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Index: 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42

» Definition - mortgage

A contract providing security for the repayment of a loan registered against property with stated rights and remedies in the event of default Lenders consider both the property (security) and financial worth of the borrower (covenant) in deciding on a mortgage loan.

» Definition - mortgage banker

Originates mortgage loans loaning you their funds and closing the loan in their name.

» Definition - mortgage broker

A person or company having contacts with financial institutions or individuals wishing to invest in mortgages.

» Definition - mortgage loan

A loan which utilizes real estate as security or collateral to provide for repayment should you default on the terms of your loan The mortgage or deed of trust is your agreement to pledge your home or other real estate as security.

» Definition - mortgagee

The lender in a mortgage loan transaction.

» Definition - mortgagor

The borrower in a mortgage loan transaction.

» Definition - Multiple Listing Service (MLS)

A system by which a number of real estate firms share information about homes that are for sale Membership usually provides a monthly book and/or computer service that provides Realtors with detailed listings of most homes currently on the market.

» Definition - negative amortization

Amortization in which the payment made is insufficient to fund complete repayment of the loan at its termination Usually occurs when the increase in the monthly payment is limited by a ceiling The portion of the payment which should be paid is added to the remaining balance owed The balance owed may increase rather than decrease over the life of the loan.

» Definition - net lease

A commercial real estate lease in which the tenant regularly pays not only for the space (as he does with a gross lease) but for a portion of the landlords operating costs as well When all three of the usual costs--taxes maintenance and insurance--are passed on the arrangement is known as a triple net lease Because these costs are variable and almost never decrease a net lease favors the landlord Accordingly it may be possible for a tenant to bargain for a net lease with caps or ceilings which limits the amount of rent the tenant must pay For example a net lease with caps may specify that an increase in taxes beyond a certain point (or any new taxes) will be paid by the landlord The same kind of protection can be designed to cover increased insurance premiums and maintenance expenses Contrast with gross lease.

» Definition - net listing

A price which must be expressly agreed upon below which the owner will not sell the property and at which the broker will not receive a commission; the broker receives the excess over and above the net listing price as commission The broker in this type of listing will have a very hard time maintaining his fiduciary responsibilities to his seller since his interests are potentially at odds with the interests of the seller.

real estate, property, location, building, house, home, condo, duplex, triplex, apartment, rental, tenant, landlord, deposit, maglione, maglione rentals, tucson,

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