Glossary of Real Estate Terms: M to R

Colorado Springs Property » Glossary of Real Estate Terms: M to R

M:

Market Value: The most probable price, as of a specified date, in cash, or in terms equivalent to cash, or in other precisely revealed terms for which the specified property rights should sell after reasonable exposure in a competitive market under all conditions requisite to a fair sale, with the buyer and seller each acting prudently, knowledgeably, and for self-interest, and assuming that neither is under undue duress

N:

O:

P:

Parcel: A piece of land of any size in one ownership

Personal Property: Identifiable, portable and tangible objects that are considered by the general public to be "personal", e.g., furnishings, artwork, antiques, gems and jewelry, collectibles, machinery and equipment; all property that is not classified as real estate. Personal property includes movable items that are not permanently affixed to, and part of, the real estate

PITI: Principal, interest, taxes and insurance (the four major components of monthly housing payments)

Plat Book: A record showing the location, size, and owner of each plot of land in a stated area

Point: A one-time charge assessed; by the lender at closing to increase the interest yield on a mortgage loan. Generally, it is one percent of the mortgage amount

Property survey: Determines the boundaries of your property. The cost depends on the complexity of the survey

Q:

R:

Rate Lock: Usually, your interest rate is determined when your loan documents are drawn. A rate lock helps take the worry out of rates changing between application and closing by guaranteeing that the rate will not change by more than a predetermined amount - or not at all - for a set period, usually 45 or 60 days

Recording: The filing of a copy of a legal instrument or document, e.g., a deed, in a government office provided for this purpose; creates a public record of the document for the protection of all concerned and gives constructive notice to the public at large

Recording fee: a charge for recording the transfer of a property, paid to a city, county or other appropriate branch of the government

Real Estate Buyers Agent Council (REBAC): The Accredited Buyer Representative (ABR) designation is the benchmark of excellence in buyer representation. This coveted designation is awarded to real estate practitioners by the Real Estate Buyers Agent Council (REBAC) of the National Association of Realtors who met the educational and practical experience criteria. Agents who have earned the ABR designation have demonstrated experience in buyer representation

Real Estate Settlement Procedures Act (RESPA): a federal law requiring lenders to provide home buyers with information about known or estimated settlement costs

Right of Survivorship: Right of the surviving joint tenant to acquire the interest of the deceased joint tenant in joint tenancies and tenancies by the entirety without any probate proceedings

R-value: The resistance of insulation materials (including windows) to heat passing though it. The higher the number, the greater the insulating value