Real Estate Buying Real Estate in Florida - Page 19

Terms To Know

Appraisal – A written analysis of the estimated value of a property prepared by a qualified appraiser .
CIPS – Certified International Property Specialist
Closing – A meeting at which a sale of a property is finalized by the buyer signing the mortgage documents and paying closing costs . Ownership of the property is transferred from the seller to the buyer .
Corporate Owned – A property for which an arrangement has been made with an employer that moves an employee to another area as part of its normal course of business .
Deposit / Escrow – A sum of money given to bind the sale of real estate , or a sum of money given to ensure payment or an advance of funds in the processing of a loan .
Flood Insurance – Insurance that compensates for physical property damage resulting from flooding . It is required for properties located in federally designated flood areas .
Foreclosure – The legal process by which a borrower in default under a mortgage is deprived of his or her interest in the mortgaged property . This usually involves a forced sale of the property at public auction with the proceeds of the sale being applied to the mortgage debt .
Home Inspection – A thorough inspection that evaluates the structural and mechanical condition of a property . A satisfactory home inspection is often included as a contingency by the purchaser .
Homeowners Association ( HOA ) – A nonprofit association that manages the common areas of a development or condominium project .
Homeowner ’ s Insurance – An insurance policy that combines personal liability insurance and hazard insurance coverage for a dwelling and its contents .
16 Buying Real Estate in Florida