Real Estate Editorial

I have come up with part 3 to my real estate definitions, key words and definitions. Now I realize that a lot of people know what real estate is and generally know the terms and phrases related to Real Estate, but for those of you that would like a little more information or definition. I’ve decided to write a regular post defining real estate key words and terms.

Please refer to my series of posts for further definitions:

The Definitions of Real Estate - Part 1
The Definitions of Real Estate - Part 2

Appreciation: “The increase in value of something because it is worth more now than when you bought it”

Conditional Offer: “An Offer to Purchase that is subject to certain conditions, for example, the arrangement of a mortgage. There is usually a stipulated time limit within which the specified conditions must be met”

Delinquency: “Failing to make a mortgage payment on time.”

Depreciation: “The decrease in value of something because it is worth less now than when you bought it”

Mortgage: “A Mortgage is a security for a loan on the property you own. It is repaid in regular mortgage payments, which are usually blended payments. This means that the payment includes the principal (amount borrowed) plus interest (the charge for borrowing money). The payment may also include a portion of the property taxes.

Net Worth: “Your financial worth, calculated by subtracting your total liabilities from your total assets”

Term: “The term of a mortgage is the length of time that the mortgage conditions, including the interest rate you pay, are carried out. Terms are usually between 6 months and 10 years. At the end of the term, you either pay off the mortgage or renew it, possibly renegotiating its terms and conditions.

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