Real Estate Glossary Part III
Successful real estate listing needs careful research loads of attention and clear understanding of terms that are used in the ongoing real estate industry. Understandably from last two articles we have constantly putting an effort to make our readers smarter when it comes to knowing the correct usage of real estate terminology. This new article contains few more words and their exact meaning. Lets take a brief look on the following words that mean a lot in real estate industry:
Commission: It is a percentage of the sale price of a property that has to be given to a real estate professional as a fee for his or her services for negotiating the transaction.
Condominium: a kind of property ownership in which a person owns a unit usually in a multiple complex. In this arrangement a condominium owner shares responsibility of common areas.
Conventional loan: A kind of loan given by a private organization usually no guaranteed by the U.S. government.
Cooperative Coop: In this arrangement a group of people buy a collective infrastructure and then each one is allowed to live in a specific unit of that collective possession.
Credit history: A record that states the individual’s debt payment. Lenders use this statement before providing adequate loan amount to the borrower.
Credit report: A report that states all debts including past and present and the timeliness of their repayment; a summary of an individual’s credit history.
Debttoincome ratio: A ratio that compare gross income to housing and nonhousing expenses. According to the provisions of the U.S. government it should not exceed over 29 of monthly gross income.
Deed: A contract that notifies the transfer of property from the seller to the buyer.
Deedinlieu: A contract provided to the lender to pay the debts especially to avoid situation like foreclosure.
Default: A situation in which the borrower fails to pay his monthly mortgage payments in a timely manner to meet his mortgage promise.
About the writer: Myself webmaster of http://www.realestatedirectories.com/ which is a real estate directory guide that provide all information related to real estate in various areas like real estate listing real estate resources and more.
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