Welcome to the Vail real estate and homes for sale real estate and mortgage glossary for Green Valley, Sahuarita, Tubac, Rio Rico, Vail, Tucson, and Pima County, AZ, areas. Understanding real estate terminology can be of great assistance in buying or selling a home, commercial property, or investment property. In order to help you understand words commonly used in a real estate transaction, we have prepared a list of real estate terms with which you should become familiar. Thanks again and be sure to contact us for any of your Green Valley real estate needs or real estate needs for Sahuarita, Tubac, Rio Rico, Vail, and Tucson here in Pima County, AZ.

Terms:

Appraisal
An educated estimate of the value of a property on a certain date given by a person, usually after an inspection of the property.

ARM
A mortgage whose interest rate is raised or lowered at periodic intervals according to the prevailing interest rates in the market.

As is
Implied in most Agreements of Purchase and Sale, suggests the buyer is accepting the property in it present state and relinquishes and responsibility from the buyer.

Bankruptcy
a) A person who has done any of the acts that by law entitle his creditors to have his estate administered for their benefit; b) a person judicially declared subject to having his estate administered under the bankrupt laws for the benefit of his creditors; c) a person who becomes insolvent.

Bid
To offer (a price) whether for payment or acceptance.

Credit Risk
An estimate of the amount of credit that can be extended to a company or person without undue risk.

Credit Union
A cooperative organization that makes loans to its members at low interest rates.

Home Equity Loan
A loan or credit line that is secured by the equity the borrower has in a home.

Home Loan
a) Money lent at interest; b) something lent usually for the borrower's temporary use.

Interest Rate
The monthly effective rate paid (or received if you are a creditor) on borrowed money; expressed as a percentage of the sum borrowed.
Also, the percentage usually on an annual basis that is paid for the use of money borrowed from another.

Market Value
An asset's market value is the price it would fetch in the market, if it were sold in the current marketplace.

MLS-IDX
IDX, or broker reciprocity, is a listing sharing arrangement between brokers within a Multiple Listing Service.

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

Prime Rate
The lowest rate of interest on bank loans at a given time and place, offered to preferred borrowers.

Property Tax
A tax levied on real or personal property

Title Insurance
A type of insurance which guarantees the ownership and quality of title to land.

If you are looking for Vail real estate and homes for sale or real estate and homes for sale in Green Valley, Sahuarita, Tubac, Rio Rico, Vail, Tucson or any nearby Pima County, AZ area, we are here to help. Please use our simple Real Estate Request Form that will help you when you are looking for a home for sale in Green Valley, Sahuarita, Tubac, Rio Rico, Vail, or Tucson. Whether you are buying or selling Green Valley or Vail real estate and homes, you have come to the right place. Please note all of your information will be kept strictly confidential and will only be used to provide you with outstanding real estate services.