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Impound, or Reserves |
The portion of a borrower's monthly payments
held by the lender to pay for taxes, hazard and mortgage insurance, lease
payments, and other items that will come due |
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Income approach |
The method of estimating the value of a property
by calculating its generated income |
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Income property |
Real estate developed for the purpose of
generating income |
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Indemnify |
To provide for compensation in the case of loss
or damage to property |
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Indemnity |
The statement of terms under which loss or
damage to property will be compensated |
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Index |
A published interest rate used by lenders to
compare the interest rate for an adjustable-rate mortgage (ARM) with that
earned by other investments (e.g., the yield on Treasury bills, interest rate
on loans from savings and loans institution, etc.), as a result of which the
ARM interest rate is adjusted |
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Ingress |
The right to enter on or over a piece of
property |
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Insurable Title |
A property title which an insurance company is
willing to insure against possible claim |
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Installment contract, or Contract for
deed |
A contract for the sale of real estate whereby
the buyer is in possession of the property while paying off the purchase price
in periodic installments, despite the title being retained by the seller until
the future date of final payment |
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Insured closing letter |
An indemnity provided by a title insurance
company to a lender, whereby the title insurance company assumes responsibility
in the case that the closing agent does not fulfill the terms of the loan, or
misappropriates the loan proceeds |
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Insured mortgage |
A mortgage that is protected by the Federal
Housing Administration (FHA) or by private mortgage insurance (MI) so that if
the borrower defaults on the loan, the insurer compensates the lender the
lesser of the loss incurred or the actual insured amount |
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Interest rate buydown
plan |
An arrangement made for the initial years of a
mortgage whereby the seller (or any other party) deposits money into an account
that is then released toward the monthly payments on the mortgage, thereby
bringing the mortgagor's interest rate down below the actual interest
rate |
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Interest rate ceiling |
The maximum interest rate for an adjustable-rate
mortgage (ARM), as specified in the mortgage note |
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Interest rate floor |
The minimum interest rate for an adjustable-rate
mortgage (ARM), as specified in the mortgage note |
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Interim financing |
A temporary or short-term loan, often made
during the construction phase of a building project, and usually replaced by a
permanent long-term mortgage |
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In testate |
The condition of dying without leaving a will.
The description of an estate without a will |
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Involuntary lien |
A claim or charge against property placed
without the consent of the property's owner |
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For Sale By Owner >Selling Tools
After a month of trying to sell your home "By Owner" you may decide to list it with a real estate agent. If you are in this position, you may begin to notice that your agent doesn't market the home the same way you did. You ran classified ads every weekend, but your agent has only advertised twice all month. Even so, there is a lot more interest and activity than you were able to generate on your own.
When your home is being marketed professionally, your real estate agent has many powerful selling tools that make it worth hiring someone who is experienced and competent. Some advantages to hiring an agent are the national and worldwide referral networks, the Multiple Listing Service, and the Internet. We advertise extensively in almost every media available including TV, which may bring in a call from the people who will buy your home. We work cooperatively with other brokers and share information about listings. Communication is the key to a real estates success. Agents use all of these tools to market their listings aggressively to get sales action!
