| Sales
Price |
| |
The
amount of money paid for a specific property, the sales
price is based upon a written agreement between the seller
and buyer (also known as purchase price).
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| Second
Home |
| |
A
property designated as a second residence or vacation home
and is livable year round. The property owner generally
resides at different property referred to as "Primary
Home."
|
|
| Security |
| |
Real
estate property pledged as collateral to secure the payment
of a debt, most commonly used in mortgage loan transactions.
|
|
| Settlement |
| |
The
final meeting where the sale and transfer of property and/or
loan closing is fully executed. This meeting generally
requires the borrower(s), seller(s), lender (or their agent)
to be present. The closing includes the delivery of a deed,
signing of notes, and the collection and disbursement of
funds necessary to complete the sale and loan transaction
(also known as closing).
|
|
| Single
Family |
| |
A
term generally to distinguish a house designed for use by
one family.
|
|
| Specific
Monthly Payment |
| |
A
desired monthly payment or pre-determined monthly payment.
|
|
| State
Property is Located |
| |
The
actual state of which the property is located. |
