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Real Estate Glossary
| AD VALOREM TAX | taxes which depend on the value of the property |
| ADDENDUM | contract annex |
| ADJUSTABLE RATE MORTGAGE (ARM) | credit with variable interest rate |
| AMENITIES | a feature that increases the value of the property |
| ANNUAL PERCENTAGE RATE (APR) | annual interest rate that is set off on a loan |
| APPLICATION | application |
| APPRAISAL | valuation, estimation |
| APPRAISED VALUE | estimated value |
| APPRAISER | appraiser |
| APPRECIATION | increase in value |
| ARMS LENGTH TRANSACTION | transaction in which both parties represent only their own interests |
| ASSESSED VALUE | tax value |
| ASSESSMENT | development costs |
| ASSIGNMENT | transfer of rights and obligations under a contract |
| ASSUMPTION | adoption e.g of rights and obligations under a contract |
| BROKER | in general, a real estate agency owner |
| BUILDING CODE | builing regulation |
| DEPOSIT VERIFICATION | deposit receipt, e.g. with a prepayment |
| CERTIFICATE OF OCCUPANCY | sharing living in new buildings |
| CERTIFICATE OF TITLE | certificate of the ownership |
| CLEAR TITLE | ownership without charges |
| CLOSING | transaction completion and transfer of ownership |
| CLOSING COSTS | acquisition costs |
| CLOSING STATEMENT | financial final account for both parties |
| COMPARABLES | similar objects |
| CONDOMINIUM | apartment / flat |
| CONSTRUCTION-PERM LOAN | construction financing and later traditinal financing |
| CONTINGENCY | contract clause |
| CONTRACT | compact / agreement |
| CREDIT HISTORY | record of payment performance to determine the creditwothiness |
| DEBT | liabilities |
| DEED | certificate of the holder |
| DEFAULT | non-compliance / non-fulfillment |
| DELINQUENCY | non-payment at maturity |
| DEPRECIATION | fall in value |
| DWELLING | residential buildings |
| DOWN PAYMENT | deposit on a credit / funding |
| EARNEST MONEY DEPOSIT (EMD) | deposit on purchase offer |
| EFFECTIVE AGE | age determination of a building due to wear |
| EQUITY | difference between market value and credit debt |
| ERRORS AND OMISSIONS INSURANCE | insurance against failure of brokers, appraisers etc. |
| ESCROW ACCOUNT | account in trust / custody account |
| ESCROW DISBURSEMENTS | disbursements from the above account |
| ESTATE | wealth / asset |
| FAIR MARKET VALUE | equity / market-driven price |
| FEE SIMPLE | absolute right of ownership |
| FHA MORTGAGE | funding by the Federal Housing Administration (FHA) |
| FLOOD INSURANCE | flood insurance |
| FLOOR PLAN | groundplan / room allocation |
| FORECLOSURE | distraint / compulsory auction |
| GRANTEE | recipient of a concession |
| GRANTOR | franchiser |
| HAZARD / HOMEOWNER INSURANCE | insurance against risks such as fire, storm etc. |
| HOME INSPECTION | home inspection to disclose any defects |
| HUD STATEMENT | financial final account for both parties |
| IMPROVED LAND | property with value-enhancing ingredients such as roads, builings etc. |
| IMPROVEMENTS | value-enhancing components on a plot |
| INTEREST RATE | rate of interest |
| INVESTMENT PROPERTY | property to generate an income or an increase in value |
| JOINT TENANCY | ownership of a property by 2 or more persons |
| LEASE (AGREEMENT) | rental contract |
| LEGAL DESCRIPTION | legal description of the location of a property in the land register |
| LENDER | credit grantor |
| LIABILITIES | responsibility / debts |
| LIEN | land charge |
| LOAN | credit / advance |
| LOAN ORIGINATION | process for the provision of a loan |
| LOAN-TO-VALUE RATIO (LTV) | ratio of loan amount to the purchase value of the property in % |
| MORTGAGE | mortage loans |
| PERSONAL PROPERTY | items that are not part of the property |
| PRE-APPROVAL | initial commitment for a loan application |
| PRINCIPAL, INTEREST, TAXES, AND INSURANCE (PITI) | components of the monthly mortgage payment (principal, interest, taxes, insurance) |
| PURCHASE AGREEMENT | sale contract |
| PURCHASE OFFER | offer to buy |
| REAL ESTATE | property |
| REAL ESTATE AGENT | real estate broker / land agent |
| REALTOR® | real estate agent who is a member of the National Association of Realtors |
| RECORDING | listing / registration |
| RESIDENTIAL PROPERTY | apartment complex |
| SURVEY | measurement |
| TITLE | ownership, belongings |
| TITLE COMPANY | notary company |
| TITLE INSURANCE | ownership insurance |
| TITLE SEARCH | Search of the title company for claims in the history of the property |
| TRANSFER OF OWNERSHIP | conveyancing |
| WALK-THROUGH INSPECTION | final inspection of the property before transfer |