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Terms of Sale
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Lessor - The person who rents or leases property to another. In residential leasing, he or she is often referred to as a landlord. One who leases property to a tenant. Lien - A monetary claim against a property that must be paid off when a property is sold in order for the new ownership to be legally recorded in county records. Lifetime Cap — The maximum that an interest rate can increase or decrease over the life of a loan.

Listing Agent - A real estate agent that represents the seller of the property. It is often another broker, representing a buyer, that secures an offer to purchase the property. In such cases, the brokers cooperate co-op and the commission is split between the two companies. Listing Contract also called Listing Agreement - A real estate broker or agent, acting on behalf of the broker and a seller sign this agreement in order to give the broker the rights to advertise the property and represent the seller.

In most cases the payment of a commission to the brokerage is contingent upon the agent procuring a satisfactory buyer for the property within the time frame of the Listing Contract.

Flat fee listing contracts have become popular, whereby a seller may pay a specified amount upfront for the services received. All details are typically determined by the listing contract. Loan Application - A form used to apply for a mortgage loan that a borrower must complete in order to secure the loan. Loan Origination - The process of applying for a mortgage loan. Loan Originator - The person who assists borrowers in obtaining their new loan. Loan to Value - The ratio of the amount of the loan divided by the value or sales price of the home.

Lock In - An agreement in which the lender guarantees a specified interest rate for a certain amount of time at a particular cost. Maturity Date - The date on which the last payment on a mortgage or any other financial instrument becomes due and payable. To properly describe the subject property it begins and ends at the same point and is usually done by a licensed surveyor.

Molds - Fungi that may be present both indoors and out. Prior to a real estate closing, a termite inspection is usually performed to inspect for termites, mold and mildew on the property or in a crawl space. Mortgage - A legal document signed by borrower s and promising a property to the lender in return for payment of a debt. Some states use First Trust Deeds instead of mortgages. Mortgage Banker - A lender that originates mortgage loans through mortgage brokers for sale to investors such as Fannie Mae, Freddie Mac, or Ginnie Mae.

Mortgage Broker - A company that buys mortgages from mortgage bankers to sell to investors such as Fannie Mae and Freddie Mac. Mortgage Insurance - Insurance paid by the borrower to insure the lender against default in case of non payment of the mortgage loan. The mortgage insurance company may buy the property or just cover part of the losses to the lender.

Mortgage Insurance Premium — MIP - The monthly insurance paid by the borrower to offset any potential loss in case of foreclosure. Mortgage Interest Rate - The percentage rate lenders charge for mortgage loans; shown on the note signed at closing. Mortgagee - The lender originating and closing the mortgage loan in their name prior to selling to a broker for investor purchase.

Mortgagor - The borrower signing the note in a mortgage loan process. Negative Amortization - When adjustable rate mortgage payments are not sufficient to pay the monthly principal and interest, the deficient amount is added to the original mortgage which causes the outstanding principal balance to increase. Therefore, the amortization is negative instead of positive.

Nehemiah - An FHA insured government loan that helps low income home buyers with down payment assistance. Generally used for the self employed and small business owners.

Also used for non profits, specialized companies and individuals. Note - A statement borrowers sign at loan closing that gives the terms of repayment. Notice of Default - A formal written notice to a borrower that a default has occurred i. Offer - When a buyer makes a written promise to purchase real estate, it is an offer. It does not become a contract until all terms are accepted by both seller and buyer. Open End Loan - A mortgage loan that is expandable by increments up to a maximum dollar amount, the full loan being secured by the same original mortgage.

Open Listing - A listing under which the principal owner reserves the right to list his property with other brokers, yet grants the real estate agent the right to advertise and sell the property. Option - The right to purchase or lease property within a pre-determined time at a specific price. There is no obligation to purchase, but the seller is obligated to sell if the option holder exercises the right to purchase.

For the option to be valid, it must include consideration i. Origination Fee - The fee charged by most lenders to originate a loan, typically one percent of the loan amount. Owner Financing — The seller provides financing so that the buyer does not have to go through a bank or traditional sources to obtain funding to purchase the property. The seller does not receive all proceeds at once, as in a traditional closing where the buyer obtains bank financing, but the seller does receive interest in addition to the principal.

Payment - The monthly amount due that a borrower must pay on a mortgage loan. Payment Cap - The most that a monthly mortgage payment can be increased on an adjustable rate loan mortgage. Personal Liability - Person is legally liable for individual action, responsibility or activity. PITI - Principal, interest, taxes and insurance combined. Planned Unit Development — PUD - A housing design to produce a high density of dwellings and maximum utilization of open spaces.

Plat — A map that is drawn to scale of a specific piece of land that shows the shape, acreage, etc. Points - Discount points are paid upfront to mortgage brokers to give a sufficient yield when the borrower would like a lower interest rate. One point is one percent of the loan amount.

Possession - The buyer occupying the property that is purchased or a tenant occupying the property that is leased. In a real estate sale, possession is rarely granted prior to closing when the seller receives their funds. Prepayment Penalty - A fee charged when a borrower pays a mortgage in full prior to the agreed upon date.

The note and deed would advise of any such penalty. Prequalification - Having a mortgage lender advise that debt ratios and credit report plus other factors show a borrower qualifies for a particular loan amount before signing a contract.

Principal - The outstanding loan balance not including interest. Property Tax - Taxes payable to the county where the property is located. Many counties will offer a homestead exemption, which is a reduction in taxes, if the real estate is your primary residence.

Purchase and Sale Agreement - The contract between the buyer and seller stating terms, conditions, sales price and other pertinent information about the property being purchased. Qualify - To meet the guidelines based on debt, income, and credit worthiness. Quit Claim Deed - A document by which one property owner releases his or her claims, rights and interest in a particular property. Radon - A natural gas found in the environment.

If present inside a home, it can be harmful in sufficient concentrations. Radon gas testing is available. Rate Lock -When the lender issues a written commitment to a borrower as to a specific interest rate for a specific period of time. Real Estate Agent - A person licensed to advertise and negotiate the sale and lease of real estate on behalf of the property owner. Real Estate Commission - Each state has a Real Estate Commission or similarly named department or agency that oversees the licensure of real estate agents and real estate brokers in that state.

Qualifications and requirements for licensure differ from state to state. This Commission or department or agency may also oversee similar licensure, such as real estate appraisers.

This Commission sets all policies, procedures, and rules for practicing real estate within the state. In this way, a REIT stock is similar to any other stock that represents ownership in an operating business. However, a REIT has two unique features: Instead, they pay out all of their taxable income in the form of dividends.

Usually a result of their borrowers defaulting on the loan and the subsequent foreclosure of the property from that buyer. It is intended to protect the borrower and seller by making everyone more knowledgeable about possible costs and charges. All Realtors are real estate brokers and real estate salespeople, but not all real estate brokers and real estate salespeople are Realtors members of the National Association of Realtors.

Refinancing - Obtaining a different loan for the benefit of perhaps a lower interest rate, converting an ARM to a fixed rate, or to take out some of the equity in the property.

The borrower re-applies for a mortgage and goes through another closing transaction on the property they have previously mortgaged. The new loan pays off and replaces the original loan. Rent with option to buy — or lease purchase option - An alternative financing option that allows home buyers to lease a home with an option to purchase at the end of the lease.

Restrictions - Covenants or other types of conditions in the deed or other real estate documents that restrict the use, restructure and care of real estate involved in the transaction.

Return On Investment ROI - is how much profit or cost savings is realized as a result of participating in the investment. Right of first refusal - The right to the first opportunity to lease or purchase real property. For example, apartment tenants might retain the right of first refusal when their units are being converted to condominiums.

Rule of 72 - The rule says that to find the number of years required to double your money at a given interest rate, you just divide the interest rate into It is only available in rural areas on a case by case basis.

Second Home - Real estate owned that is not a primary residence. This may be a vacation home, seasonal property, or other real estate. The IRS allows certain benefits for a second home under specific conditions.

Second Mortgage - A loan taken out behind the first mortgage, perhaps at the purchase or even at a later date when the owner needs funds and the equity is sufficient.

Secondary Mortgage Market - Buying and selling existing mortgages, usually in blocks of several loans. Seller financing, or seller take-back - When the seller receives only a portion of the sales price at closing, and the balance he finances to the buyer in the form of a promissory note secured by the real estate purchased.

Know the terms of sale. Auctioneers now take on and even surpass the roles of many traditional brokers in working with owners to assess the market, structure the form and terms of sale including dealing with any legal or other technical issues , and to prepare the marketing plan, advertising copy and information packet. You should be aware that different states have varying statutes on terms of sale.

How good are your terms and conditions of sale? For a comprehensive listing of all available items, directions to the auction or more information on auction rules and terms of sale , please visit the auction index on www.

Plant in El Paso, Texas. With the exception of historical or factual information, the matters discussed in this press release, including the close of the sale of REI, timing of the close, performance under the terms of sale , post-sale business strategies, use of proceeds, and shareholder value, are forward looking statements that involve risks and uncertainties. Supplier will not provide refunds for any Work conforming to specifications in all material respects. Other than the warranties set forth in this section, Supplier makes no warranty of any kind, expressed or implied or otherwise whatsoever, that the services performed or any items produced will be merchantable or fit for any particular purpose or use.

Any notice sent pursuant to the Order or this Agreement shall be sent by certified mail, return receipt requested, or by overnight mail to the addresses on the Order or to such address as either party may in the future designate.

Notices shall be effective upon receipt. Buyer and Supplier are separate entities. Nothing in the Order or this Agreement shall be construed as creating an employer-employee or joint venture relationship. Each party shall comply with all state, federal and local laws and regulations applicable to its performance hereunder. The Order and this Agreement shall be governed by the laws of the State of Minnesota, without reference to conflicts of law principles.

Any legal suit, action or proceeding arising out of or relating to the Order or these this Agreement shall be commenced in a federal court in Minnesota or in state court in the County of Nicollet, Minnesota, and the appellate courts thereof, and each party hereto irrevocably submits to the exclusive jurisdiction and venue of any such court in any such suit, action or proceeding.

In the event any provision of the Order or this Agreement is held by a tribunal of competent jurisdiction to be contrary to the law, the remaining provisions of the Order or this Agreement will remain in full force and effect. All sections herein relating to payment, ownership, confidentiality, indemnification and duties of defense, representations and warranties, waiver, waiver of jury trial and provisions which by their terms extend beyond the Term shall survive the termination of the Order and this Agreement.

The Order, this Agreement and the operative provisions of any quotation issued by Supplier and any purchase order issued by Buyer, sets forth the entire agreement and understanding among the parties as to the subject matter hereof, and merges and supersedes all prior discussions, agreements, and understandings of every and any nature among them. No proposal, purchase order, order confirmation, acceptance, or any other document provided by either Party to the other, nor any electronic click-wrap, terms of use or similar online consent or acceptance language accompanying or set forth as a prerequisite to any electronic interface or utility associated with any Work, shall be deemed to amend the terms hereof and any such contradictory or additional terms shall be ineffective.

No party shall be bound by any condition, definition, warranty, or representations, other than as expressly set forth or provided for in the Order or this Agreement, or as may be, on or subsequent to the date hereof set forth in writing and signed by the party to be bound thereby.

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Definition of terms of sale: The delivery and payment terms agreed between a buyer and a seller. In international trade, terms of sale also set out the rights and obligations of buyers and sellers as applicable in the.

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The conditions the parties agree to follow in the trade of a good or service. Necessary terms of sale include price, quantity, and, if necessary, terms of sale may also include special conditions. See also: Terms of trade. Glossary of Real Estate Terms. Assumable Mortgage – The buyer takes over and assumes the existing mortgage on the property on the same terms as the original person that took out the mortgage. This would mean the new buyer does not have to obtain a new loan. Due on Sale Clause – Language in the mortgage closing agreements that .

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Montreal, QC Real Estate - Homes For Sale in Montreal, Quebec The properties in this city are quite old, since roughly 40% of its buildings were built pre, while many of the remaining buildings were constructed in the s and the s. standard terms and conditions of sale These terms and conditions of sale (“ Agreement ”) are applicable to any order placed with and accepted by .