The age at which an individual is legally
entitled to handle his or her own affairs
Margin
The amount added to the index on an
adjustable-rate mortgage (ARM) that establishes the adjusted interest rate at a
given time
Market value, or Fair market
value
The most likely price that a piece of property
or home can realistically be sold for, and is dependent on the selling price of
similar real estate in the area
Marketable title
A clear, unencumbered title, reasonably
acceptable without the threat of the risk of litigation
Maturity
The date on which the principal balance of a
loan, bond, or other financial commitment is due and payable
Mechanic's lien
A lien created by statute to allow unpaid
contractors, laborers or suppliers who have performed work on or furnished
materials for the construction of a building to recover the value of their
work
Metes and Bounds
Means for describing property by a set of
directions and distances, when there isn't identification based on a surveyed
lot number
Minor
An individual below the age at which he or she
is legally entitled to handle his or her own affairs
Monument of Survey
le indications made on natural or man-made
objects that indicate the boundaries of a survey
Mortgage
A legal document that pledges a property to the
lender as security for the payment of a loan or debt
Mortgage broker
An individual or company that acts as an agent
between borrowers and lenders for the purpose of arranging and negotiating
mortgage contracts; who is paid a fee for such service
Mortgage insurance
A contract that guarantees the lender against
loss caused by a mortgagor's default on a government or conventional mortgage;
such insurance can be issued by a private company or by a government agency,
and covers either only a percentage, or the total, of the mortgage
loan
Mortgagee
The lender in a mortgage
transaction
Mortgagor
The borrower in a mortgage
transaction
Multiple-listing service
(MLS)
An organization of brokers who share their
listing agreements with one another in order to find buyers for their
properties more effectively than they could individually
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Making An Offer >Keeping Your Earnest Money Safe
When you make an offer on a house, it is accompanied by an earnest money check. Earnest money is intended to demonstrate that you are "in earnest" about purchasing the property. The earnest money check is made out to the listing company. What happens to this check?
The party holding the check acts as an escrow agent until you go into closing. At that time you will receive credit for the amount of your check against the down payment and closing costs. Real estate brokers are required by law to keep escrow funds in a special account. These funds cannot be used to pay any other expenses associated with the sale. If you don't complete the transaction, the purchase contract determines the disposition of your earnest money funds. Be sure to review this part of your contract with the real estate agent.
If you are in default on your agreement, the funds may go to the sellers, so be sure that you understand the deadlines in order to avoid breach of contract and forfeiture of your deposit. If you have any questions, be sure to ask your real estate agent for advice.
Charlie & Barbara Kaylor RE/MAX Communities The Dream Team 750 Hopmeadow Street Simsbury, CT 06070 Direct Telephone: (860) 392-9280 Office Telephone: (860) 651-6100 Direct Fax: (888) 392-9281 Email: TheDreamTeam@NUMBER1EXPERT.com
Charlie and Barbara Kaylor, The Dream Team, have over 30 years combined residential real estate experience. Charlie, Broker-Owner of RE/MAX Communities has been awarded the RE/MAX International Platinum Club status for outstanding sales volume for four consecutive years and is among the elite RE/MAX Hall of Fame recipients. Barbara's innovative marketing and promotional material has been recognized as the best in the area. The Dream Team is an enthusiastic, knowledgeable and dedicated team of professionals with a genuine love for The Farmington Valley. They have two elementary school aged children and are deeply involved in their community. Partners in business and in life, The Dream Team is the best choice to help you with all of your real estate needs. Please visit www.CTDreamTeam.com to learn more about The Dream Team and the beautiful Farmington Valley area. Don't miss the 40 testimonials from their clients!
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