Real Estate Appraisal Atlanta,

CAPS (PAYMENT)
Consumer safeguards which limit the amount monthly payments on an adjustable-rate mortgage may change. Since they do not limit the amount of interest the lender is earning, these consumer safeguards may cause negative amortization.

COMMON WALL
A wall separating two living units.

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.

COVENANT
A written agreement or promise of two or more parties by which either pledges to perform or not to perform specified acts on a property, or which specifies certain uses or non-uses of the property.

MONEY
The cash deposit (including initial and additional deposits) paid by the prospective buyer of real property as evidence of his good faith intention to complete the transaction; called hand money or a binder in some states.

APPLICATION
An initial statement of personal and financial information required to apply for a loan.

RENT
Fixed periodic payment made by a tenant or occupant of property to the owner for the possession and use thereof, usually by prior agreement of the parties.

FRONTAGE
The length of a property abutting a street or body of water; that is, the number of feet that "front" the street or water.

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.

NOTICE OF COMPLETION
Document filed to give public notice that a construction job has been completed and that mechanics' liens must be filed within ,say, 45 days to be valid.

FARM AREA
A selected geographical area or one specific building to which a real estate salesperson devotes special attention and study.

KICKERS
Different types of equity participation a lender may seek as a condition for lending money, such as participation in rentals, profits, or extra interest.

PROSPECTUS
A printed statement distributed to describe, advertise and give advance information on a business, venture, project or stock issue.

NOTE
A document signed by the borrower of a loan, stating the loan amount, the interest rate, the time and method of repayment and the obligation to repay. The note is the evidence of the debt. When secured by a mortgage, it is called a mortgage note.

LAND, TENEMENTS AND HEREDITAMENTS
A feudal phrase used to describe all types of immovable realty including the land, buildings and all appurtenant rights thereto.

PUNCH LIST
A discrepancy list showing defects in construction which need some corrective work to bring the building up to standards set by the plans and specifications.

LEASEHOLD
A less-than-freehold estate which a tenant possesses in real property.

COLLATERAL
Something of value given or pledged as security for a debt or obligation. The collateral for a real estate mortgage loan is the mortgaged property itself, which has been hypothecated.

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