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Real Estate Terms

Helpful real estate words and phrases.

Agency - An Agency is a relationship with the seller and buyer where a agent has the power to act on behalf of another person, subject to the consent of the person being represented.

 

Balloon Loan - A balloon loan is a mortgage loan where monthly payments are not large enough to repay the loan resulting in a lump sum due on the final payment.

 

Credit Report - A detailed report of a individual person's credit, past and current employment, and residence history. A lender uses this information to determine if he is applicable of a loan or credit card. The Largest credit bureaus are Experian, Equifax, and Trans Union.

 

Disclosure - Disclosure is a statement listing information that is relevant to a property to a potential buyer.

 

Dual Agent - A dual agent represents both the seller and the buyer in a transaction.

 

Escrow - A neutral third party holds any documents and money for a real estate transaction until all conditions are met before any disbursement of funds or articles.

 

Fannie Mae - The Federal National Mortgage Association. It's a company that buys mortgages and resells them as securities on the mortgage market.

 

Home Equity Loan - A home equity loan is a loan that allows you to borrow from the equity of your home. Unlike a home equity line, you don't have a option to redraw in the future.

 

HUD - The U.S. Department Of Housing And Urban Development known as HUD is a federal agency that oversees the FHA otherwise known as the Federal Housing Administration and community and housing development programs.

 

Lease Option - A lease option contains the right to purchase the property for a certain price within a certain time.

 

Mortgage - A mortgage is money borrowed to purchase a home.

 

Mortgage Broker - A person who finds prospective borrowers and matches them with lenders who meet the criteria of the lender.

 

Open House - A marketing tool used by agents where a house is open to the public to view.

 

Seller Financing - The seller allows the borrower to use some of the equity to finance the purchase.

 

Timeshare - Timeshare is a vacation home or resort where you own it for a specific period of time.

 

Variable Rate Mortgage- Variable Rate Mortgage or VPM is a loan with a interest rate that changes on factors such as the rate paid on bank treasury bills, and bank certificates.

 

Zoning Ordinance - Set of laws that regulate and control the use of land, such as construction or improvements.

 

 

    Fort Lauderdale


    Trade Centre South, Suite 700
    100 West Cypress Creek Road
    Ft. Lauderdale, Florida 33309


    Orlando


    Capital Plaza I, Suite 500
    201 East Pine Street
    Orlando, Florida 32801


    West Palm Beach


    One Clearlake Center, Suite 700
    250 South Australian Avenue
    West Palm Beach, Florida 33401


    Boca Raton


    One Boca Place, Suite 414-E
    2255 Glades Road
    Boca Raton, Florida 33431


    Aventura


    Harbour Centre, Suite 406
    18851 NE 29 Avenue
    Aventura, Florida 33180


    Stuart


    The Crexent Business Center, Suite 156
    850 NW Federal Highway
    Stuart, Florida 34994


    Greenspoon Marder, P.A.

    Toll Free:
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