taxes and/or utility bills (electricity, gas, fuel), condominium common
expenses, if any, that have been prepaid by the vendor are pro-rated
paid by the purchaser to the vendor on closing. This can involve an
of several hundred dollars payable when the sale is completed.
number of years it takes to repay the entire amount of a mortgage. The
conventional amortization period for a mortgage is anywhere between 15
and 25 years. The shorter the amortization period, the less interest
have to pay.
The act or
process of estimating value. In real estate this is an estimate of a
property's market value used by lenders in determining
amount of the mortgage. This value may or may not match the purchase
of the home. The process of appraising is complex due to
many factors that affect the value of real estate.
increase of a property's value over time.
vhich is outside the real property itself, but belongs to the land and
is joined thereto. It adds to greater enjoyment of the land. A
right-of-way is an appurtenance.
price placed on the property for sale by the seller.
value of a property, set by the local municipality, for the purposes of
calculating property tax.
mortgage held on a property by the seller that can be taken over by the
buyer, who then accepts responsibility, for making the mortgage
legal document signed by a home buyer which requires the buyer to
responsibility for the obligations of a mortgage made by a former owner.