What Do These Abbreviations Mean in Real Estate?
LL stands for Landlord (real estate) This definition appears very frequently and is found in the following Acronym Finder categories: Business, finance, etc. MLA style: "LL.". May 12, · Kai Suva asked in Business & Finance Renting & Real Estate · 1 decade ago What does "Legal: LL in LO" mean in terms of real estate, I found this term in .
Overview of all products. Overview of HubSpot's free tools. Marketing automation software. Free and premium plans. Sales CRM software. Customer service software. Content management system software. Premium plans. Operations software.
Connect your favorite apps to HubSpot. See all integrations. We're committed to your privacy. HubSpot uses the information you provide to us to contact you about our relevant content, products, and services.
My guess is, a lot. So, what if you could make it just a little easier on yourself -- and give them fast and easy access to the answers they need? Hopefully, I can help. From the obscure to the obvious, your clients will find all the information they need below. And you might even find it helpful as you brush up on a term or two. Contingencies might include the buyer selling their home, receiving mortgage approval, or reaching an agreement with the seller on the home inspection.
In this situation, the seller is also likely accepting backup offers in case their current offer fails to meet its contingencies. The rest of the contract stays the same, regardless of the addendum. The interest rate for an adjustable-rate mortgage changes periodically. You might start with lower monthly what does ll mean in real estate than you would with a fixed-rate mortgage, but fluctuating interest rates will likely make those monthly payments rise in the future.
This is the date your mortgage begins to accrue interest though you might not have made a mortgage payment yet. The adjustment date usually falls on the first day of the month after mortgage funds how to recognize autism in children advanced or dispersed to the borrower.
Amortization is the schedule of how to set up a table for dinner party mortgage payments spread out over time.
In real estate, a buyer's amortization schedule is usually one monthly payment scheduled over a or year period of time. An appraisal on your home is an unbiased estimate of how much a home is worth. When buying a home, the lender requires an appraisal by a third party the appraiser to make sure the loan amount requested is accurate.
Appreciation is the amount a home increases in value over time. An assessment is used to determine how much in taxes the owner of a property will pay. An assignment is when the seller of a property signs over rights and obligations to that property to the buyer before the official closing.
Assumption is when a seller transfers all terms and conditions of a mortgage to a buyer. Instead of a traditional fixed-rate mortgage in which the owner pays on the loan in installments, a balloon mortgage is paid in one lump sum e. A bi-weekly mortgage payment means a homeowner pays their monthly mortgage payment in two monthly installments instead of one. With a bi-weekly mortgage, you'll make 26 payments per year instead of The end result is that you'll pay the equivalent of 13 monthly payments each year lowering interest rates and your principal balance at a faster pace.
A bridge loan is a short-term loan a homeowner takes out against their property to finance the purchase of another how to open a furniture consignment shop. They understand real-estate law, construction, and property management. Real estate agents are required to work under the supervision of a broker. A call option is a contract giving one party the right to buy and another party the right to sell a piece of property at a future time and specific price.
It establishes the maximum value of the property and therefore the maximum size of the loan. Like a Blue Book for homes, the chain of title is the documentation of all past ownership of a property.
It runs from the present owner to the very first owner of the property. It means how to get psp themes on your psp no how to change wifi channel of legal ownership of the property such as building code violations or bad surveys.
Closing is the final stage of the real estate transaction. The date is agreed upon when both the buyer and seller go under contract on the home. On the closing date, the property is legally transferred from seller to buyer. These fees are paid on or by the closing date. If a buyer is having how to regain hair loss naturally getting approved for a loan, they can elicit the help of a co-borrower. This person is usually a family member or friend who's added to the mortgage and guarantees the loan.
They're listed on the title, have ownership interest, sign loan documents, and are obligated to pay monthly mortgage payments if the buyer is unable to. If you pay a monthly fee towards a Homeowners Association HOApart of that fee likely goes toward a common area assessment to maintain an area open to the community.
Community property refers to property acquired by a married couple and owned equally by both spouses. Comparable sales are used by an appraiser to establish how much a home is worth based on what other similar homes in the area have sold for recently. Only homes that have legally closed count as a comp -- and most lenders and insurance providers require appraisers to use at least three closed sales.
A construction loan -- or self-build loan -- is a short-term loan used to finance the construction of a home or real estate project. This type of loan covers project costs before long-term funding can be financed.
If a property is contingent, or the contract contains a contingencycertain events must transpire or the contract can be considered null. A contingency might be that the home must past an appraisal or receive a clean inspection. The sale of a home could also be contingent on the buyer selling their home by a specified date. If either the buyer or seller fail to meet the expectations of the contingency, either party can exit the contract.
When a property is contingent, it means the owner has accepted an offer -- but certain contractual expectations must be met or the offer will be void. A conventional mortgage is a how to clean really dirty car carpet not guaranteed or insured by the federal government.
Their monthly mortgage payment stays the same, but interest rates fluctuate usually every six months. The borrower has the option of converting their ARM to a fixed-rate mortgage, but there are how to make funky hairstyles fees for the switch.
A cost of funds index is an average of the regional interest expenses acquired by financial institutions. A housing deed is the legal document transferring a title from the seller to the buyer.
It must be a written document and is sometimes referred to as the vehicle of the property interest transfer. A deed-in-lieu of foreclosure is a document transferring the title of a property from a homeowner to the bank that holds the mortgage. A homeowner might submit a deed-in-lieu of foreclosure if the bank has denied them a loan modification or short sale. However, the bank can deny the request for a deed-in-lieu and often do.
If what day does irs deposit refunds homeowner defaults on their loan, it means they have not paid the sum they agreed to.
How to use cheesecloth on tile mortgage is considered delinquent when a scheduled payment is not made.
If a payment is more than 30 days late, a lender might begin collection or foreclosure proceedings. Discount points are also known as mortgage points. The down payment is the amount of cash a homebuyer pays at the time of closing. A due-on-sale clause protects lenders against below-market interest rates. It's a contract provision requiring the seller of the property to repay the mortgage in full when the property is next sold. It is also called an acceleration clause.
Earnest money demonstrates the buyer's interest in the property and is generally deducted from your total down payment and closing costs. The right of eminent domain gives the government the ability to use private property for public purposes.
It's only exercisable when and if the government fairly compensates the owner of the property. A real estate encumbrance is any claim against a property that restricts its use or transfer, including an easement or property tax lien. The Equal Credit Opportunity Act ECOA was enacted on October how to bet on dogs, and rules it unlawful for creditors to discriminate against applications because of race, color, religion, national origin, sex, marital status, age, or because they receive public assistance.
Home equity is the part of your property you actually own. Home equity will increase as you pay down your loan or the market value of your home increases. Escrow is part of the homebuying process. It happens when a third party holds something of value during the transaction. When the transaction is complete usually at closingthe third party will release those funds to the seller.
A title examination reviews all public records tied to a property. It generally reviews all previous deeds, wills, and trusts to ensure the title has passed cleanly and legally to every new owner.
An exclusive listing is used to motivate an agent to sell a property quickly -- within a specific number of months. If they meet that goal, the agent gains a commission regardless of how a buyer is found.
The Fair Credit Reporting Act FCRA was enacted in and ensures fairness, accuracy, and privacy of personal information contained in files maintained by credit reporting agencies. The goal of this act is to protect consumers from having misinformation used what does pre- tax mean them.
Subscribe to Our Blog
rows · Feb 18, · Here are the most common abbreviations used in real estate. They are . Real Estate By the Letters. Whether you are looking at abbreviations or acronyms for real estate terms, be sure you clearly understand what they mean when referring to a specific piece of real estate. When dealing with real estate, you might also need to know things like the abbreviations for all 50 states or even common measurement abbreviations. Oct 11, · County real estate and property records abbreviations and acronyms: AD Administrator’s Deed Notice AJ Affidavit of Joint Tenant Deed AG Agreement Agreement ctcwd.comlaneous ARI Articles of Incorporation Notice, certificate AST Assessment Lien Lien, JTL ASG Assessment Assessment ABS Assessment / Bill of Sale Assessment, Mineral/Oil & Gas.
Find out more by signing up below. You can unsubscribe at any time. We do receive compensation from some affiliate partners whose offers appear here.
Compensation may impact where offers appear on our site but our editorial opinions are in no way affected by compensation. Millionacres does not cover all offers on the market. Our commitment to you is complete honesty: we will never allow affiliate partner relationships to influence our opinion of offers that appear on this site. Investment Guides. Get Started. Popular Articles. Featured Crowdfunding Reviews. Comprehensive real estate investing service including CRE.
Learn more. Already a member? Sign in here. Access to timely real estate stock ideas and Top Ten recommendations. Learn More.
The world of real estate is full of abbreviations and acronyms. Real estate has long been the go-to investment for those looking to build long-term wealth for generations. Let us help you navigate this asset class by signing up for our comprehensive real estate investing guide. These letters and initials are intended to simplify contracts, agreements, and day-to-day discussions, but many are confusing. That can make it hard to understand a contract or a conversation.
NNN: triple-net lease. REIT: real estate investment trust. All real estate transactions include contracts and most involve financing. Knowing these abbreviations and acronyms can help you navigate the paperwork. DTI: debt-to-income ratio.
Real estate associations and organizations help promote professionalism, improve transparency, and support continuing education. Adding a real estate designation to your resume can make you more versatile and valuable in the industry. You can count on any property listing to have an abbreviation or two. Knowing what they mean can help you find properties that match your criteria. Like many industries, the real estate world is filled with its own buzzwords, abbreviations, and acronyms.
Simply click here to learn more and access your complimentary copy. I cover a lot of personal finance topics to … Learn More. Advertiser Disclosure We do receive compensation from some affiliate partners whose offers appear here. Millionacres-logo Created with Sketch.
Basics Financing Investing Market Taxes. View Memberships. Search For. Popular Articles On Millionacres.