Real Estate

Real Estate Terms To Have at the Ready

Fri Jun 24, 2011 1:16 pm
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Deposit the money commonly used with sales contracts and leases that is paid in good faith to assure performance of a contract. If the party who put the deposit fails to perform, the deposit is forfeited, unless conditions in the contract allow a refund. Brokers are to put deposits in a sepaprate checking account pending completion of the contract.

Developer a party who prepares land for income production by making improvements to land and by selling completed projects.

Development the process of creating improvements on or to a parcel of land which may include subdividing, access, sewer and drainage lines, utilities, buildings and any combination of these elements......also a real estate project where improvements are or have been made.

Disclosure Statement a statement required by law in which the sellers of specific types of real property or under certain circumstances must reveal specified information to potential buyers.

Discount Points an amount of money called points where 1 point equals 1 percent of the original principal loan amount which a borrower or seller must pay to a lender in order to get a loan at a stated lower interest rate.

Down Payment an initial partial payment of the total selling price.

Due Diligence the making of every reasonable effort to perform one's contractual obligations. Example 1- a prospective buyer signed a sales contract contingent on the sale of her current residence. She is expected to use due diligence in marketing her current house. 2- the making of every reasonable effort to provide accurate complete information.

Dwelling a place where people live such as apartments, hotels, mobile homes, nursing homes and single family houses.

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