Escrow
The Listing Broker or Listing side TC
Who Opens Escrow
HOA & PUD
What is a Homeowner's Association & Planned Unit Development
Loan with intereste rate that stays the same
Fixed Rate Mortgage
Delivered to all parties immediatly after acceptance
Transaction Summary
Process of estimating the value of a property
Appraisal
PITI
What is Principal Interest Taxes & Insurance
Top Floor Luxury Dwelling Unit
Penthouse
DTI
Debt to Income
Days for SkySlope
2 calendar
Legal document to transfer ownership
Deed
Taxes, HOA Dues, etc
What is/are Prorated at closing
Sold to you in its present condition
As-Is
Building material to protect agaist inclement weater, acoustics, fire.
Insulation
Feet for CO
15 feet of any given bedroom door
Legal process for a lender to take possession
Foreclosure
Latin for "suit pending"
Lis Pendens
Homes that have been sold in the past 6 months
Comps
Calculation to repay a loan through installments
Amortization
Feet for Smoke
21 feet of any given bedroom door
Maximun years for a mortgage loan
30
RESPA
Real Estate Settlement Procedures Act
Sale of a property for a person with no will
Probate Sale
Right to use someone else's land for a specific purpose
Easement
Condition to meet prior to having a 100% binding contract
Contingency
Difference between market value and a mortgage
Equity