Destin FL Real Estate Glossary of Terms
Destin FL real estate transactions are often confusing for those who do not know what many of the terms related to these transactions mean. For buyers and sellers alike, understanding a few of the terms used can be beneficial. The following are some of the ones that are used and their meaning:
* Agent – This is a representative of the buyer or the seller who works for a fee.
* Amortization – The payment of a loan over an agreed upon time and at an interest rate that has been agreed upon as well.
* Appraisal Fee – The amount paid to a professional who determines the value of the Destin FL real estate being purchased or sold.
* Asking Price – The amount that is being asked for the property by the seller.
* Buyer’s Agent – The person who represents the interest of the buyer of a property.
* Closing Costs – The fees that are paid by the buyer when they take possession of the Destin FL real estate.
* Down Payment – An amount paid at the time of purchase and it is deducted from the total price of the property.
* Equity – This is the value that is realized when selling a property after the mortgage is paid and there are no liens against the property.
* Escrow – An amount of money held by a third party until terms of the sale are met.
* Fixed-rate Mortgage – The interest rate on a loan that stays the same over the entire period of the loan.
* FSBO – For sale by owner is when the property owner sells the Destin FL real estate without assistance from a realtor.
* Home Inspection – This is when a professional inspects the home to ascertain the condition and if there are problems that need to be corrected.
* Square Footage – The measurement of the Destin FL real estate, including either the land or the home or both.
* Survey – The exact dimensions and the location of real estate.
* Tax Lien – A hold placed on property stating that the taxes have not been paid to the city. This is recorded at the tax office and is public information.
* Title Insurance – An insurance policy on the Destin FL real estate at the time it is purchased that says there are no liens on the property or problems with the title.