Trouble understanding the complex terminology associated with closing a real estate deal? Let Miller County Abstract and Title of Texarkana be your guide. Our team will walk you through your real estate transaction and make sure you understand all terms relating to the sale or purchase. Common terms include:
An amortization schedule shows the principal and interest payments throughout the life of your loan.
The appraised value is the value of your property at any given time. Miller County Abstract will help you determine the true value by examining your property’s location, improvements, surroundings and other factors.
A credit report details the past ability of a loan applicant to pay scheduled installments.
This is a fee charged by a lawyer for preparing legal documents for your real estate transaction.
Escrow fees are fees charged by a title company to service a transaction, to escrow money and to cover all related documents.
This is where funds are held by the lender for payment of taxes, insurance or other debts against real property.
This insurance will protect your property from theft, natural disasters and other potential dangers.
It is essential to have a home inspector inspect your new property’s structure and essential systems. Make sure you’re fully informed before going forward with your property purchase by scheduling a home inspection.
Interest is a rate charged for the use of loan funds.
Loan Application Fee
This fee is paid to the lender when you turn in your loan application.
Loan discounts are the points charged by a lender. They can be paid by a buyer or a seller on conventional loans.
This fee is charged to each unit owner in planned developments and condos in order to keep up common areas.
Mortgagee’s Title Policy
This policy insures the lender’s lien.
An origination fee is charged by a lender for making a real estate loan.
Owner’s Title Policy
This type of title insurance is designed to protect the owner of the property.
This is 1% of a loan’s total amount.
Prepayment penalties are imposed when a loan is payed off before it’s due.
Private Mortgage Insurance
This insurance covers loss by a lender (mortgagee) in the event of default by a borrower (mortgager).
These fees are paid to a real estate agent as compensation for their services.
Recording fees are charged by the County Clerk to record documents in the public records.
These are certified copies of restrictions required by a lender.
The measurements of the boundaries of a parcel of land and the surrounding area.
Tax prorations divide property taxes between buyers and sellers.Tax Certificates
Tax certificates show the current year’s taxes, the last year they were paid and any remaining debts to be collected at the time of a real estate closing.
Miller County Abstract will be happy to explain all of these terms to you to ensure you’re fully informed before going closing on any real estate deals. Contact Miller County Abstract and Title to learn more.