Atlanta Buying Home
Atlanta Buying Home
Atlanta Buying Home

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Real Estate Terms of the Day for Atlanta Buying Home



GARNISHMENT
A legal process designed to provide a means for creditors to safeguard for themselves the personal property of a debtor which is in the hands of a third party ("garnishee").

CAPS (PAYMENT)
Consumer safeguards which limit the amount monthly payments on an adjustable-rate mortgage may change. Since they do not limit the amount of interest the lender is earning, these consumer safeguards may cause negative amortization.

LENDER
The bank, mortgage company, or mortgage broker offering the loan.

VARIANCE
Permission obtained from governmental zoning authorities to build a structure or conduct a use which is expressly prohibited by the current zoning laws; an exception from the zoning laws.

TRIPLE NET LEASE
A net, net, net lease, where in addition to the stipulated rent, the lessee assumes payment of all expenses associated with the operation of the property.

GENERAL CONTRACTOR
A construction specialist who enters into a formal construction contract with a land owner or master lessee to construct a real estate building or project.

ANNUAL PERCENTAGE RATE (APR)
The cost of credit expressed as a yearly rate. The annual percentage rate is often not the same as the interest rate. It is a percentage that results from an equation considering the amount financed, the finance charges, and the term of the loan.

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