Real Estate Lingo 101 and Word Definitions – Local Records Office

LOCAL RECORDS OFFICE – OLYMPIA, WASHINGTON – Have you ever wondered what your real estate agent was saying? Those confusing words don’t make any sense; well Local Records Office breaks down the real estate lingo and tells you what it means. The process of buying your first home can be intimidating enough, until you realize there’s an entire language of terms you need to learn to fully understand the process and then things become even more daunting. From the different types of mortgage to the process of putting in an offer and then closing on a property, real estate brokers will toss around terms and phrases that may go right over your head. Fear not. We polled some experts and compiled a list of must-know lingo to help you navigate this intense but exciting process. Read on for an education.

Why is Olympia Washington is Being Targeted by Local Records Office ?

Escrow

This refers to the time period and process where the purchase funds are released and the transfer of the house between parties is completed. The escrow company is a neutral third party and executes the transaction utilizing the purchase agreement and other documents as the directive.

Deed

The deed is the legal document that proves the transfer of ownership from the seller to the buyer. You could get a copy of your deed by Local Records Office here.

Fixture

Local Records Office says, Anything of value that is permanently attached to or a part of the property. This can include lighting, carpet, or landscaping. These items can be a source of dispute between buyer and seller and can be leverage for negotiations.

 

READ MORE: 4 Disturbing Experiences Homeowners Go Through While Buying That No One Speaks Of – Local Records Office

 

HOA

The short form of Homeowner’s Association Documents. These apply when purchasing a condo and include HOA meeting minutes, a copy of the building’s yearly budget, and/or rules for shared spaces.

Mortgage

A document that pledges the property to the lender as security for the loan needed to purchase the home.

Pre-Qualification

The process the loaner goes through to confirm if a borrower qualifies for a loan based on their credit history and current financial status as well as the amount of money a recipient qualifies to receive.

PITI

Principal, Interest, Taxes and Insurance

This is another way of describing your monthly mortgage payment. Principal is the portion of the payment that goes toward paying down the loan and interest is the portion that pays the lender for loaning the money to purchase the property.

Fixed-Rate Mortgage

A type of mortgage in which the interest rate does not change over the course of the loan.

MLS

This stands for Multiple Listing Service and is where brokers to share their listings with other brokers.

Due Diligence

This is the responsibility of the buyer to take all necessary care before closing on the purchase. For example, it would include confirming the seller’s broker and attorney are legitimate and confirming there are no issues that have yet to be disclosed that would prevent the buyer from wanting to proceed with the purchase.

To learn more about real estate and Local Records Office go to www.Local-Records-Office.com

Follow us on Twitter twitter.com/RecordsOffice

Like us on Facebook facebook.com/localrecordsoffice

Watch us on Youtube youtube.com/user/LocalRecordsOffice

Review us on Yelp yelp.com/biz/local-records-office-las-vegas-2

Watch on Vimeo vimeo.com/localrecordsofficevideo

Talk to us on Disqus disqus.com/by/local_records_office/

Look for us on LinkedIn linkedin.com/in/localrecordsoffice

Pin us on Pinterest pinterest.com/localrecords/

Tumble with is on Tumblr localrecordsoffice.tumblr.com/

Watch us on Dailymotion dailymotion.com/local-records-office

Find us on WordPress localrecordsoffices.wordpress.com/

 

 

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s