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Welcome > Resources > Real Estate Dictionary - A
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NATIONAL ASSOCIATION OF REALTORS®
(NAR) |
A real estate trade organization that sets the
standards for integrity and honesty within the real estate profession
nationwide |
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Negative amortization |
A gradual increase in the balance of a loan or
mortgage which occurs because the monthly payments made are too small to cover
the entire principal and interest charges; this shortfall amount is added to
the remaining balance, resulting in negative amortization |
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Net listing |
The advertisement of the price of property for
sale in terms of the net price the seller will receive, once the property is
sold, a type of listing which is illegal in many states |
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Net worth |
The total value of all of an individual's
assets, minus all liabilities or debts |
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No cash-out refinance |
A transaction for refinancing a mortgage in
which the new mortgage amount is limited to the sum total of the remaining
balance of the first mortgage, points, closing costs, whatever is required to
satisfy any liens that are more than one year old and other funds for the
borrower's use (as long as the amount is one percent or less of the principal
amount of the new mortgage) |
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Notary |
An individual authorized by law to certify
documents and signatures |
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Note |
A legal document that obligates a borrower to
repay a loan or owed sum of money at a stated interest rate over a designated
period of time |
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Most home purchase agreements have clauses that deal with termites. After the agreement is ratified, a termite inspection is arranged. Before the closing can occur, the sellers must be able to produce papers signed by a licensed exterminator stating that the house is free of infestation and that any termite damage has been repaired.
Before you sign an agreement to buy or sell a home, you should read the termite clause and be sure that you understand it. Who selects the exterminator and pays for the inspection? If bugs are found, who pays for the treatment? Are the sellers obligated to repair any damage and have they placed a limit of the dollar amount they will spend on those repairs? If treatment is required, the buyers may want a chance to discuss the options with the pest control company, especially if someone in the family is sensitive to the chemicals used to control the termites. Ask about the exterminator's guarantees or service contract options.
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| Q |
What area was designed to look like a 1940s southeastern town with traditional architecture?
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| A |
Disney's "Celebration" in Orlando, FL, will eventually have 8,000 houses and many commercial tourist attractions. |
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