Ben Kayes Buyer Magazine RRG 2015 Buyer Magazine - Kayes, Ben | Page 18

terms to know GLOSSARY
Helpful Terms to Get You Started.
During the course of your house hunting, you may come across unfamiliar terms. The following list
helps explain some common terms associated with the home-buying process. Can’t fi nd the term
you’re looking for in this list? Just ask me for a description – I’m always here to help you!
Abstract of Title
A summary of the public records relating to
the ownership of a particular piece of land. It
represents a brief legal history of the property
and traces its ownership from the time of the
fi rst recorded transfer to present.
Adjustable-Rate Mortgage
This type of mortgage allows the interest rate to
be changed periodically.
Agency
A legal relationship in which an owner-principal
engages a broker-agent in the sale of property
or a buyer-principal engages a broker-agent in
the purchase of property.
Appraisal
An evaluation of a piece of property to
determine its value. A bank requires an appraisal
before approving your mortgage.
Asbestos
A mineral fi ber used in some building materials
such as fl ooring, siding, insulation and roofi ng. It
is presently banned for most uses in homes and
buildings.
Building Codes
State and local