Buying Fl Home
Buying Fl Home
Buying Fl Home

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Real Estate Terms of the Day for Buying Fl Home



HIGH RISE
A popular expression for a condominium or apartment building generally higher than six stories.

MISREPRESENTATION
A false statement or concealment of a material fact made with the intent to induce some action by another party.

NET WORTH
The value remaining after deducting liabilities from assets.

COMMITMENT
A pledge or promise to do a certain act, such as the promise of a lending institution to loan a certain amount of money at a fixed rate of interest to a qualified buyer, provided the loan is obtained on or before a certain date.

NOTICE
(1) Legal notice is notice which is required to be made by law, or notice which is imparted by operation of law as a result of the possession of property or the recording of documents. (2) Notice which is required by contract, for example, when the parties agree to terminate a contract by the written notice of either party 30 days prior to termination.

PRINCIPAL
The amount of debt, not counting interest, left on a loan.

TAX LIEN
A general statutory lien imposed against real property for failure to pay taxes. There are federal tax liens and state tax liens.

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