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REAL ESTATE TERMS YOU SHOULD KNOW

AMORTIZED LOAN- A loan that is paid off, both interest and principal, by regular payments that are equal or nearly equal.

AMENDMENT- A change-either to alter, add to, or correct-part of an agreement without changing the principal idea or essence.

APPRAISAL- An estimate of value of property resulting from analysis of facts about the property: an opinion of value.

ASSUMPTION- Taking over another person's financial obligation: taking title to a property with the Buyer assuming liability for paying an existing note secured by a deed of trust against the property.

BENEFICIARY- The recipient of benefits, often from a deed of trust; usually the lender.

CLOSE OF ESCROW- The date the documents are recorded and title passes from Seller to Buyer. On this date, the Buyer becomes the legal owner, and title insurance becomes effective.

CLOUD ON TITLE- A claim, encumbrance, or condition that impairs the title to real property until disproved or eliminated through such means as a quitclaim deed or a quiet title legal action.

COMPARABLE SALES-Sales that have similar characteristics as the subject property, used for analysis in the appraisal. Commonly called "comps."

CONVEYANCE- An instrument in writing, such as a deed or trust deed, used to transfer (convey) title to property frrom one person to another.

DEED OF TRUST- An instrument used in many states in place of a mortgage.

DEED RESTRICTIONS-Limitations in the deed to a property that dictate certain uses that may or may not be made of the property.

EARNEST MONEY DEPOSIT- Down payment made by a purchaser of real estate as evidence of good faith; a deposit or partial payment.

EASEMENT-A right, privilege or interest limited to a specific purpose that one party has in the land of another.

HAZARD INSURANCE-Real estate insurance protecting against fire, some natural causes, vandalism, etc., depending upon the policy. Buyer often adds liability insurance and extended-coverage for personal property.

HOMESTEAD EXEMPTION- Automatic in Arizona, it allows any resident of Arizona, 18 years of age or older, to exempt from attachment, execution of forced dale $100,000 of equilty in a single dwelling unit. Exceptions include (1) process and sale of a consensual lien, i.e. where a deed of trust or equity loan is foreclosed; (2) a forced slae resulting frm a mechanic's lien, and (3) any equity beyond the $100,000. (You should consult an attorney to determine if this exemption offers you protection in the event of an attachment, execution or forced sale.)

IMPOUNDS- A trust type of account established by lenders for the accumulation of borrower's funds to meet periodic payments of taxes, mortagage insurance premiums and/or future insurance policy premiums, required to protect their security.

LEGAL DESCRIPTION-A description of land recognized by law, based on government surveys, spelling out the exact boundaries of the entire piece of land. It should so thoroughly identify a parcel of land that it cannot be confused with any other.

LIEN- A form of encumbrance that usually makes a specific property the security for the payment of a debt or discharge of an obligation. For example, judgments, taxes, mortgages, deeds of trust.

MORTGAGE- The instrument by which real property is pledged as security for repayment of a loan.

PITI- A payment which combines Principal, Interest, Taxes and Insurance.

POWER OF ATTORNEY- A written instrument whereby a principal gives authority to an agent. The agent acting under such a grant is sometimes called an "Attorney-in-Fact."

PURCHASE AGREEMENT-The purchase contract between the Buyer and Seller. It is usually completed by the real estate agent and signed by the Buyer and Seller.

QUITCLAIM DEED- A deed operating as a release, intending to pass any title, interest, or claim which the grantor may have in the property, but not containing any warranty of a valid interest or title by the grantor.

RECORDING- Filling documents affecting real property with the County Recorder as a matter of public record.

WARRANTY DEED- A real estate oriented document used to convey frr title to real property from the grantor (usually the Seller) to the grantee (usually the Buyer).

For more real estate terms http://www.realestateabc.com/glossary/