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Welcome > Resources > Real Estate Dictionary - A
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Majority |
The age at which an individual is legally
entitled to handle his or her own affairs |
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Margin |
The amount added to the index on an
adjustable-rate mortgage (ARM) that establishes the adjusted interest rate at a
given time |
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Market value, or Fair market
value |
The most likely price that a piece of property
or home can realistically be sold for, and is dependent on the selling price of
similar real estate in the area |
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Marketable title |
A clear, unencumbered title, reasonably
acceptable without the threat of the risk of litigation |
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Maturity |
The date on which the principal balance of a
loan, bond, or other financial commitment is due and payable |
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Mechanic's lien |
A lien created by statute to allow unpaid
contractors, laborers or suppliers who have performed work on or furnished
materials for the construction of a building to recover the value of their
work |
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Metes and Bounds |
Means for describing property by a set of
directions and distances, when there isn't identification based on a surveyed
lot number |
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Minor |
An individual below the age at which he or she
is legally entitled to handle his or her own affairs |
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Monument of Survey |
le indications made on natural or man-made
objects that indicate the boundaries of a survey |
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Mortgage |
A legal document that pledges a property to the
lender as security for the payment of a loan or debt |
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Mortgage broker |
An individual or company that acts as an agent
between borrowers and lenders for the purpose of arranging and negotiating
mortgage contracts; who is paid a fee for such service |
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Mortgage insurance |
A contract that guarantees the lender against
loss caused by a mortgagor's default on a government or conventional mortgage;
such insurance can be issued by a private company or by a government agency,
and covers either only a percentage, or the total, of the mortgage
loan |
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Mortgagee |
The lender in a mortgage
transaction |
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Mortgagor |
The borrower in a mortgage
transaction |
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Multiple-listing service
(MLS) |
An organization of brokers who share their
listing agreements with one another in order to find buyers for their
properties more effectively than they could individually |
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Real Estate Contracts >Purchase Agreements
Whether it consists of several pages of big type or a few pages of fine print, a real estate purchase agreement is a serious, legally binding document. In most areas, there are "boiler plate" forms that spell out what each party agrees to do by certain dates and what happens if either side breaks the contract.
The best time to familiarize yourself with these forms is when you are beginning your search. Ask the real estate agent for a copy of the purchase agreement and then review it, keeping in mind that it has the force of law. If you don't understand the document, consult an attorney. If there is a dispute between buyer and seller, a court will hold you to what the purchase agreement specifies, not what you thought it meant or what you thought the real estate agent said it meant.
There are several key points you should be clear about. What are the deadlines for loan application and obtaining financing? If you decide to back out because of the structural inspection report, can you do that? Do appliances convey? When will the closing take place? If you understand these clauses before you find the perfect house, you will avoid a lot of stress and minimize the likelihood of misunderstandings.
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| Q |
What does the term ARM stand for?
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| A |
An ARM is an Adjustable Rate Mortgage, a loan where the interest rate is tied to an economic index that fluctuates with the market. |
 See More Real Estate Trivia > |
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NUMBER1EXPERT®
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