Real Estate Terms of the Day
August 24, 2008 | Filed Under Boston Real Estate
Buying or selling Boston real estate can often be confusing if you don’t understand real estate lingo. That’s why we will be providing you with definitions for some key terms.
Accredited Buyers Representative: The ABR designation is the benchmark of excellence in buyer representation. This coveted designation is awarded to REALTORS by the Real Estate Buyers Agent Council (REBAC) of the NATIONAL ASSOCIATION OF REALTORS who meet the specified educational and practical experience criteria.
Amortization: Repayment of a mortgage loan through monthly installments of principal and interest; the monthly payment amount is based on a schedule that will allow you to own your home at the end of a specific time period.
Annual Percentage Rate (APR): Calculated by using standard formula, the APR shows the cost of a loan; expressed as a yearly interest rate, it includes the interest, points, mortgage insurance and other fees associated with the loan.
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Well, nice post. It is very informative to those who are new to the real estate industry. You have created good definitions for the terms here. I think the buyer in the market should know all these before making any deal there.
I recently invested in the real estate and discovered how important role formal agreements and legalities play in it. I never expected it to be such a tedious task. Contracts seemed to me pretty simple at the first glance but the whole procedure got a bit complicated later on. After getting done with groundwork of financing, settling down with an area of investment, sending the letter of intent to the owner, etc I was all ready to put everything in a contract. Initially I thought I will be able to manage the whole procedure all by myself. But later I decided to take the help of some real estate consultant or attorney for it as it gets very difficult for first time buyers like us to deal with all the paperwork. . It’s very important that everything is covered without missing out on anything. As contract plays an important role in protecting huge amount valuables.What I have learnt from my experience is -Don’t rely on verbal agreements, make sure it’s written down and part of the contract.For more view- realtydigest.blogspot.com