|
| Minnesota Real Estate Agent |
|
Menu
|
Free Classifieds and Advertising for Individuals and Businesses at www.KeepSane.com
VARIANCE Permission obtained from governmental zoning authorities to build a structure or conduct a use which is expressly prohibited by the current zoning laws; an exception from the zoning laws. AFFIDAVIT A sworn statement reduced to writing and made under oath before a Notary Public or other official authorized by law to administer an oath. BALLOON MORTGAGE Balloon mortgage loans are short-term fixed-rate loans with fixed monthly payments for a set number of years followed by one large final balloon payment ("the balloon") for all of the remainder of the principal. Typically, the balloon payment may be due at the end of 5, 7, or 10 years. Borrowers with balloon loans may have the right to refinance the loan when the balloon payment is due, but the right to refinance is not guaranteed. EXCLUSIVE LISTING A written listing of real property in which the seller agrees to appoint only one broker to sell the property for a specified period of time. The two types of exclusive listings are the exclusive agency and the exclusive right to sell. ESCHEAT The reversion of property to the state when a decedent dies intestate and there are no heirs capable of inheriting, or when the property is abandoned. FHA See Federal Housing Administration. KICKERS Different types of equity participation a lender may seek as a condition for lending money, such as participation in rentals, profits, or extra interest. GENERAL CONTRACTOR A construction specialist who enters into a formal construction contract with a land owner or master lessee to construct a real estate building or project. DEDICATION The application of privately owned land to the public for no consideration, with the intent that the land will be accepted and used for public purposes. |
Copyright © 2004-2005 | www.WeWillBuyYourHouseFast.com | Privacy Policy |