Real Estate Appraisal Minneapolis,

USURY
Interest charged in excess of the legal rate established by law.

ACKNOWLEDGEMENT
A formal declaration made before a duly authorized officer, usually a Notary Public, by a person who has signed a document.

EXTENSION
An agreement to continue the period of performance beyond the specified period.

ASSIGNMENT
The transfer of the right, title and interest in the property of one person, the assignor, to another, the assignee. In real estate, there are assignments of mortgages, contracts, agreements of sale, leases, and options, among others.

APPRAISAL
The process of estimating, fixing, or setting the market value of real property. An appraisal may take the form of a lengthy report, a completed form, a simple letter, or even an oral report.

FINANCE CHARGE
The total of all costs imposed directly or indirectly by the creditor and payable either directly or indirectly by the customer, as defined under the federal Truth-in-Lending Law.

TENANCY IN SEVERALTY
Ownership of property vested in one person alone, and not held jointly with another; also called Several Tenancy or Sole Tenancy.

VOIDABLE
A contract which appears valid and enforceable on its face, but is subject to rescission by one of the parties who acted under a disability, such as being a minor or being under duress or undue influence; that which may be avoided or adjudged void but which is not, in itself, void.

LIBOR (LONDON INTERBANK OFFERED RATE)
The interest rate charged among banks in the foreign market for short-term loans to one another. A common index for ARM loans.

HAZARD INSURANCE
Protects the insured against loss due to fire or other natural disaster in exchange for a premium paid to the insurer.

MARKET VALUE
The highest price, estimated in terms of money, which a property will bring if exposed for sale in the open market, allowing a reasonable time to find a purchaser who buys with knowledge of all the uses to which the property is adapted and for which it is capable of being used.

HOMEOWNER'S ASSOCIATION
A non-profit association of homeowners organized pursuant to a declaration of restrictions or protective covenants for a subdivision, a PUD, or a condominium.

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