Home Appraisal Philadelphia,

LESS-THAN-FREEHOLD ESTATE
An estate held by one who rents or leases property. This classification includes an estate for years, periodic tenancy, estate at will, and estate at sufferance.

PRIVATE MORTGAGE INSURANCE (PMI)
Insurance to protect the lender in case you default on your loan. With conventional loans, mortgage insurance is generally not required if you make a down payment of at least 20% of the home's purchase price. (Note, however, that FHA and VA loans have different insurance guidelines.)

AGENT
One who is authorized to represent and to act on behalf of another person (called the principal). A real estate broker is the agent of his client, be it the seller or buyer, to whom he owes a fiduciary obligation. A salesman is the agent of his broker and does not have a direct personal contractual relationship with either the seller or buyer.

APPRAISAL
A written estimate of a property's current market value completed by an impartial party with knowledge of real estate markets.

LAW DAY
The date an obligation becomes due; sometimes refers to the closing date.

VARIANCE
Permission obtained from governmental zoning authorities to build a structure or conduct a use which is expressly prohibited by the current zoning laws; an exception from the zoning laws.

NOTICE OF DEFAULT
Written notice to a borrower that a default has occurred and that legal action may be taken.

METES AND BOUNDS
A common method of land description that identifies a property by specifying the shape and boundary dimensions of the parcel, using terminal points and angles.

PERSONAL PROPERTY
Things which are tangible and moveable; property which is not classified as real property; chattels; personalty.

ADJUSTABLE RATE MORTGAGE LOANS (ARM)
Loans with interest rates that are adjusted periodically based on changes in a pre-selected index. As a result, the interest rate on your loan and the monthly payment will rise and fall with increases and decreases in overall interest rates. These mortgage loans must specify how their interest rate changes, usually in terms of a relation to a national index such as (but not always) Treasury bill rates. If interest rates rise, your monthly payments will rise. An interest rate cap limits the amount by which the interest rate can change; look for this feature when you consider an ARM loan.

DEED
Legal document by which title to real property is transferred from one owner to another. The deed contains a description of the property, and is signed, witnessed, and delivered to the buyer at closing.

NOTICE OF DEFAULT
A notice to a defaulting party that there has been a default, usually providing a grace period in which to cure the default.

INTERIM FINANCING
A short-term loan usually made during the construction phase of a building project; often referred to as the "construction loan."

CERTIFIED PROPERTY MANAGER
A professional property manager who has qualified for membership in and is a member of the Institute of Real Estate Management, and is designated a CPM.

COMMINGLING
To mingle or mix; for example, to deposit client funds in the broker's personal or general account. A licensee found guilty of commingling can have the license suspended or revoked by the Real Estate Commission.

REPRODUCTION COST
The cost, on the basis of current prices, of reproducing a new replica property with the same or fairly similar material.

CONSTRUCTIVE EVICTION
Acts done by a landlord which so materially disturb or impair the tenant's enjoyment of the leased premises that a tenant is effectively forced to move out and terminate the lease without liability for any further rent.

NOTICE OF DEFAULT
A notice to a defaulting party that there has been a default, usually providing a grace period in which to cure the default.

CASHIER'S CHECK (OR BANK CHECK)
A check whose payment is guaranteed because it was paid for in advance and is drawn on the bank's account instead of the customer's.

COMMERCIAL PROPERTY
A classification of real estate which includes income producing property such as office buildings, gasoline stations, restaurants, shopping centers, hotels and motels, parking lots and stores, and other similar uses.

MORTGAGE NOTE
Legal document obligating a borrower to repay a loan at a stated interest rate during a specified period of time. The agreement is secured by a mortgage or deed of trust or other security instrument.

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