Real Estate Agent MLS

Real Estate Agent MLS Guide & Market Information

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I – M

Index:
A market fund rate that may be tied to an adjustable rate.

Intangible Mortgage Tax:
Tax based on the amount of the buyer’s mortgage.

Interest:
The amount charged by a lender for the use of money.

Judgment:
A legal claim filed against a person or property to repay a debt or foreclosure proceeding.

Latent Defect:
Unknown property defect not readily apparent to the buyer, but may surface later.

Lien:
The legal right to take and hold or sell the property of a debtor as security or payment for a debt.

Liquidate:
Sell an asset and receive cash.

Listing Agent:
The sales professional who has signed an agreement to exclusively market the seller’s property.

Listing Agreement:
Formal contract signed by the seller and the real estate sales (Realtor) professional at the time the seller places a property on the market.

Listing Commission:
The percentage of the final home price sellers agree to pay a sales professional to list and sell their property.

Listing Fee:
The percentage of the final home price sellers agree to pay a sales professional to list and sell their property.

Loan Processing:
Verifying financial information provided by a borrower to a lender, packaging the information on standardized forms, and submitting the package to an underwriter for formal loan approval.

Loan Term:
Maximum length of time within which a loan must be repaid.

Lock-in:
A written agreement in which the mortgage lender guarantees a specified interest rate if the loan closes within a set time.

Lot Survey:
The report that includes a detailed map of an area of land, including its boundaries, area and elevation, using geometry and trigonometry to measure angles and distances.

Market Analysis:
A report comparing your property to others in your market that were recently sold.

Market Value:
The probable price property would bring in an arm’s-length transaction under normal conditions in an open forum.

Marketable Title:
Clear or good title, reasonably free from the risk of litigation over possible defects.

MIP:
The amount paid by a mortgagor for mortgage insurance, to a government agency such as the Federal Housing Administration (FHA) or to a private Mortgage Insurance (MI) company. An acronym for Mortgage Insurance Premium.

MLS:
An acronym for Multiple Listing Service. Data that combines the listings for all available homes in an area, except FSBOs (For Sale By Owner), in one directory or database.

MLS Number:
A series of unique numerals used to describe an individual property in the Multiple Listing Service (MLS).

Mortgage:
A temporary, conditional pledge of property to a creditor as security for performance of an obligation or repayment of a debt.

Mortgage Broker:
An individual or company that typically requires a fee or commission for the service of bringing borrowers and lenders together for the purpose of loan origination. See also, Broker and Real Estate Broker.

Mortgage Commitment:
A written notice from the bank or other lending institution saying it will advance mortgage funds in a specified amount to enable a buyer to purchase real property.

Mortgage Company:
A firm that is in the business of originating, servicing and selling loans to investors.

Mortgage Insurance:
A contract that insures the lender against loss caused by a borrower’s or mortgagor’s default on a government or conventional mortgage loan. The contract can be issued by a private company or by a government agency such as the Federal Housing Administration (FHA). Depending on the type of mortgage insurance, the insurance may cover all or part of the mortgage loan.

Mortgage Insurance Premium (MIP):
The amount paid by a mortgagor for mortgage insurance, either to a government agency such as the Federal Housing Administration (FHA) or to a private mortgage insurance (MI) company. Also referred to by the acronym MIP.

Mortgage Product:
Various types of mortgages.

Mortgage Provider:
A company or person who supplies loan products. See also Mortgage Company.

Mortgagee:
A lender in a mortgage loan transaction.

Mortgagor:
A borrower in a mortgage loan transaction.

Multi-Family:
Residential structure with more than one dwelling.

Multiple Listing Service:
The means by which members of a Board of REALTOR ® share listing information and property details about a property with other members.

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