Relocation and real estate terminology a level physics electricity questions and answers

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At American Relocation Connections one of our primary goals is to educate the customer. electricity invented what year This section of the web site is focused to promote understanding and communication. Therefore, the definitions below are not meant to be encyclopedic, but instead are designed to provide a working application that is practical, understandable, and may be used in your next real estate transaction. Please select a link to the right or scroll down to browse this section.

Abstract of Title – The condensed history of a title to a particular parcel of real estate. The abstract consists of a summary of the original grant and all subsequent conveyances and encumbrances affecting the property. The abstract of title usually also includes a certificate by the abstractor that the history is complete and accurate. (Think of it as a brief history record for your home.)

Addendum – Something added. electricity definition science A list or other material added to a document, letter, contractual agreement, escrow instructions, etc. An example could be that a home owners disclosure may be added to the contract of sale. This document was filled out by the home owner before a buyer submitted the offer. It then becomes part of, or an addendum to the contract.

Capital Improvements – An expenditure which adds to the value or useful life of the property. electricity voltage used in usa A Capital Improvement is considered a permanent investment that adds to the cost basis of the property. An example of a Capital Improvement would be finishing the basement of a home (Capital Improvements can be important information for an appraiser to consider when doing an appraisal on your home or for a seller/ listing realtor to consider when setting a sales price for a home).

Closing – A closing usually consists of a meeting between, or among the parties to the contract of sale such as the buyer and seller (all pertinent parties involved such as the attorneys, realtors, and representatives from the title company). When all negotiations have been finalized and the terms of the contract have been complied with, the seller signs and delivers the deed to the buyer. electricity video ks2 The buyer then in turn authorizes the payment of proceeds of the sale to the seller, mortgage company, taxing authority and any other applicable liens.

Contingency – The insertion of language into a contract of sale which requires that the stated event take place before the contract becomes binding. For example, a sales contract may be contingent on a home inspection. Until that home inspection is complete and both the buyer and seller have come to terms on it, the contract is not binding.

Conventional Mortgage – A mortgage loan not issued by Federal Housing Authority (FHA), or guaranteed by the Veteran’s Administration (VA) or Farmers Administration. Conventional loans are usually advantageous in the sense that the borrower does not have to pay mortgage insurance (MI). gas finder However, conventional loans may have more requirements on the borrower to qualify.

Depreciation – The decline in value of a property due to the physical deterioration, age, functional or economic obsolescence. (Tip – If used for a business, many people may use a portion of their home as a home office, and depreciate their home’s value to save money for tax purposes. Always consult an accountant before making such decisions.)

Discount Points – Payment of “points” (about 1% of the mortgage amount for each 1/8 of 1% change in simple interest) in the form of cash to the lender assures the same return as the lender would have received if the loan were issued at the going interest rate. These fees are also called commitment fees or origination fees. (Tip – Many employers will reimburse a transferring employee for 1 or more discount points.) Take advantage of this benefit, as it will save you thousands of dollars in interest.)

Escrow – The delivery of money and/or documents associated with real estate sale to a neutral party for delivery, exchange, or execution at the closing or some other specified time. One such example for “escrow” would be if a home were being sold in NJ in the dead of winter, the Air Conditioning system may not be able to be tested properly. A common practice may be to close on the home, and the seller to place a determined amount of money in “escrow” until the buyer can test the AC system properly. If, at the time of the test, the system is in working order, the escrow money will normally be refunded to the seller. If replacement and or repairs are required, the money to perform such replacement or repairs may be taken from the escrow money (as outlined in the contract).

Foreclosure – A process in which a court, to extinguish all rights, title, and interest, of the owner(s) of property in order to sell the property to satisfy a lien against it. gas unlimited houston texas Simply put, if a home owner does not make the agreed upon payments to the mortgage company, taxing authority or any other lien authority, that entity will proceed forward to foreclose on the home and sell the home to recover payment.

Home Protection Plan – Private insurance, which protects a buyer against defects such as plumbing, heating, and electrical systems in the property he/she is purchasing. electricity and circuits test The period and coverage of the insurance varies widely, and both new and existing homes may be insured (many times when a home is being sold a buyer may purchase (or a seller may purchase for the buyer) a one year home warranty. This warranty protects the parties if something in the house fails and generally costs anywhere from $300 – $450). Consult your realtor for specific warranties offered in your area.

Inspection – A report from an outside technician or expert rendering an opinion of the condition of a property. These reports can include, but are not limited to, a general home inspection, termite inspection, well, septic, plumbing, heating, electrical, structural, roof, radon, and geotechnical exploration. A home inspection is always recommended for a buyer’s protection, and can even be a requirement by a lender for a protection on the lender’s investment.

Lender Fees – Fees charged by a lender to cover administrative costs of originating a mortgage loan. These fees may include application processing, credit check, appraisals, title prep, survey review and approval, preparation of the closing package, and others (please consult American Relocation Connections to make sure the Lender Fees you are being charged are normal and customary).

Power of Attorney – A written, signed authorization empowering another person to act in the name of the signer (often times a “limited Power of Attorney” may be required by a closing company to be signed by the seller with their deed documents. This should be limited to this specific transaction and only for the purpose of signing legal corrections).

Pre-Payment Penalty – A charge imposed for paying off a mortgage earlier than stipulated in the mortgage document (always remember to review the terms of your loan product closely before you decide to utilize that product. A prepayment penalty may negate the advantage of going with a specific loan product depending on how early you plan on paying that loan off. Call us, we’re here to help!).

Utilities – Those services rendered by public utility companies such as telephone, cable, electricity, gas, and water. (A good tip to save money when buying a house is to remember to have the utilities switched to your name as of the date of closing. This can avoid break in service and the initial activation fees associated with reactivating a utility.)

Veterans Administration Mortgage – A mortgage loan to a qualified veteran, a portion of which is guaranteed by the Veterans Administration. These loans allow veterans to buy a home with little or no down payment. gas density conversion If you are active or former military this may be a benefit to you. Call American Relocation Connections today for more information!