Categories
- For Buyers
- Green
- For Sellers
- Colorado Springs
- Foreclosures and Short Sales
- Colorado Springs Homes
- Military
- Mortgage and Finance
- Real Estate Dictionary
- Uncategorized
House for Sale – PETERSON AFB
House for Sale – EAST
House for Sale – CENTRAL
House for Sale – BRIARGATE
Kathy on Twitter
Kathy on Facebook
Real Estate Dictionary — “A” is for Absorption Rate
Knowledge is Power
What does Absorption Rate mean to me as a buyer? An Absorption Rate is an estimate of the rate at which a particular classification of space (house, condo, new housing, etc.) will be sold within the next year. A high absorption rate, means that it is a Buyer’s Market.
I’m moving from Colorado to Oklahoma; my Oklahoma Realtor said that I need to get an Abstract on the property I’m buying. An Abstra
ct is a document that is a full summary of all proceedings affecting a parcel of real estate together with a statement of the present status. In Colorado Springs, title searches are used in place of abstracts.
What does it mean when my agent says the contract has been accepted? Acceptance is an expression of intent of a person receiving an offer to be bound by the terms of an offer. In Colorado, acceptance must be in writing
What is an addendum to a contract? An addendum is additional material attached to and made part of the contract. Once the contract is accepted, the addendum becomes part of the contract.
What is an adjustable rate mortgage? This is an extremely broad term applied to describe loans that have rates and terms that can change.
The tax assessor’s site talked about ad valorem, what is this? This is a Latin term that translates to according to valuation.
My Colorado Springs Realtor said that she is acting is my agent, what does this mean? An agent is authorized to act on behalf of another person.
My Realtor said that I don’t own my air rights over my house that I own in Southeast Colorado Springs. Airport authorities and government authorities will often purchase the air rights that are adjacent to an airport.
My mortgage broker said that my loan will be amortized over 30 years, what does this mean? This means that your loan is based on a gradual payment of interest and principal over a 30 year, at the end of 30 years you will have a zero balance.
My lender said that they will order an appraisal on the property, what is this? An appraisal is a professional opinion about a property’s value and takes many things into consideration.
Are Appraisers licensed in Colorado Springs? Yes, Appraisers in Colorado are required to be licensed and must go through extensive training and are required to complete continuous education classes on a yearly basis.
My father said that I need to think about the appreciation of the property, what does he mean? Appreciation refers to fact that the value of property typically increases over time.
If you enjoyed reading this article, why not Subscribe to be notified of the next one?
