The age of which a person transitions from a minor to an age where he can represent himself and handle his own affairs.
A clean title that has no doubts or outstanding issues.
The price placed on a property that takes into account the estimated appraisal value as well as the market values of similar properties.
A community with an extensive plan centered around building up infrastructure, with residential homes, commercial buildings, and public facilities.
A physical defect that could affect the buyer
The systems within a property, such as air conditioning, plumbing and wiring.
Metes and Bounds
The practice of describing land by it
A person who is legally incapable of creating contracts, usually because of age. In the United States, a minor is a person under 18 years of age.
Monthly Association dues
Monthly dues to be paid to a community
A contract that represents the debt owed by the borrower to the lender for the money borrowed to purchase a property.
Mortgage Calculation for Income to Expense Ratio (37-43%)
The income ratio is calculated by taking your total monthly housing payment as a percentage of your gross monthly income. The housing payment includes any and all fees, as well as principal, interest, insurance, property taxes. The expense ratio is your housing payment plus any recurring monthly debts as a percentage of your gross monthly income. Generally, this mortgage calculation is somewhere between 33% and 43%.
Mortgage Revenue Bonds
A means of providing lower cost mortgage funds by a community for qualified borrowers.
Mortgage Title Policy
The insurance policy that provides coverage against losses resulting from defects in the title of the property that is insured.
The party that is borrowing money from another mortgaging party.
Multiple Listing Service (MLS)
A service that compiles the listings for an entire area into one place, except for listings under the category of for Sale by Owner.
Commonly occurring in markets where sellers have the advantage or in hot markets, this occurs when multiple buying offers are submitted for the same property by different buyers.