Welcome to the Boerne real
estate and homes for sale real estate and
mortgage glossary for Spring Branch, San
Antonio, New Braunfels, Bulverde, Boerne, Canyon
Lake and Comal County, TX areas. Understanding
real estate terminology can be of great
assistance in buying or selling a home,
commercial property, or investment property. In
order to help you understand words commonly used
in a real estate transaction, I have prepared a
list of real estate terms you should become
familiar with. Thanks again and be sure to
contact me for any of your Spring Branch real
estate needs or real estate needs for San
Antonio, New Braunfels, Bulverde, Boerne, Canyon
Lake here in Comal County, TX.
Terms:
Interest Rate
The monthly effective rate paid (or received if
you are a creditor) on borrowed money. Expressed
as a percentage of the sum borrowed.
MLS- IDX
IDX, or broker reciprocity, is a listing sharing
arrangement between brokers within a Mulitple
Listing Service.
Market Value
An asset's market value is the price it would
fetch in the market, if it were sold in the
current marketplace.
Title Insurance
A type of insurance which guarantees the
ownership and quality of title to land.
Appraisal
An educated estimate of the value of a property
on a certain date given by a person, usually
after an inspection of the property.
As is
Implied in most Agreements of Purchase and Sale,
suggests the buyer is accepting the property in
it present state and relinquishes and
responsibility from the buyer.
Bankruptcy
a) A person who has done any of the acts that by
law entitle his creditors to have his estate
administered for their benefit; b) a person
judicially declared subject to having his estate
administered under the bankrupt laws for the
benefit of his creditors; c) a person who
becomes insolvent.
Bid
To offer (a price) whether for payment or
acceptance.
Property Tax
A tax levied on real or personal property
Interest Rate
The percentage usually on an annual basis that
is paid for the use of money borrowed from
another
Home Loan
a) Money lent at interest; b) something lent
usually for the borrower's temporary use.
Credit Risk
An estimate of the amount of credit that can be
extended to a company or person without undue
risk.
Credit Union
A cooperative organization that makes loans to
its members at low interest rates.
Prime Rate
The lowest rate of interest on bank loans at a
given time and place, offered to preferred
borrowers.
ARM
A mortgage whose interest rate is raised or
lowered at periodic intervals according to the
prevailing interest rates in the market.
Home Equity Loan
A loan or credit line that is secured by the
equity the borrower has in a home.
Mortgage
A temporary, conditional pledge of property to a
creditor as security for performance of an
obligation or repayment of a debt.