REVA

Appraisal contingency

• the owner owes less on their mortgage

• allows a buyer to dissolve a purchase agreement if a home’s value is less than the sale price

• indicates that the seller is unwilling to perform most if not all repairs

• makes an offer on a property they haven’t seen

Transfer of ownership

• tenants in common all own the property, but in different ratios

• there is joint ownership or tenancy of a property

• transfer of a property’s deed and title from the seller to the buyer

• the part of your property you actually own

Equity

• the agent and depositary who collects the money, written instruments, documents, personal property, or other things of value

• the property is owned outright or the owner owes less on their mortgage

• the part of your property you actually own

• buyer makes an offer on a property they haven’t seen

Blind offer

• “as is” condition usually indicates that the seller is unwilling to perform most if not all repairs

• allows a buyer to dissolve a purchase agreement if a home’s appraised value is less than the sale price

• buyer makes an offer on a property they haven’t seen

• seller accepts an offer from a buyer, that offer is contingent upon the buyer’s ability to meet certain conditions before finalization of the sale

Cathedral Ceiling

• A ceiling that follows the underside of the roof or rafters, creating a sloped surface

• A projecting roof structure that shelters an entrance.

• The earliest type of classical Greek architecture

• A pitched roof terminating in a gable at one or both ends.

Escrow holder

• a “fixer-upper” loan, which combines the mortgage loan with a loan to help pay for repairs or updates

• legal document transferring a title from the seller to the buyer

• the agent and depositary who collects the money, written instruments, documents, personal property, or other things of value

• protects lenders against below-market interest rates

Double hung window

• A projecting shelf-like decorative element over a window.

• A window that is placed above a doorway.

• A window with top and bottom sashes that slide past each other vertically

• The bottom horizontal trim member at the base of a window projecting outward.

Mortgage

• a term for the administrative aspects of maintaining your loan

• provides a revolving credit line that can be helpful in paying for large expenses or consolidating higher-interest rate debt on loans

• insurance to cover any losses or damages you might incur, such as natural disaster, theft, or damage

• the agreement between a borrower and a lender giving the lender the right to the borrower’s property

Half-timbered building

• A building constructed with timber frame filled with plaster or brick.

• A brick oriented with the smaller end exposed on the face of the wall

• A short horizontal framing member that joins to studs in a wall

• A framing member usually significantly larger than other framing members that carry roof or floor loads over a certain span.

Loan servicing

• the agreement between a borrower and a lender giving the lender the right to the borrower’s property

• the property is owned outright and has no mortgage remaining

• a term for the administrative aspects of maintaining your loan, from the dispersal of the loan to the time it’s paid in full

• makes an offer on a property they haven’t seen