Generally speaking, an annual fee assessed by a local government agency, usually the municipal government, to property owners reflected as a percentage of the assessed property value.
An entity or individual in charge of the maintenance and repairs of a property.
A document that outlines the repayment of a sum of money over a period of time, including interest.
Private Mortgage Insurance (PMI):
Insurance policy that can be required by a lender to be taken out by a borrower, generally a home buyer, to protect the lender against loses in the event that the borrower defaults on the loan. This type of insurance in generally required by a lender when the buyer has a small amount of down payment (less than 20 %.)
The original amount that was borrowed. This term also pertains to the outstanding amount owed on the principal.
Prime Rate of Interest:
The interest rate customarily used by banks to lend money to customers with good credit history.
A property whose price has been reduced. Generally this is done in a buyerâ€™s market where there are more properties for sale that buyers.
The price band comprised of the highest and lowest values of property that a buyer is interested in purchasing.
Payments attributed towards the principal in a loan before the loan is due in full.
Additional amount paid in excess of a published price.
When a lender advices a potential borrower of how much they will be able to borrow without committing to loan the borrower the money until all the due diligence has been done.
Power of Attorney:
A written document generally required to be signed in the presence of a public notary enabling an individual to act on behalf or another individual.
Tangible assets located on a property (i.e. home, building, land) that is not physically attached to the property.