A home 101 guide ought to be incomplete without the basic glossary of terminologies or jargons the agents, statutory and other documents include. The agent might be talking sense or simply be making a fool of the client, who knows? It all sounds gibberish and one might end up thinking that the agent actually knows what he or she is talking about. To begin with, every home buyer should get acquainted with such terms and help themselves in the home buying process. After all, it is probably a once in a lifetime opportunity and one would want to make the most out of it rather than guessing their way through.
Much like other fields, it might sound complex but is rather simple to understand and easy to remember. Now, straight to the point!
- Graduated Payment Mortgage- it is a mortgage type wherein the payments go on increasing over time and eventually level off. It is a very flexible system of payment.
- Deed of Trust-
- Lien- it is the legal right of a person to hold and sell property of another until the person’s debt has been fully paid off or in case obligations haven’t been met. It is a physical item of security granted to the lien holder over a property.
- Inspection Certificate- it is a document or a certificate that ensures a buyer that the property is exactly as per description, after carrying out a detailed survey.
- Lease Purchase- this is a very simple method of purchasing property over time. Payments are over the rent charged, over a course of time, as per pre-defined terms and conditions. The renter becomes the final owner towards the end of the agreement.
- Foreclosure and Forbearance- it is a legal system that allows one’s creditor to sell his or her house in case of unpaid mortgage. As one might have already guessed, forbearance is pretty much the opposite; an act where no legal actions are undertaken in case of failure to pay off pending dues.
- Hazard Insurance- much like the name suggests, it covers the insured in case of property damage, loss or hazards by providing compensation at the time.
- Escrow- this fancy term is nothing but the situation when money has been kept with a third party for the purpose of ‘safekeeping’ and is a requirement for all home buyers in most agreements.
- Down Payment- this is a frequently used term. It is the amount paid to the seller that seals the deal of home buying and selling. The implied understanding is that the balance will be paid soon after or as per the terms of agreement.
The list above is only the gist of the terms one might want to know. The developers and middlemen at Shimmer Ocean Pearls employee only the best minds, ready to cater to the needs of buyers with integrity. Their latest luxury sea-facing bungalows project near Mumbai is now on sale and needs no introduction. Find all the information about the stunningly modern property on their official website.