Your real estate terms

Welcome to the North Phoenix real estate and homes for sale real estate and mortgage glossary for Phoenix, Scottsdale, North Scottsdale, Paradise Valley, North Phoenix, Central Corridor and Maricopa County, AZ areas. Understanding real estate terminology can be of great assistance in buying or selling a home, commercial property, or investment property. In order to help you understand words commonly used in a real estate transaction, I have prepared a list of real estate terms you should become familiar with. Thanks again and be sure to contact me for any of your Phoenix real estate needs or real estate needs for Scottsdale, North Scottsdale, Paradise Valley, North Phoenix, Central Corridor here in Maricopa County, AZ.

Terms:

Interest Rate
The monthly effective rate paid (or received if you are a creditor) on borrowed money. Expressed as a percentage of the sum borrowed.

MLS- IDX
IDX, or broker reciprocity, is a listing sharing arrangement between brokers within a Mulitple Listing Service.

Market Value
An asset's market value is the price it would fetch in the market, if it were sold in the current marketplace.

Title Insurance
A type of insurance which guarantees the ownership and quality of title to land.

Appraisal
An educated estimate of the value of a property on a certain date given by a person, usually after an inspection of the property.

As is
Implied in most Agreements of Purchase and Sale, suggests the buyer is accepting the property in its present state and relinquishes any responsibility from the seller.

Bankruptcy
a) A person who has done any of the acts that by law entitle his creditors to have his estate administered for their benefit; b) a person judicially declared subject to having his estate administered under the bankrupt laws for the benefit of his creditors; c) a person who becomes insolvent.

Bid
To offer (a price) whether for payment or acceptance.

Property Tax
A tax levied on real or personal property.

Interest Rate
The percentage usually on an annual basis that is paid for the use of money borrowed from another.

Home Loan
a) Money lent at interest; b) something lent usually for the borrower's temporary use.

Credit Risk
An estimate of the amount of credit that can be extended to a company or person without undue risk.

Credit Union
A cooperative organization that makes loans to its members at low interest rates.

Prime Rate
The lowest rate of interest on bank loans at a given time and place, offered to preferred borrowers.

ARM
A mortgage whose interest rate is raised or lowered at periodic intervals according to the prevailing interest rates in the market.

Home Equity Loan
A loan or credit line that is secured by the equity the borrower has in a home.

Mortgage
A temporary, conditional pledge of property to a creditor as security for performance of an obligation or repayment of a debt
.

Do you have a need for professional real estate services?

If you are looking for North Phoenix real estate and homes for sale or real estate and homes for sale in Phoenix, Scottsdale, North Scottsdale, Paradise Valley, North Phoenix, Central Corridor or any nearby Maricopa County, AZ area, I am here to help. Please use this simple real estate request form that will help you when you are looking for a home for sale in Phoenix, Scottsdale, North Scottsdale, Paradise Valley, North Phoenix, or Central Corridor. Whether you are buying or selling Phoenix or North Phoenix real estate and homes, you have come to the right place. Please note all of your information will be kept strictly confidential and will only be used to provide you with outstanding real estate services.

Input Your Information
* Name
* Email
Phone
How would you prefer to be contacted?
Comments

Home Page | Properties | Buyers | Sellers | Canadian Webinar | Area Info | Dream Home Finder | What's My Home Worth? | Market Data & My Blog | Testimonials | Connect To My Favorite Links | Kennedy Connections Links | Tourism and Travel | Meet Our Canadian Webinar Speakers | Featured Properties | My Office Listings | Request Info | Property Search (ARMLS - Residential) | Property Search (ARMLS - Multiple Dwellings) | Property Search (ARMLS - Land) | Property Search (ARMLS - Rental/Lease) | Buyers Request | Sellers Request | Free E-mail Property Updates | Free Real Estate Reports | Community Links | School Links | Weather | Home Buying Info | Additional Real Estate Info | Different Types of Real Estate Home Loans | Free Market Update | Home Moving Assistance | How Much Real Estate Can You Afford | Real Estate and Mortgage Glossary | Real Estate Mortgage Programs | Real Estate Refinancing Information | Real Estate Tax Info | Selecting Your Next Home | Why Select me to Help You Sell Real Estate | Why Select me to Represent you when Buying Your Next Home | Real Estate Mortgage Calculators | Real Estate and Consumer Info | Real Estate and Community Bulletin Board | Visual Tour 6325 W. Townley Ave Glendale, AZ | Guestbook | Donate
Site Map | E-Mail


John Hall & Associates
11211 N. Tatum Blvd. #200 • Phoenix,, AZ 85028
602-670-6549 • Toll Free: 1-877-ICU-INAZ (428-4629)
Office: (602) 953-4000
Fax: (602) 953-4042

Returning visitors login here to access your saved searches and summary pages!

E-Mail: Password: