Prudential Ca. Uptown Realty

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Welcome to the Fullerton real estate and homes for sale real estate and mortgage glossary for La Habra Heights, La Mirada, La Habra, Downey, Fullerton, Cerritos and Los Angeles County, CA 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 La Habra Heights real estate needs or real estate needs for La Mirada, La Habra, Downey, Fullerton, Cerritos here in Los Angeles County, CA. 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. Do you have a need for professional real estate services? If you are looking for Fullerton real estate and homes for sale or real estate and homes for sale in La Habra Heights, La Mirada, La Habra, Downey, Fullerton, Cerritos or any nearby Los Angeles County, CA area, I am here to help.

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