Real Estate Terms You Must Know Before Buying Flat
Published On - Mar 02, 2023
Published By - Main Admin
Tags - Patna Real Estate
Real estate jargon and terminology like "right of refusal," "transfer tax," and "amortisation" can all seem like a confusing word stew. Building your real estate vocabulary before you begin shopping for your ideal property is a fantastic idea. Hence, before purchasing an apartment, make sure you understand these real estate terminologies.
THE TOP REAL ESTATE TERMS YOU NEED TO KNOW
ADDENDUM
a supplement to a purchase agreement or real estate contract.
AMORTIZATION
repaying a loan over an agreed-upon time frame.
THE PERCENTAGE RATE, ANNUAL (APR)
You may anticipate paying a number of fees in addition to the interest rate when applying for a mortgage loan.
BROKER
A real estate broker can act as a seller's or buyer's representative.
CLOSING
When ownership of a property is fully transferred from the seller to the buyer, the real estate transaction is complete.
FINANCING FEES
the fees and charges associated with purchasing a flat.
COMMISSION
It is equal to 5–6% of the commission a real estate agent receives at closing.
LOAN FOR CONSTRUCTION
a quick loan used to pay for property development costs.
CLASSICAL MORTGAGE
As this loan is not guaranteed by a government agency like the Federal Housing Administration, it is most suitable for candidates with great credit (FHA).
DEED
An official document known as a deed is used to transfer property ownership from a seller to a buyer.
DEFAULT
When a homeowner misses a number of mortgage payments,
DELINQUENCY
When a homeowner misses a payment, it results in a delinquent mortgage.
DOWN PAYMENT
The sum of money a buyer saves in order to buy a house is known as the down payment. This can often be between 5% and 20% of the price of the house.
Right to decline
The phrase "right of first refusal" may be used in a lease or contract to indicate that a person has the option to submit an offer on a property before the seller advertises it for sale.
A tax imposed by a state, county, or municipal when ownership of real estate changes.
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