Addendum - An addition to a contract that becomes part of the contract.
Adjustable rate mortgage - The interest rate for a mortgage will be renegotiated at set times to adjust to current rates.
Agent - One who is uathorized to represent another.
Amenities - Attractive features of a property that add to the pleasure of homeownership.
Appraisal - An estimate of value made after analysis of the facts and data.
Breach of contract - A violation of the terms and conditions set forth in the contract.
Broker - A person licensed to transact real estate negotiations for another.
Building code - A group of ordinances that legislate building construction within a community.
Certificate of title - A written opinion by an attorney or title company that certifies the condition of the title.
Closing - Finalization of a sale, signing and transferring the title, and distributing the money.
Cloud on title - A claim or interest revealed by a title search that may affect the title.
Commission - The fee earned by a real estate broker for services rendered in negotiating a real estate transaction.
Comparable market analysis - The evaluating of recent sales of properties that are comparable to the subject property in an attempt to place market value on the subject property.
Counteroffer - An offer made after the original offer was rejected.
Deed - A written instrument that transfers ownership of real property.
Discount points - A percentage charged by the lender to increase the yield of the loan. Each point represents one percent of the loan amount.
Earnest money deposit - A deposit made by the purchaser at the time the purchase agreement is written to bind the contract.
Legal description - the description of the property boundaries recognized by law.
Limited agent - The agent represents both seller and purchaser.
Zoning ordinance - Categorizes areas into the type of use permitted and sets the requirements of each zoning district.
