Find
the terminology that is used in real
estate. Next we give a list him of
the legal terms that will find in
this site. Other terms exist that
his lawyer can explain to him.
Agency of Titles: Similar
to other insurance agencies, an agency
of titles is authorized to emit policies
on titles and to prepare documents
in relation to transactions on which
it emits the policies. The members
of the personnel of an agency of titles
do not represent any of the parts
and they cannot offer legal advice.
Real estate agent:
Professional with license ú
organization with its own educational
and ethical standards, in addition
to which the state requires.
Agent of Closing (or Agreement): The
agent who supervises and leads the
many steps surrounded in the transaction
of real estate during the process
of the closing or “agreement”,
including the control of the entrance
payment and all documents related
to the sale.
Agent of Sales of Raíces/Corredor
Goods: Person who has passed
an examination and obtained a license
of the state to reunite to buyers
and salesmen by a commission. The
runners have passed another examination,
generally after several years in the
business, and are authorized to operate
deprived companies of real estate.
Comparative analysis of the
Market (CMA): A document
CMA in writing that compares a house
in the vecindario that is comparable
and that is at the moment in the market
or it has been sold six months in
the last.
Appreciation: The
increase of the value of the property
in the market that is obtained with
time, and that adds capital gain to
the property.
Attractive: The attractiveness
that has a house and its property,
Vista from the street, for a possible
buyer, compared with other houses
in the same street or the same vecindario.
Letter of undertaking: Agreement
by means of which the company of loans
accepts to lend the money if the person
who asks for the loan fulfills certain
conditions in writing.
It closes (Agreement):
Last passage in the transaction of
the sale in which the legal documents
(of closing), (for example, writing,
promissory note, mortgage, afidávit)
they are granted or signed and the
bottoms distributed in agreement with
the terms of the contract or the commitment
of the loan.
Contingencies: Conditions (escape
clauses) by which the buyer decides
to buy the property and the salesman
decides to sell, under certain conditions.
In the eventuality of which they are
not fulfilled, the part that did it
can be retractar of the agreement.
Contract: Document
that legally forces the buyer to buy
a specific property and to the salesman
to sell it under established conditions.
Also it is known as a contract purchase
and sale, agreement of purchase and
sale, obligation or contract of money
of good faith.
Runner of Discount:
Agent of transaction that works to
discount to provide certain services
solely.
Account of Reserve: Money
that is put aside so that the company
of loans can pay taxes, damages, floods,
insurance on the mortgage and other
special costs related to the possession
of a property.
Fiduciary Counts:
Fiduciary counts who maintains a lawyer.
Material Defect: The
problems, including any damage to
the property, badly operation of important
systems and dangers for the medio.ambiente
that affect the condition of a house,
which they had to be revealed to a
buyer.
Defects of the Title: Any
legal right on a property demanded
by a person who is not the owner.
Like examples, taxes of real estate
can be included that has not been
paid or claims on the property done
by a unknown heir.
Hidden Defects: Any
claim on a property that does not
appear in the public files, for example,
heredero(a) desconocido(a), or an
embargo of a maintenance company municipal
public that has not been registered.
Money of Good Faith:
Money that the buyer offers to the
salesman like symbol of “Good
Faith” that or she tries to
buy the house. I deposit in cash of
“Good Faith” usually is
5% or 10 % of the sale price of the
house and an account of reserve or
fiduciary is deposited in. It is never
given directly to the salesman.
Spreading of the Salesman:
It requires that the selling report
to the buyers on any problem that
knows that it exists in the house
that could reduce its value.
Execution of Mortgage: When
the company of loans obtains an order
to sell a property publicly to pay
the loan, because the person who asked
for it did not fulfill the payments
of the mortgage.
Endorsements: Additional
cover of insurance of the title that
it protects to him of situations that
are not including in their policy.
Scripture: Written
formal document that transfers the
real rights of the property of the
salesman to the buyer. It contains
an exact, specific description and
legal of the property and it is given
at the moment of the closing.
Exception of the Title:
Like part of the investigation on
the title, a lawyer in real estate
will indicate to the “exceptions”
of the title - situations where the
owner of the title resigns to the
control or use of some part of his
property.
Exemption of Taxes On the
Property: A credit in the
taxes for the residents of Florida
against its main residence. The exemption
deduces $25.000 of the appraised value
of the property, giving to the proprietor
a reduction of taxes of approximately
$500.
Burden: Legal claim
on the property that acts like a security
of which the payment of a debt is
going away to carry out. If the debt
does not pay since it has been promised
the company of loans or owner of the
burden can implement his claim on
the property and force the sale to
the public to pay the debt.
Mortgage: Document
that puts a burden to the property.
The company of loans retains the burden
to make sure that it is going away
to pay the money to him that rendered.
It mortgages Assumeible:
Type of mortgage that settles down
so that the buyer can become position
of the payments of the salesman.
Taxes On the Property:
Taxes that the proprietor to the local
and state government - like average
pays annually, around the 1,5% to
2% of the value in which was evaluated
the house, determined by the valuer
of properties of the county.
Breach: The lack
of a buyer in paying the monthly payment
of the mortgage that includes the
main one of the loan, the interest
and possible additional positions
by taxes and insurance.
Inspection: Examination
of the property to see if it fulfills
the standards of the contract, the
company of loans and the buyer.
Interest: Position
on the loan that usually is a percentage
of the lent amount. The IRS allows
the proprietors of houses to deduce
of the declaration of taxes that surrenders
annually, the real interest on the
mortgage and taxes on the property,
within certain limits.
Right Value in the Market:
The value of one marries cradle in
a comparison of that house with comparable
houses in the same vecindario that
are at the moment in the market or
six months have been sold in the last.
Note of Sale: Instrument
that transfers the title to a personal
property.
Promissory note:
Promissory note assured by a mortgage.
Plane of a Property:
Procedure by which the land is located
and measured, and their limits by
an authorized land inspector are verified.
Capital gain: The
value of one marries less in the market
what the proprietor must in her. Some
proprietors sometimes request money
lent against the capital gain of the
house, and obtain a loan on this capital
gain (that also knows as second mortgage),
with deductible interest of taxes,
to pay to debts or expenses that they
want.
Policy of the Proprietors:
Insurance policy on the title that
emits the owner of a property, and
that protects the capital gain of
the owner against hidden problems
of the title.
Hypothecating Policy: Insurance
policy on the title that is emitted
to name of the company of loans. It
protects to the moneylender by the
amount of the hypothecating loan.
Pre-Aprobacio’n:
Initiation of the process to approve
the loan before finding a house. The
pre-approval surrounds providing to
a company of loans information on
use, income and debts to prove that
the buyer is a good risk. The process
is more complex than the one of pre-qualification,
reason why some times it implies an
honorarium.
Pre-Calificacio’n: The
pre-qualification supposes speaking
with the company of loans, that will
offer an opinion on the amount so
that the buyer is elegible, without
having to provide documents or file
of credit that endorse to him. The
pre-qualification does not entail
honorarium some.
Loan Type FHA: (Federal
Housing Administration) - Federal
Administration of Houses. Federal
agency within the Department of Houses
and Urban Development of the United
States (U.S. Department of Housing
and Urban Development - HUD). The
FHA, when using programs of insurances
on loans that assure the mortgages
to the companies loans, stimulates
the possibility of acquiring a house
to the families of low and moderate
income.
Main: The amount
of money of a loan on which interests
are received.
Real Property: One
talks about to a earth parcel and
any permanent improvement that has
been done to him.
Points: Interest in advance
to compensate to the company of loans
to process a mortgage. It is also
known like “honoraria to produce
the loan”. Each point is equivalent
to 1% of the loan. Also they are referred
like “points of discount”,
since, while more points are paid,
usually lower it will be the interest
rate.
Revision of the Title: A
revision of the public files, laws
and legal actions of the cut, to assure
that the salesman of a property is
the legal owner and to reveal all
the other claims or burdens on the
property that affect their possession.
Surely of the Proprietor:
It is required of all the proprietors,
and it protects against accidents
and robberies that can happen in their
property.
Surely Prevailed On Mortgage
(PMI): It is required typically
by the loan companies if the entrance
payment is less than 20% of the price
of purchase. This can add several
hundreds of dollars to the year to
the cost of the loan of the buyer
until the capital gain of the house
reaches 22%, when the insurance no
longer is necessary.
Surely On the Title: Type
of insurance that it protects to the
insured against losses of importance
by problems of the title.
Service of Multiple Listing:
Resource of computerized data that
the real estate agents use that contains
the lists of the houses, and their
description, that is on sale in that
specific area.
Rate of Adjustable Mortgage:
(Adjustable Rate Mortgage
- ARM). Also well-known like an adjustable
ARM, this type of mortgage begins
with a low interest rate, that remains
fixes by a limit of specified time
and it adjusts periodically, in agreement
with the fluctuations of the interests
in the market.
Fixed rate of Mortgage: Type
of mortgage in which the interest
always is the same one, or “fixed”,
during the time that lasts the loan.
The loan companies usually load a
higher interest by these mortgages.
The rate mortgages fix more common
are to 15 and 30 years.
Appraisal: Report
that an expert does certified or with
license, establishing an opinion on
the right value in the market and
the quality of the property, after
carrying out personal visits and examination
of the property.
Valuer: Certified
expert or with license that establishes
its opinion as far as the right value
in the market and quality of the property,
after making a physical revision of
the property and the conditions of
the market.
Title: The title can talk about to
two things: 1) rights of property
and possession of a property in individual;
2) the document that demonstrates
evidence of right sayings.
Saleable Title: One
says that the property can be traded
when the title or the rights on a
property, does not have problems or
only simple problems that any informed
and prudent affluent buyer could accept.
Transference of Tax:
One of the expenses that the day of
the closing pays to the salesman as
it leaves from the expenses of closing,
the tax transference is based on the
sale price of the property.
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