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13 Cards in this Set
- Front
- Back
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market value
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the highest price that the property will bring on the market.
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equity
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the differnece between the market value of property and the amount owed on it.
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points
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mortgage lenders often add a finance chrage in the form of points.
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closing costs
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settlement costs are the expenses incurred in transferring ownershipd from buyer to seller in a real estate transaction.
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MLS Multiple Listing Service
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a real estate marketing service in which agents from many real estate agencies pool their home listings and agree to share commisions sales.
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offer
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a formal document that expressesw interest in entering a contract with someone else.
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earnest money
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a portion of the purchase price that a buyer deposits as good evidence of good faith to show that the purchase offer is serious.
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acceptance
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a formal agreement to the terms of an offer forming a contract between the parties.
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counteroffer
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an offer in response to another offer
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fixedrate mortgage
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mortage on which the interst rate doesnt change during the term of the loan.
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title
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a legal document that establishes ownership
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deed
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a legal doument that transfers title of real property from one party to another.
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lien
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a fiancial claim on property.
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