Flat Fee Home Selling Made Easy!

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Search Terms Used When Buying and Selling Real Estate

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"Alderson" Simultaneous Exchange (1963)

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This method of completing the transaction utilizes the cash buyer (Party C) of the relinquished property as the accommodator. On the day of closing, C will buy the replacement property from B with cash. B has what they want (cash), however, C does not want the replacement property; C wants the relinquished property. Here, Party A exchanges the relinquished property with C for the replacement property.

"C" Loan or "C" Paper

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FICO scores typically from 580 to 619. Factors include three to four 30 day late mortgage payments and four to six 30 day late installment loan payments or two to four 60 day late payments. Should be one to two years since bankruptcy. Also referred to as Sub - Prime.

A

Abstract (of title)

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A history of all transactions shown in the public records affecting a particular tract of land.

Abstract of title

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The condensed history of a title to a particular parcel of Real Estate, consisting of a summary of the original grant and all subsequent conveyances and encumbrances affecting the property and a certification by the abstractor that the history is complete and accurate.

Additional Principal Payment

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Money paid to the lender in addition to the established payment amount used directly against the loan principal to shorten the length of the loan.

Adjustable Date

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The actual date that the interest rate is changed for an ARM.

Adjustable Rate Mortgage (ARM)

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Mortgage loans under which the interest rate is periodically adjusted, in accordance with some market indicator, to more closely coincide with the current rates. See also graduated payment mortgage.

Adjusted Basis

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The cost of the property adjusted for any capital improvements or depreciation. To calculate the adjusted basis, take the basis (the cost of the property) and add the cost of any capital improvements made to the property during the taxpayer's ownership, and subtract any depreciation taken on the property during the same period.

Adjustment Index

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the published market index used to calculate the interest rate of an ARM at the time of origination or adjustment.

Adjustment Interval

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The time between the interest rate change and the monthly payment for an ARM. The interval is usually every one, three or five years depending on the index.