Application fees

Fees that mortgage companies charge buyers at the time of written application for a loan; for example, fees for running credit reports of borrowers, property appraisal fees, and lender-specific fees.

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Annual percentage rate (APR)

(1) The total costs (interest rate, closing costs, fees, and so on) that are part of a borrower’s loan, expressed as a percentage rate of interest. The total costs are amortized over the term of the loan. (2) APR is a number that represents the total cost of a loan as a percentage, which allows […]

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Amended value

The actual sale price after the seller successfully markets and sells his or her home through the broker of his or her choice. The sale is turned over to a third-party relocation company for closing, and the guaranteed offer is amended or changed.

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Active contingent

(1) When a seller accepts an offer from a buyer, that offer is contingent upon the buyer’s ability to meet certain conditions before finalization of the sale. Contingencies might include the buyer selling their home, receiving mortgage approval, or reaching an agreement with the seller on the home inspection. (2) When a home is listed […]

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Assessed Valuation

The value that a taxing authority places on real property for the purpose of calculating  the amount of tax on that property.

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Allottee

The person who is allotted a property, either by a government authority or by a builder.

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