Amendment: a change either to alter, add to, or correct-part of an agreement usually doesn’t change the principal idea or essence.
Appraisal: an estimate of value of property resulting from analysis of facts about the property; an opinion of value.
Comparable Sales: sales that have similar characteristics as the subject property, used for analysis in the appraisal. Commonly called “comps.”
Deed of Trust: an instrument used in many states in place of a mortgage.
Covenants, Conditions, Restrictions (CC&R’s): limitations in the deed to a property that dictate certain uses that may or may not be made of the property.
Earnest Money Deposit: down-payment made by a purchaser of real estate as evidence of good faith; a deposit or partial payment.
Easement: a right, privilege or interest limited to a specific purpose that one party has in the land of another.
Hazard Insurance: real estate insurance protecting against fire, some natural causes, vandalism, etc., depending upon the policy. Buyer often adds liability insurance and extended-coverage for personal property.
Homestead Exemption: automatic in Arizona, it allows any resident of Arizona, 18 years of age or older, to exempt from attachment, execution or forced sale $150,000 of equity in a single dwelling unit. Exceptions include: (1) a consensual lien, i.e. where a deed of trust or equity loan is foreclosed; (2) a forced sale resulting from a mechanic’s lien; and (3) any equity beyond the $150,000 (You should consult an attorney to determine if this exemption offers you protection in the event of an attachment, execution, or forced sale).
Impounds: a trust type of account established by lender for the accumulation of borrower’s funds to meet periodic payments of taxes, mortgage insurance premiums and/or future homeowner’s insurance policy premiums, required to protect their security.
Legal Description: a description of land recognized by law, based on government surveys, spelling out the exact boundaries of the entire piece of land. It should so thoroughly identify a parcel of land that it cannot be confused with any other.
Lien: a form of encumbrance that usually makes a specific property the security for the payment of a debt or discharge of an obligation. For example: judgments, taxes, mortgages, deeds of trust.
PITI: a payment that combines Principal, Interest, Taxes, and Insurance.
Power of Attorney: a written instrument whereby a principal gives authority to an agent. The agent acting under such a grant is sometimes called an “Attorney-in-Fact.”
Purchase Agreement: the purchase contract between the Buyer and Seller. It is usually completed by the real estate agent and signed by the Buyer and Seller.
Quick-claim Deed: a deed operating as a release, intending to pass any title, interest, or claim which the grantor may have in the property, but not containing any warranty of a valid interest or title by the grantor.
Recording: filing documents affecting real property with the County Recorder to make them a matter of public record.
Warranty Deed: a document used to convey fee title to real property from the grantor (usually the Seller) to the grantee (usually the Buyer).
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