After almost 2 years of regularly posting the Real Estate Glossary for each individual letter, we finally have completed the alphabet. The definitions where taken from different public sources, both printed and online. Some of its content might need reviewing, as the real estate terminology may change, but for the most part I believe it to be pretty accurate. Click on the correspondent letter … [Read more...]
Real Estate Glossary: Y
October 7, 2008 By 1 Comment
Year-End Statement A mortgage summary or report that is sent to the borrower at the end of each year. The statement shows the amount of taxes and interest paid on the mortgage during the year, as well as the remaining loan balance. Year-To-Year Tenancy A periodic tenancy in which the rent is reserved from year to year. Yield to Maturity (YTM) The internal rate of return on an investment. … [Read more...]
Real Estate Glossary: W
September 30, 2008 By 1 Comment
Waiver The deliberate and voluntary relinquishment or surrender of a claim, right, or privilege. Walk-through The buyer's final inspection of a property which is being purchased is called a walk-through. This final inspectiongenerally takes place on the day of closing or one day prior to ensure all the conditions of the sale have been met. Warranty In real estate, warranty refers a … [Read more...]
Real Estate Glossary: V
August 26, 2008 By Leave a Comment
Valuation The act or process of assessing value or price of a property through an appraisal. Variable Interest Mortgage A mortgage product where the interest rate can change or vary during the loan term. The variance in the interest rate usually depends on a specific factor such as prime bank rate or the guaranteed investment certificate rate for a designated lender. Variable Interest … [Read more...]
Real Estate Glossary: U
August 5, 2008 By Leave a Comment
Umbrella Mortgage A specific arrangement where one document encompasses one or more already existing mortgages registered on the same property. The mortgagee is responsible for remission of payment(s), to lender(s), while the mortgagor makes one payment to the mortgagee. Also referred to as a wraparound. Underwriting To support or agree to (a decision, for example). In real estate, … [Read more...]
Real Estate Glossary: T
July 29, 2008 By 1 Comment
Takeout Mortgage Loan A long term mortgage loan that is advanced to a borrower on the completion of construction or in compliance with any other conditions in the loan commitment. The funds are typically used to pay off or take out the construction lender. Tangible Personal Property Assets other than real estate that physically exist. Business equipment and vehicles are tangible personal … [Read more...]
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