ЛЕКЦИИ ПО ОСНОВАМ РИМСКОГО ПРАВА

Fixer-upper:A property that needs renovation.
FSBO: For Sale by Owner—a property being sold by its owner without a real estate

professional’s services.

Vacancy rate: A figure representing the annual percentage of units unrented or the percentage of time a single unit remains unrented during the year.

Zoning laws: Regulations governing land use, population density, and building size and use. Set by local governments, zoning laws typically change as communities develop; you can also request changes or exemptions.

Pro forma: A projected financial statement based on anticipated, not actual, income and expenses.

Cash on cash return: A percentage figure determined by dividing the annual cash flow for a property by the actual cash you invested. (This could include down payment, closing costs, and fix-up expenses.)

Deferred maintenance: Necessary repairs and upkeep that have been left undone by the seller. Maintenance that has been deferred can represent an opportunity in a deal, allowing you to negotiate a lower price.

Appraisal: An estimate or opinion of the value of a property by an impartial person skilled in the analysis and valuation of real estate.

Contingency: A condition in an offer sheet or contract that must be met before the deal can go forward.

Counter offer:A response to an offer to purchase a property that introduces new or different terms and conditions.

Due diligence: A research process that provides accurate and in depth information regarding the physical, financial, and legal attributes of a property.

Real estate purchase contract:Also known as an agreement of sale, a legally binding agreement between buyer and seller stipulating the terms and conditions of the sale of a real estate property.

Closing: The process by which ownership of a property passes from the seller to the buyer. Also known as “settlement,” closing includes the delivery of a deed, financial adjustments, the signing of notes, the disbursement of funds necessary to complete the sale, and appropriate recording of documents.

Closing agent: A third-party agent of your choosing (an attorney, escrow agent, representative of the title company, or a professional closing agent), who handles all aspects of the actual transaction.

Estoppel certificate: A written statement by each tenant outlining the amount of rent being paid and whether any concessions have been promised to the tenant during the rest of the term of the lease.

RESPA: Consumer protection legislation designed to guard homebuyers from unnecessarily high closing costs. The act, requiring a uniform settlement form (which can be modified under specific circumstances) to be used nationwide, has helped standardize closing costs across the United States.

Adjustable rate mortgage: a mortgage loan where the interest rate changes periodically over the period of the loan. The rate is usually lower than for fixed rate mortgages, so these loans are often initially more affordable. But they come with the risk that the interest rate will increase.

Amortization: gradual repayment of a debt by periodic installments that cover both the principal and interest.

Annual Percentage Rate (APR): the effective rate of interest for a loan. The APR reflects all the costs of financing—including points, origination fees, and other finance charges—and is usually higher than the interest rate alone.

Assumable loan: an existing loan on a property that the seller is able to pass on to the buyer. Interest rates on assumable loans are often lower than the going rate, making them an attractive feature of a deal.

Balloon loan: mortgage loan in which the remaining amount is fully due and payable at a specified, predetermined date. Balloon loans usually have a better interest rate, but you’ll have to be prepared to pay the remaining balance of the loan in full at the specified time.

Cap: the limit on the amount of an increase (usually 2%) charged by a lender under the terms of an adjustable rate mortgage. Caps protect the borrower from large, unexpected interest rate increases.

Conforming loan:a mortgage loan that is eligible for purchase by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation.

Conventional mortgage: a loan arranged between lender and borrower that is not covered by governmental guarantee or insurance.

Credit report: an assessment, provided by a local retail credit association, of an individual’s ability to repay debt.

Department of Veterans Affairs: previously known as the Veterans Administration, the federal governmental agency that administers GI and VA loans.

Down payment:cash paid by the buyer at settlement, representing a percentage of the purchase price. Different types of loans may require different percentages of down payment.

FHA (Federal Housing Authority): an agency of the U.S. Department of Housing and Urban Development that administers loan programs designed to make more housing available.

FHA mortgage: a loan made by a local lending institution that is insured by the FHA.

Fixed rate mortgage:a mortgage loan whose interest rate is fixed for the entire term of the loan. The most common are 15-year and 30-year fixed rate mortgages. The interest will usually be higher than that of an adjustable rate mortgage, but it won’t ever go up.

Interest: the amount, expressed as a percentage of the total, that a lender charges a borrower for a loan. Loan servicing: the paperwork involved in handling mortgage loans.

Loan-to-value ratio: the amount of a mortgage loan compared to the value of the property purchased. A $100,000 house with a loan of $80,000 has an 80% loan-to-value ratio.

Maturity: the date when a loan is due in full.
Mortgage: a written agreement that gives the lender an interest in the property as security for a loan.

Origination fees: charges to a borrower to cover costs associated with issuing the loan, including credit checks, title search expenses, and home appraisal.

PITI: abbreviation for principal, interest, taxes, and insurance. The acronym is used to describe what is included in the monthly repayment of a mortgage loan.

Point: one percent of a mortgage loan amount. A point is an additional charge by the lender at the time of loan origination as a placement or service fee.

Private mortgage insurance (PMI): insurance against default issued by a private company on conventional mortgage loans. Such insurance is usually required when the loan-to-value ratio is more than 80%.

Prepayment penalty: a fee charged to the borrower if the loan is paid off early.
Savings and Loan Associations (S & Ls): banking institutions specializing in originating, servicing, and holding mortgage loans.

Term:the period of time until a loan must be repaid.

Underwriting:the formal approval or denial of a loan based on the purchaser’s ability to pay off the loan and the value of the property as collateral.

 

ЛЕКЦИИ ПО ОСНОВАМ РИМСКОГО ПРАВА