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PRO FORMA STATEMENT
A projection of future income and expenses.

SEVERALTY
Sole ownership of real property.

FIXED-RATE LOANS
Fixed-rate loans have interest rates that do not change over the life of the loan. As a result, monthly payments for principal and interest are also fixed for the life of the loan. Fixed-rate loans typically have 15-year or 30-year terms. With a fixed-rate loan, you will have predictable monthly mortgage payments for as long as you have the loan.

ORIGINATION FEE
Fee charged by a lender to cover administrative costs of processing a loan.

ACCESS
A general or specific right of ingress and egress to a particular property.

LINE OF CREDIT
A maximum amount of money a bank will lend one of its more reliable and credit worthy customers without need for any formal loan submission.

VERIFICATION OF DEPOSIT (VOD)
Document signed by the borrower's bank or other financial institution verifying the borrower's account balance and history.

OPEN LISTING
A listing given to any number of brokers. The first broker who secures a buyer ready, willing and able to purchase at the terms of the listing is the one who earns the commission.

SALES AGREEMENT
Contract signed by buyer and seller stating the terms and conditions under which a property will be sold.

PLOTTAGE
The merging or consolidating of adjacent lots into one larger lot, with the consequent result of improved usability and increased value; also called assemblage.

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