premium This is the upfront loan charge expressing the difference between the market interest rate and the generally higher interest rate charged to the buyer. While the end result is the same - the lender regains possession of the property - the expense and repercussions of the foreclosure proceedings are avoided. It just means its free from plausible or reasonable objections. Typically in real estate transactions, there is a buyers agent and a sellers agent. Tax credit a dollar for dollar offset against taxes due. They contrast criteria from recently-sold properties in a neighborhood, such as sale price, age of house, size, and square footage. Acceptance, to be accepted, a real estate Purchase Offer must at a minimum identify: 1) the Subject of the offer: the Property; 2) the Consideration: the purchase price to be paid; 3) the Time for performance: the closing date 4) it must be in writing;. Down payment assistance loans do not allow for such creative financing.
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Par The average or equal amount. Many times first time homebuyers will not realize that the first payment on their mortgage is due even though they havent been sent a payment coupon book by the new servicing lender. Payee The person to whom a debt instrument, such as a check or promissory note is made payable, the receiver of the funds. In the case of a real estate contract, that milestone comes at closing. The assessed value of the property is then used to compute an annual tax, which is levied on the owner by his or her municipality. The rate is fixed for a period at the beginning, called the "initial rate period but after that it may change based on movements in an interest rate index. Egress The way to exit a building, opposite of ingress. Some common grounds on which the obligations of the contract may be discharged are mutual cancellation; recession; performance or non-performance, accord and satisfaction, illegality, and in some circumstances when the court will not enforce the contract. In the event of a foreclosure, the second or third liens are only repaid if there is enough money left over from the sale to satisfy the first mortgage.
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