Welcome to the McKinney real estate and Collin County homes for sale glossary for real estate related terms. Understanding real estate terminology can be of great assistance in buying or selling a Carrollton, Little Elm home, Allen, Frisco commercial property, or Melissa, Anna 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 Plano, Richardson real estate needs.
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?
Please use this simple real estate request form that will help you when you are looking for a McKinney home for sale. Whether you are buying or selling, you have come to the right place. Please note all of your information will be kept strictly confidential and will only be used to provide you with outstanding real estate services.