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Real Estate Dictionary

Acceptance
The seller's written approval of a buyer's offer.

Amortization
The process of paying the principal and interest on a loan through regularly scheduled payments.

Appreciation
An increase in a home's value.

Broker
Anyone who acts as a go-between between a buyer and seller. For example, a real estate broker is licensed to handle property transactions and negotiate between a buyer and seller. A mortgage broker acts as a go-between with the lender and the borrower.

Brokerage
The act of bringing together two or more parties in exchange for a fee or commission. Common brokerage companies include real estate brokerage and mortgage brokers.

Clear Title
A title to property that does not have liens, defects or other legal encumbrances.

Condominium
A legal arrangement under which a person owns one unit of a multi-unit development, such as an apartment building, plus an undivided interest in common areas used by other owners, such as hallways and grounds.

Contingency
a condition that must be met as stated in the offer to purchase before a contract becomes binding.

Credit Report
A detailed account of an individual's credit, employment, and residence history. A lender uses this report to determine a loan applicant's creditworthiness. The three largest credit bureaus are Trans Union, Equifax and Experian.

Deed
A document which transfers ownership of real property.

Earnest Money
A deposit you pay to the seller to indicate your intent to purchase. If the deal is consummated, this money is applied to the purchase price. If the deal falls through for legitimate reasons, it should be returned to you.

Equity
The difference between your home's fair market value and your indebtedness.

Escrow Account
An account for the accumulation of monthly payments, designated for future payments of real estate taxes, insurance fees, etc.

Fair Market Value
The highest price that a willing buyer would pay, and the lowest price that a willing seller would accept.

Homeowner's Insurance
Sometimes called hazard insurance, required insurance that will reimburse you or your lender in case of damage to the property from specified causes.

Homestead
Property owned by a person and used as his or her residence, giving rise to special legal restrictions and exemption from claims of creditors within statutory limits.

Joint Tenancy
A form of co-ownership giving each tenant equal interest and equal rights in the property.

Judgments
Decrees of the court declaring that one individual is indebted to another and fixing the amount of such indebtedness.

Marital Property
Under the Wisconsin Martial Property Act, property accumulated by either spouse during marriage due to the efforts or income generated during marriage after the determination date.

Mill Rate
A percentage applied to the assessed valuation to determine taxes.

PITI
Principal, interest, taxes, insurance. The components that make up your monthly mortgage payment.

Principal
The amount borrowed or current unpaid balance; also, that portion of a monthly payment that reduces the outstanding balance of a mortgage.

Private Mortgage Insurance (PMI)
A policy that guarantees the lender payment of the balance of the loan not covered by the sale of the property in the event of foreclosure.

Restrictive Covenant
Also frequently called "Deed Restrictions", a promise that land will be used (or not used) in a certain way. For example, a promise that land will be used for single-family residential purposes only.

Title Insurance
A required policy ensuring that title will be held free of any other liens other than those incurred by the buyer.

Twindominium
A duplex held in condominium ownership. A twindominium is a duplex that contains two separate dwelling entrances with a common roof and zero lot lines.

Zoning
A local ordinance that divides land into use classifications and usually regulates lot size, placement, bulk, and height of structure.