Fort Lauderdale Condos (A thru Z)

A B C D E F G H I J K L
M N O P Q R S T U V W X Y Z

Fort Lauderdale Real Estate Glossary

Glossary - A

Absorption

The amount of inventory or units of a specific commercial property type that became occupied during a specified time period (usually a year) in a given market, typically reported as the absorption rate.

Acceleration clause

A provision in a mortgage that gives the lender the right to demand payment of the entire principal balance if a monthly payment is missed.

Acceptance

An offeree’s consent to enter into a contract and be bound by the terms of the offer. 

Additional principal payment

A payment by a borrower of more than the scheduled principal amount due in order to reduce the remaining balance on the loan.

Adjoining

In actual contact with another object (i.e., attached). Same as "Contiguous".

Adjustable-rate mortgage (ARM)

A mortgage that permits the lender to adjust the mortgage's interest rate periodically on the basis of changes in a specified index. Interest rates may move up or down, as market conditions change.

Adjusted basis

The original cost of a property plus the value of any capital expenditures for improvements to the property minus any depreciation taken.

Adjustment date

The date on which the interest rate changes for an adjustable-rate mortgage (ARM).

Adjustment period 

The period that elapses between the adjustment dates for an adjustable-rate mortgage (ARM).

Administrator

A person appointed by a probate court to administer the estate of a person who died intestate.

Affordability analysis

A detailed analysis of your ability to afford the purchase of a home. An affordability analysis takes into consideration your income, liabilities and available funds, along with the type of mortgage you plan to use, the area where you want to purchase a home and the closing costs that you might expect to pay.

Agent

An individual/entity who transacts, represents, or manages business for another individual/entity. Permission is provided by the individual/entity being represented.

Amenity

A feature of real property that enhances its attractiveness and increases the occupant’s or user’s satisfaction although the feature is not essential to the property’s use. Natural amenities include a pleasant or desirable location near water, scenic views of the surrounding area, etc. Human-made amenities include swimming pools, tennis courts, community buildings and other recreational facilities.

Amortization

The gradual repayment of a mortgage loan by installments.

Amortization schedule

A timetable for payment of a mortgage loan. An amortization schedule shows the amount of each payment applied to interest and principal and shows the remaining balance after each payment is made.

Amortization term

The amount of time required to amortize the mortgage loan. The amortization term is expressed as a number of months. For example, for a 30-year fixed-rate mortgage, the amortization term is 360 months.

Amortize

To repay a mortgage with regular payments that cover both principal and interest.

Annual debt service (ADS)

The total amount of principal and interest to be paid each year to satisfy the obligation of a loan contract.

Annual mortgagor statement

A report sent to the mortgagor (the borrower) each year. The report shows how much was paid in taxes and interest during the year, as well as the remaining mortgage loan balance at the end of the year.

Annual percentage rate (APR)

The cost of a mortgage stated as a yearly rate; includes such items as interest, mortgage insurance and loan origination fee (points).

Annuity

An amount paid yearly or at other regular intervals, often on a guaranteed dollar basis.

Application

A form used to apply for a mortgage loan and to record pertinent information concerning a prospective mortgagor and the proposed security. Lenders use the information on the loan application to evaluate whether or not they can give the loan, and if so, the amount of money they can lend.

Appraisal

A written analysis of the estimated value of a property prepared by a qualified appraiser. Contrast with home inspection.

Appraised value

An opinion of a property's fair market value, based on an appraiser's knowledge, experience and analysis of the property.

Appraiser

A person qualified by education, training and experience to estimate the value of real property and personal property.

Appreciation

An increase in the value of a property due to changes in market conditions or other causes. The opposite of depreciation.

Assessed value

The valuation placed on property by a public tax assessor for purposes of taxation.

Assessment

The process of placing a value on property for the strict purpose of taxation. May also refer to a levy against property for a special purpose, such as a sewer assessment.

Assessment rolls

The public record of taxable property.

Assessor

A public official who establishes the value of a property for taxation purposes.

Asset

Anything of monetary value that is owned by a person. Assets include real property, personal property and enforceable claims against others (including bank accounts, stocks, mutual funds and so on).

Assignee

Individual to whom a contract is assigned.

Assignment

The transfer of a mortgage from one person to another.

Assignor

An individual who transfers a contract to another individual.

Assumable mortgage

A mortgage that can be taken over ("assumed") by the buyer when a home is sold.

Assumption

The transfer of the seller’s existing mortgage to the buyer. See assumable mortgage.

Assumption clause

A provision in an assumable mortgage that allows a buyer to assume responsibility for the mortgage from the seller. The loan does not need to be paid in full by the original borrower upon sale or transfer of the property.

Assumption fee

The fee paid to a lender (usually by the purchaser of real property) resulting from the assumption of an existing mortgage.

Attorney-in-fact

One who holds a power of attorney from another to execute documents on behalf of the grantor of the power.

Average annual effective rate

The average annual effective rent divided by the total square feet.

Please provide a valid email address.
 

 


Eric Miller REALTOR®
Keller Williams Realty Professionals
3696 N Federal Highway, Fort Lauderdale, FL 33308
Direct: (954) 383-8170
Fax: (954) 630-7050
Fort LauderdaleGroup.com Home Page   Ft Lauderdale Real Estate Listings   Fort Lauderdale Waterfront Homes   Fort Lauderdale Condo Guide   Ft Lauderdale Communities  Fort Lauderdale Condominiums  Wilton Manors Real Estate Listings   Oakland Park Real Estate Listings   Contact Eric Miller and Associates   Sitemap