mortgage lien in second position to the first mortgage
- Title insurance: lender protection or buyer protection against any loss from property ownership disagreements
- Underwriting: process of loan application
- VA: Veterans Affairs, govt agency guaranteeing mortgage loans available for military personnel
REAL ESTATE CONTACTS
The Property Team
At
Silvercreek Realty Group
Ava Tong, Realtor, BA, CSP, HRC
Phone: (208) 440-5810
Email: avatong@msn.com
Cristina Pescaru, Realtor, CSP, HRC
Phone: (208) 284-1545
Email: cmprealestate@aol.com
