Transcription of The Real Estate Marketplace Glossary: How to Talk the Talk
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The Real Estate Marketplace Glossary: How to Talk the Talk
Federal Trade Commission The real Estate Marketplace glossary : How to Talk the Talk Buying a home can be exciting. It also can be somewhat daunting, even if you ve done it before. You will deal with mortgage options, credit reports, loan applications, contracts, points, appraisals, change orders, inspections, warranties, walk-throughs, settlement sheets, escrow accounts, recording fees, insurance, list goes on. No doubt you will hear and see words and terms you ve never heard before. Just what do they all mean? The Federal Trade Commission, the agency that promotes competition and protects consumers, has prepared this glossary to help you better understand the terms commonly used in the real Estate and mortgage Marketplace .
(such as the fee a real estate agent earns on the sale of a house). Commitment Letter: A binding of-fer from your lender that includes the amount of the mortgage, the interest rate, and repayment terms. Common Areas: Those portions of a building, land, or improvements and amenities owned by a planned unit development (PUD) or condominium
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