REAL ESTATE TERMS YOU MAY WANT TO KNOW WHEN BUYING OR SELLING A HOME IN THE ORLANDO AREA
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the process of analyzing a loan application to determine the amount of risk involved in making the loan; it includes a review of the potential borrower’s credit history and a judgment of the property value.
the fees charged to homeowners by the lender at the time of closing a mortgage loan. This includes points, broker’s fees, insurance, and other charges.
Land that is vacant or returned to nature or lacking in essential appurtenant improvements required to serve a useful purpose. Example: Any of the following activities on a piece of raw land will res.
A fractional ownership without a physical division into shares.
Any property which has no outstanding claims or liens against it.
The most common appraisal form in use which is also know as a form appraisal and is used to document the methods used to determine the market value of single-family residences and planned unit develop.
A method adopted in 1785 also known as the Rectangular Survey System of describing or specifying the location of a parcel of land using prime meridians, guide meridians, base lines, standard parallels.
United States Department of Agriculture / Rural Housing Services.
The special form known as HUD-1 that itemizes all charges to he paid by a borrower and seller in connection with the settlement is required to be given to the borrower, lender and seller at or before.
A specific easement made for the durations for Utility Companies to perform their function of providing electric, water, etc..
Keep in mind that this is by no means a complete list of terms, but it does highlight most of the more common terms used in the industry and is a constant work in progress as time passes.
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