Buying Home Loan
Buying Home Loan
Buying Home Loan

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Real Estate Terms of the Day for Buying Home Loan



SURVEY
The process by which boundaries are measured and land areas are determined; the on-site measurement of lot lines, dimensions, and position of houses in a lot including the determination of any existing encroachments or easements.

APPRAISAL FEE
A fee charged by a licensed, certified appraiser to render an opinion of market value as of a specific date.

LIMITED COMMON ELEMENTS
That special class of common elements in a condominium reserved for the use of a certain apartment(s) to the exclusion of other apartments.

HABITABLE
Being fit to live in. The residential landlord has an obligation to keep the leased premises in a habitable condition.

ARBITRATION
The non-judicial submission of a controversy to selected third parties for their determination in the manner provided by agreement or by law.

INDEX
A published rate used by lenders that serves as the basis for determining interest rate changes on ARM loans.

CONTRACT OF SALE
The agreement between the buyer and seller on the purchase price, terms, and conditions of a sale.

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