|
| Norfolk Virginia Real Estate Agent |
|
Menu
|
Free Classifieds and Advertising for Individuals and Businesses at www.KeepSane.com
CAPS (INTEREST) Consumer safeguards which limit the amount the interest rate on an adjustable rate mortgage can change in an adjustment interval and/or over the life of the loan. For example, if your per-period cap is 1% and your current rate is 7%, then your newly adjusted rate must fall between 6% and 8% regardless of actual changes in the index. BASIS The financial interest which IRS attributes to the owner of an asset for purposes of determining annual depreciation and gain or loss on sale of the asset. HUD-1 UNIFORM SETTLEMENT STATEMENT A standard form which itemizes the closing costs associated with purchasing a home or refinancing a loan. ENTIRETY, TENANCY BY A form of joint ownership of property between husband and wife with the right of survivorship. DEED OF TRUST A legal document that conveys title to real property to a third party. The third party holds title until the owner of the property has repaid the debt in full. CHATTEL Personal property which is tangible and moveable. NOTICE OF NONRESPONSIBILITY A legal notice designed to relieve a property owner from responsibility for the cost of improvements ordered by another person. ANNUAL PERCENTAGE RATE (APR) The cost of credit expressed as a yearly rate. The annual percentage rate is often not the same as the interest rate. It is a percentage that results from an equation considering the amount financed, the finance charges, and the term of the loan. TAX SHELTER A phrase often used to describe some of the tax advantages of real estate investment, such as deductions for depreciation, interest, taxes, etc., which may offset the investor's other ordinary income to reduce the investor's overall tax payment. |
Copyright © 2004-2005 | www.WeWillBuyYourHouseFast.com | Privacy Policy |