Real Estate Dictionary For the Home Seller
Appraisal
An educated estimate of the value of a property on a certain date given by a person, usually
after an inspection of the property.
ARM
A mortgage whose interest rate is raised or lowered at periodic intervals according to the
prevailing interest rates in the market.
As is
Implied in most Agreements of Purchase and Sale, suggests the buyer is accepting the property
in it present state and relinquishes and responsibility from the buyer.
Bankruptcy
A person who has done any of the acts that by law entitle his creditors to have his estate
administered for their benefit b : a person judicially declared subject to having his estate
administered under the bankrupt laws for the benefit of his creditors c : a person who becomes
insolvent.
Bid
To offer (a price) whether for payment or acceptance.
Credit Risk
An estimate of the amount of credit that can be extended to a company or person without undue
risk.
Credit Union
A cooperative organization that makes loans to its members at low interest rates.
Home Equity Loan
A loan or credit line that is secured by the equity the borrower has in a home.
Home Loan
Money lent at interest b : something lent usually for the borrower's temporary use.
Interest Rate
The percentage usually on an annual basis that is paid for the use of money borrowed from
another.
Mortgage
A temporary, conditional pledge of property to a creditor as security for performance of an
obligation or repayment of a debt.
Prime Rate
The lowest rate of interest on bank loans at a given time and place, offered to preferred
borrowers.
Property Tax
A tax levied on real or personal property.
Title Insurance
A type of insurance which guarantees the ownership and quality of title to land.
Appraisal
An educated estimate of the value of a property on a certain date given by a person, usually
after an inspection of the property.
ARM
A mortgage whose interest rate is raised or lowered at periodic intervals according to the
prevailing interest rates in the market.
As is
Implied in most Agreements of Purchase and Sale, suggests the buyer is accepting the property
in it present state and relinquishes and responsibility from the buyer.
Bankruptcy
A person who has done any of the acts that by law entitle his creditors to have his estate
administered for their benefit b : a person judicially declared subject to having his estate
administered under the bankrupt laws for the benefit of his creditors c : a person who becomes
insolvent.
Bid
To offer (a price) whether for payment or acceptance.
Credit Risk
An estimate of the amount of credit that can be extended to a company or person without undue
risk.
Credit Union
A cooperative organization that makes loans to its members at low interest rates.
Home Equity Loan
A loan or credit line that is secured by the equity the borrower has in a home.
Home Loan
Money lent at interest b : something lent usually for the borrower's temporary use.
Interest Rate
The percentage usually on an annual basis that is paid for the use of money borrowed from
another.
Mortgage
A temporary, conditional pledge of property to a creditor as security for performance of an
obligation or repayment of a debt.
Prime Rate
The lowest rate of interest on bank loans at a given time and place, offered to preferred
borrowers.
Property Tax
A tax levied on real or personal property.
Title Insurance
A type of insurance which guarantees the ownership and quality of title to land.