Appraiser Qualifications

Many states require all real estate appraisers to be, at a minimum,
state licensed or state certified and have fulfilled rigorous education
and experience requirements and must adhere to strict industry standards
and a professional code of ethics as promulgated by the Appraisal
Foundation.

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How long does an appraisal take?

The physical inspection of the real property being appraised can take
from approximately fifteen minutes to several hours, depending upon the
size and complexity or of the real property involved.

After the initial inspection of the property the appraiser spends time researching and
touring through the neighborhood or surrounding area. The purpose of this is
to find comparable sales ("comps") - other properties most similar to
the property being appraised which have sold within the last six months
to a year or so. When the field work is finished, the appraiser
completes the report at his office. The report can consist of a short
form report (typically under ten pages) to a long narrative report
which can sometimes exceed a hundred pages. A narrative report can
take weeks or sometimes even months, depending upon the complexity of
the assignment.



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Where does an appraiser get the information needed to complete an
appraisal?

The appraiser gets his or her information from a wide variety of
sources, including the local Multiple Listing Service, local tax
assessors records, local real estate professionals, county courthouse
records, private public record data vendors, interviews with sellers
and buyers, appraisal data co-operatives and his or her own personal
knowledge or office files from previous appraisals. The quality and
reliability of each piece of information is considered by the
appraiser.


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Appraisal VS. Engineer or Whole House Inspection

The appraiser is not a whole house inspector, engineer, architect,
electrician, plumber, H.V.A.C. technician or contractor. The appraiser
briefly walks through the house to get an idea of the general condition
and room count. An appraisal is not a guarantee of condition. The
appraiser will ask about any visible problems and those which may not
be visible, and will do his/her best to gauge any impact on value
attributable to those problems. You are encouraged to seek the advice
of experts if you have any questions about the structural or mechanical
aspects of any property.



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What does the appraiser look for?

Typically, an appraiser needs to document the property,
both inside and out, the layout and features and degree of
modernization, including any updates as well as the overall quality of
construction. This information will assist the appraiser
throughout the valuation and comparison process.

The appraiser estimates the square footage (GLA - gross living area) by measuring the exterior of the home. 
Only above-grade living space is typically incjuded in the GLA,
 but Lower Levels, found in tri- or quad-level homes, are accounted for. 
Finished basements are also calculated separately from the above-ground GLA.
Non-living areas such as garages ,covered porches, and so on aren't included in
 GLA either, but are accounted for and compared in value separately. 
  The local market will dictate the contributory value of the features,
 which can be influenced by governmental regulations,
 the degree of modernization, the quality of the finish, and other factors.

The appraiser will generally consider only permanent fixtures as real
property. Because many above-ground swimming pools and small sheds are
not permanent structures, they usually aren't included in the
valuation. Depending on the specific installation process and local
custom, however, an above ground pool or small shed might be considered
part of the real property.



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What improvements add the most value to my home?

Just how much any particular individual improvement might add to your
home's market value, what appraisers typically call the contributory
value, can often vary widely from market to market, dictated by the
wants and needs of each neighborhood. However, a local appraiser
familiar with your market can help you figure out the best
home-improvement value. Check out Remodeling On-Line's Cost Vs. Value
Report which features some information on how improvements might
increase the value of your home from market to market.



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If my appraisal comes out higher than my tax value, could my real estate
taxes go up?

Absolutely not!. The appraiser is required to maintain confidentiality
with the client, which would typically be you (if you undertook the
appraisal) or the bank (in a mortgage related appraisal), not the local
tax authorities.



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Short form "2055" Vs. "URAR Fannie Mae" Form Appraisal Report

A "Fannie Mae" - URAR form report has many items required by the
secondary mortgage lending market, that are not neccesarily needed in a
simple report to find the market value. Both primarily rely on a direct
sales comparison or market approach with a comparison grid (see below)
to determine the market value of the subject property. The lenders
report has many additional arbitrary requirements which have little
bearing on the value found by a report needed for many other purposes.
The traditional "lender" reports need census tract & smsa information
for tracking lending patterns. Some lender reports require a lot of the
appraisers effort to determine and substantiate how much additional
rental income is available to support a higher mortgage. In addition, a
great deal of detail is required to help the lender determine what if
any, necessary repairs might be needed before the property meets their
underwriting requirements. All of these things and much more, may be
quite important for a lender, but probably are useless for most people,
who just want to know what a property is worth for a variety of reasons.
Our short form reports are particularly well suited for helping a seller
to price a home for sale, helping a buyer to decide how much to offer or
pay for a home, for estate tax, gift tax, tax grievance, uncontested
divorce & most any other potential use other than for obtaining a
mortgage or in litigation where the report will be used in conjunction
with expert testimony.



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Services provided

In our complex society, you may need and use the services of a
professional real estate appraiser for a variety of reasons. Depending
upon an appraiser's designation and qualifications, he or she can
provide some or all of these services: Appraisals - Residential or
Commercial; Counseling and Consulting; Evaluations; Expert Witness
Testimony; Litigation Preparation; Feasibility Studies; Market
Analysis; Market Rent & Trend Studies; Tax Assessment Review and Advice
or Zoning Testimony.



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Know Your rights in the appraisal process!

Under the Equal Credit Opportunity Act, your lender must provide you
with a copy of the appraisal report upon your written request. If you
are dissatisfied with any information contained in your appraisal
report, you should contact your lender immediately.



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What is the difference between an appraisal and a brokers
market analysis or price opinion?

An  appraisal is a formal, impartial estimate or opinion of
value, usually written, of an adequately described property, as of a
specific date, and supported by the presentation and analysis of
relevant data. It is prepared as a result of a retainer, for reliance
by identified parties, and for which the appraiser accepts
responsibility. Only a licensed appraiser can provide a real estate appraisal.
 
A comparative market analysis or brokers price opinion is an informal
estimate of market value, based on comparable sales in the
neighborhood, performed by a real estate agent or broker. You can do
your own cost comparison by looking up recent sales of comparable
properties in public records. These records are available at local
recorder's or assessor's offices, through private companies or
increasingly on the Internet through such sources as Domania.

The most important difference between a licsesned appraiser and broker
or real estate sales agent is their motivation. A brokers typical goal
is to obtain a listing and earn a commission. Although most brokers and
agents are honest some might tell you what they think you want to hear.
A certified appraiser is independent and has no axe to grind. They have
no ulterior motives. Their only concern is to deliver a fair, accurate
objective appraisal.



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The following Items, if available, will help your appraiser to provide a
more accurate appraisal in a shorter period of time.

A survey of the house and property; A deed or title report showing the
legal description; a recent tax bill; a list of personal property to be
sold with the house if applicable; a copy of the original plans &
specifications, The date and purchase price you paid when you purchased
the property; a list of recent improvements & cost as well as any other
information you feel may be pertinent.



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The Appraisal Process

The appraisal process is an orderly and concise method of reaching an
estimate of value. The process has six major steps which include:
definition of the problem, preliminary survey and appraisal plan, data
collection and analysis, application of the three approaches to value,
reconciliations of value indications, final estimate of defined value.
This process assists the appraiser in reaching a sound conclusion. The
major phase of this process involves the application of the three
approaches to value which include the Market Data Approach, the Cost
Approach and Income Approach. The three approaches are reconciled and
the value via most applicable approach, in the opinion of the
appraiser, is selected as the final estimate of value. In most
residential appraisals, particulary those of single or two family
dwellings, the direct sales comparison or market approach best reflects
the actions of buyers and sellers and is the most convincing and
defendable approach to value.



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The market or direct sales comparison approach to value

The market or direct sales comparison approach to an estimate of value
is a process of comparing market data, that is, prices paid for similar
properties, prices asked by owners, and offers made by prospective
purchasers or tenants willing to buy or lease. Typically a comparison
grid is used and adjustments are made to each of the comparable sales
used for major differences between the comparable and the subject
property for such items as location, gross living or building area, lot
size, condition/effective age, market conditions, degree of remodeling,
construction quality and significant amenities, ie: fireplace, jacuzzi,
in ground pool, garage, deck, patio, porch and central air conditioning
etc. In the market approach, the appraiser attempts to both gauge and
reflect the anticipated reaction by a typical purchaser to the subject
property.



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Comparable sales

A comparable sale is a property, that is similar to the subject property
in most respects, is located in a similar (nearby) location, and has
sold recently at arms length. The selection of comparable sales is in
most residential appraisals, the single most important determining
factor in establishing value. It is the appraisers responsibility to
adequately research the local real estate market and determine which
comparable sales best represent the value characteristics of the
subject property.



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Arms length transaction

An arms length transaction is one in which both seller and purchaser act
completely independently of each other and have no connection or
relationship to each other.



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Market value

Market value or fair market value is the most probable price that a
property should bring (will sell for) in a competitive and open market
under all conditions requisite to a fair sale, the buyer and seller,
each acting prudently, knowledgeably and assuming the price is not
affected by undue stimulus. Implicit in this definition is the
consummation of a sale as of a specified date and the passing of title
from seller to buyer under conditions whereby: (1) buyer and seller are
typically motivated; (2) both parties are well informed or well advised;
(3) a reasonable time is allowed for exposure to the open market; (4)
payment is made in terms of cash in U.S. dollars or in terms of
financial arrangements comparable thereto; and (5) the price represents
the normal consideration for the property sold unaffected by special or
creative financing or sales concessions granted by anyone associated
with the sale.



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The cost approach to value The cost approach combines an estimate of
land value with an estimate of depreciated reproduction or replacement
cost of the improvements. The principle of substitution is the basis of
the cost approach, in that no rational person will pay more for a
property than the amount for which he can obtain, by purchase of a site
and construction of a building, with undue delay, a property of equal
desirability and utility.



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The income approach to value

The income approach is based on an estimate of net income from the
operation of an income producing property and the selection of the
property capitalization rate from market indications of similar
properties. The principle of anticipation is the basis of the income
approach and affirms that value is created by the expectation of
benefits to be derived from possession, operation and/or capital gain
at resale.



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Highest & best use

Typically, highest & best use means the use or utilization that provides
the most profitable return on investment. It is that use, selected from
reasonably probable and legal alternative uses, which are found to be
physically possible, appropriately supported and financially feasible
to result in the highest possible land value.



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What rules must appraisers follow? - Uniform Standards of Profesional
Appraisal Practice

Appraisal Standards Board (ASB)

The ASB sets forth the rules for developing an appraisal and reporting
its results. In addition, it promotes the use, understanding and
enforcement of the Uniform Standards of Professional Appraisal Practice
(USPAP).

FIRREA requires that real estate appraisals used in conjunction with
federally-related transactions be performed in accordance with USPAP.
More than 80,000 state certified and licensed appraisers are currently
required to adhere to USPAP. USPAP contains the recognized standards of
practice for real estate, personal property and business appraisal.

The authority of USPAP extends beyond FIRREA. Since 1992, the Office of
Management and Budget (OMB) has required federal land acquisition and
direct lending agencies to use appraisals in conformance with USPAP.

List of Common Real Estate Terms (alphabetically)

A
 
Abstract
 
A history of all transactions shown in the public records affecting a particular tract of land.
 

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Abstract Plant
 
Also called "Title Plant" in some areas. A geographically filed assemblage of title information that helps in expediting title examinations, such as copies of previous attorneys’ opinions, abstracts, tax searches, and copies of take-offs of the public records.
 

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Acceleration Clause
 
Condition in a mortgage that may require the balance of the loan to become due immediately, if regular mortgage payments are not made or for breach of other conditions of the mortgage.
 

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Adjustable Rate Mortgage (ARM)
 
Mortgage loans under which the interest rate is periodically adjusted, in accordance with some market indicator, to more closely coincide with the current rates. The extent and number of these adjustments are agreed to at the inception of the loan.
 

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Adverse Possession
 
The possession, by one person, of land belonging to another in a manner deemed adverse to the interest of the owner. In most states, by operation of law, title to the land becomes vested in such person after a fixed number of years if the owner fails to assert his or her rights.
 

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Affidavit
 
A written statement made under oath before a notary public or other judicial officer.
 

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Agreement
 
A legally binding contract made between two or more persons.
 

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ALTA (American Land Title Association)
 
The trade association of the title insurance industry, which has adopted certain insurance policy forms to standardize coverage on a national basis.
 

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Amortization
 
Payment to reduce the principal of a debt in regular, periodic installments.
 

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Appraisal
 
A report from an independent third party detailing the estimated value of real estate.
 

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Appurtenance
 
A right or privilege that is a part of the ownership of property, such as a right of way to a highway across the land of another. Water rights are also an example.
 

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Assessment
 
(1) The valuation of real estate for purposes of taxes or special improvement charges. (2) The amount of taxes or special improvement charges. Special improvement charges are usually for the costs of streets, sidewalks, sewers, etc.
 

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Assignment
 
(1) The act of transferring an interest, such as a loan secured by a mortgage, from one person to another. (2) The instrument or paper by which one person transfers such ownership to another.
 

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Assumption of Mortgage
 
An obligation undertaken by the purchaser of property to be personally liable for payment of an existing mortgage. In an assumption, the purchaser is substituted for the original mortgagor in the mortgage instrument and the original mortgagor is to be released from further liability in the assumption, the mortgagee's consent is usually required.

The original mortgagor should always obtain a written release from further liability if he desires to be fully released under the assumption. Failure to obtain such a release renders the original mortgagor liable if the person assuming the mortgage fails to make the monthly payments.

An "Assumption of Mortgage" is often confused with "Purchasing Subject to a Mortgage". When one purchases subject to a mortgage, the purchaser agrees to make the monthly mortgage payments on an existing mortgage, but the original mortgagor remains personally liable if the purchaser fails to make the monthly payments. Since the original mortgagor remains liable in the event of default, the mortgagee's consent is not required to a sale subject to a mortgage.

Both "Assumption of Mortgage" and "Purchasing Subject to a Mortgage" are used to finance the sale of property. They may also be used when a mortgagor is in financial difficulty and desires to sell the property to avoid foreclosure.
 

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Attorney’s Opinion
 
A statement by an attorney as to the validity of a title, arrived at after investigation of the history of the title as recorded in the public records.
 

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B
 
Back Title Letter
 
Also called "Back Title Certificate" in some areas, and "Starter" in others. When titles previously have been examined up to a certain date by reliable examiners, title companies sometimes give subsequent examiners of such titles a letter that sets forth the condition of the title at the time of the previous examination and authorizes them to begin their subsequent examination with the terminal date of the previous examination.
 

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Balloon Note
 
A form of promissary note that calls for the minimum payment of principal and the payment of interest at regular intervals. This type of note requires a substantial final payment, which represents all the principal.
 

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Bankruptcy
 
A proceeding in the U.S. District Court wherein assets of an insolvent debtor are protected and distributed in an equitable manner.
 

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Binder
 
Sometimes called a "Preliminary Certificate" or "Commitment". (1) A preliminary report as to the condition of a title and a commitment to issue a title insurance policy in a certain manner when certain conditions are met. (2) A deposit in escrow of a small part of the purchase price of real estate as evidence of good faith and to bind an agreement to purchase.
 

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Broker
 
Also known as a "Real Estate Broker". A middleman or agent who buys and sells real estate for a company, firm, or individual on a commission basis. The broker does not have title to the property, but generally represents the owner.
 

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Building Line or Setback
 
Distances from the ends and/or sides of the lot beyond which construction may not extend. The building line may be established by a filed plat of subdivision, by restrictive covenants in deeds or leases, by building codes, or by zoning ordinances.
 

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C
 
Certificate of Title
 
A certificate issued by a title examiner stating the condition of a title.
 

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Chain
 
In real estate measurements (surveying), a chain is 66 feet long or 100 links, each link being 7.92 inches. The measurement may change when used in fields other than surveying.
 

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Chain of Title
 
The successive ownerships or transfers in the history of title to a tract of land.
 

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Claim
 
An adverse right or interest asserted by one part against another or against an insurer or inseminator. Claims may arise from unpaid debts or taxes, as well as from hidden title defects such as fraud, forgery, missing heirs, etc.
 

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Clear Title
 
Real property ownership free of liens, defects, encumbrances or claims.
 

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Closing
 
Also called "Settlement". A meeting of all parties involved in a property transaction during which the transaction is consummated.
 

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Closing Costs
 
The numerous expenses which buyers and sellers normally incur to complete a transaction in the transfer of ownership of real estate. These costs are in addition to price of the property and are items prepaid at the closing day. This is a typical list:
 
BUYER'S EXPENSES
 SELLER'S EXPENSES
 
 •  Documentary Stamps on Notes
  •  Cost of Abstract
 
 •  Recording Deed and Mortgage
  •  Documentary Stamps on Deed
 
 •  Escrow Fees
  •  Real Estate Commission
 
 •  Attorney's Fee
  •  Recording Mortgage
 
 •  Title Insurance
  •  Survey Charge
 
 •  Appraisal and Inspection
  •  Escrow Fees
 
 •  Survey Charge
  •  Attorney's Fee
 
 
The agreement of sale negotiated previously between the buyer and the seller may state in writing who will pay each of the above costs.
 

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Closing Day
 
The day on which the formalities of a real estate sale are concluded. The certificate of title, abstract, and deed are generally prepared for the closing by an attorney and this cost charged to the buyer. The buyer signs the mortgage, and closing costs are paid. The final closing merely confirms the original agreement reached in the agreement of sale.
 

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Clouded Title
 
An irregularity, possible claim or encumbrance that, if valid, would adversely affect or impair the title.
 

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Coinsurance
 
Two or more policies of title insurance issued by different insurers, each covering a portion of the same risk, which together provide total coverage of the risk.
 

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Commission
 
Money paid to a real estate agent or broker by the seller as compensation for finding a buyer and completing the sale. Usually it is a percentage of the sale price- - 6 to 7 percent on houses, 10 percent on land.
 

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Commitment
 
Also called a "Binder". A document issued by a title insurance company that contains the conditions under which a policy of title insurance will be issued.
 

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Condemnation
 
(1) The taking of private property for a public purpose, with compensation to the owner under the right of eminent domain. Governmental units, railroads and utility companies to the owner under the right of eminent domain. Governmental units, railroads and utility companies have the right to condemn and take private property. (2) The destruction by government of private property that imperils the life, health or safety of the public.
 

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Condominium
 
Individual ownership of a dwelling unit and an individual interest in the common areas and facilities which serve the multi-unit project.
 

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Commitment
 
Also called a "Binder". A document issued by a title insurance company that contains the conditions under which a policy of title insurance will be issued.
 

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Conventional Mortgage
 
A mortgage loan not insured by HUD or guaranteed by the Veterans' Administration. It is subject to conditions established by the lending institution and State statutes. The mortgage rates may vary with different institutions and between States. (States have various interest limits.)
 

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Conveyance
 
The transfer of title to property from one person to another.
 

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Cooperative Housing
 
An apartment building or a group of dwellings owned by a corporation, the stockholders of which are the residents of the dwellings. It is operated for their benefit by their elected board of directors. In a cooperative, the corporation or association owns title to the real estate. A resident purchases stock in the corporation, which entitles him to occupy a unit in the building or property owned by the cooperative. While the resident does not own his unit, he has an absolute right to occupy his unit for as long as he owns the stock.
 

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Covenant
 
A formal agreement or contract between two parties in which one party gives the other certain promises and assurances, such as covenants of warranty in a warranty deed.
 

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Curtesy
 
A right that a husband has in his wife’s property at her death. It does not exist in all states.
 

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D
 
Dedication
 
The setting aside of certain land by the owner and declaring it to be for public use. Examples: Streets, Sidewalks, Parks, Etc.
 

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Deed
 
A formal written instrument by which title to real property is transferred from one owner to another. The deed should contain an accurate description of the property being conveyed, should be signed and witnessed according to the laws of the State where the property is located, and should be delivered to the purchaser at closing day. There are two parties to a deed: the grantor and the grantee. (See also Deed of Trust, General Warranty Deed, Quitclaim Deed, and Special Warranty Deed)
 

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Deed of Trust
 
Like a mortgage, a security instrument whereby real property is given as security for a debt. However, in a deed of trust there are three parties to the instrument: the borrower, the trustee, and the lender, (or beneficiary). In such a transaction, the borrower transfers the legal title for the property to the trustee who holds the property in trust as security for the payment of the debt to the lender or beneficiary. If the borrower pays the debt as agreed, the deed of trust becomes void. If, however, he defaults in the payment of the debt, the trustee may sell the property at a public sale, under the terms of the deed of trust. In most jurisdictions where the deed of trust is in force, the borrower is subject to having his property sold without benefit of legal proceedings. A few States have begun in recent years to treat the deed of trust like a mortgage.
 

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Deed Restriction
 
A covenant contained in a deed imposing limits on the use or occupancy of the real estate or the type, size, purpose or location of improvements to be constructed on it.
 

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Default
 
Failure to make mortgage payments as agreed to in a commitment based on the terms and at the designated time set forth in the mortgage or deed of trust. It is the mortgagor's responsibility to remember the due date and send the payment prior to the due date, not after. Generally, thirty days after the due date if payment is not received, the mortgage is in default. In the event of default, the mortgage may give the lender the right to accelerate payments, take possession and receive rents, and start foreclosure. Defaults may also come about by the failure to observe other conditions in the mortgage or deed of trust.
 

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Defect
 
A blemish, imperfection or deficiency. A defective title is one that is irregular and faulty.
 

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Depreciation
 
Loss in value occasioned by ordinary wear and tear, destructive action of the elements, or functional or economic obsolescence.
 

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Devise
 
A gift of real estate made by a will.
 

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Documentary Stamps
 
A State tax, in the forms of stamps, required on deeds and mortgages when real estate title passes from one owner to another. The amount of stamps required varies with each State.
 

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Dominant Estate
 
The property for the benefit of which a right-of-way easement exists across another’s adjoining piece of land is said to be the dominant estate. The land across which the easement runs is said to be the servant estate.
 

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Dower
 
A right that a wife has in her husband’s property at the time of his death. Does not exist in all states.
 

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Down Payment
 
The amount of money to be paid by the purchaser to the seller upon the signing of the agreement of sale. The agreement of sale will refer to the down payment amount and will acknowledge receipt of the down payment. Down payment is the difference between the sales price and maximum mortgage amount. The down payment may not be refundable if the purchaser fails to buy the property without good cause. If the purchaser wants the down payment to be refundable, he should insert a clause in the agreement of sale specifying the conditions under which the deposit will be refunded, if the agreement does not already contain such clause. If the seller cannot deliver good title, the agreement of sale usually requires the seller to return the down payment and to pay interest and expenses incurred by the purchaser.
 

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E
 
Earnest Money
 
The deposit money given to the seller or his agent by the potential buyer upon the signing of the agreement of sale to show that he is serious about buying the house. If the sale goes through, the earnest money is applied against the down payment. If the sale does not go through, the earnest money will be forfeited or lost unless the binder or offer to purchase expressly provides that it is refundable.
 

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Easement
 
A right to use all or part of the land owned by another for a specific purpose. An easement may, for example entitle its holder to install and maintain sewer or utility lines.
 

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Eminent Domain
 
The right of a government to take privately owned property for public purposes under condemnation proceedings subject to payment of its fair market value.
 

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Encroachment
 
Any building, improvement or structure located on one property (such as a wall, fence, or driveway) that intrudes upon the property of another.
 

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Encumbrance
 
Any interest, right, lien, or liability attached to a parcel of land (such as unpaid taxes or an unsatisfied mortgage) that constitutes or represents a burden or charge upon the property.
 

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Equity
 
The value of a homeowner's unencumbered interest in real estate. Equity is computed by subtracting from the property's fair market value the total of the unpaid mortgage balance and any outstanding liens or other debts against the property. A homeowner's equity increases as he pays off his mortgage or as the property appreciates in value. When the mortgage and all other debts against the property are paid in full the homeowner has 100% equity in his or her property.
 

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Escheat
 
The reversion of property to the state when an owner dies leaving no legal heirs, devises or claimants.
 

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Escrow
 
Funds paid by one party to another (the escrow agent) to hold until the occurrence of a specified event, after which the funds are released to a designated individual. In FHA mortgage transactions an escrow account usually refers to the funds a mortgagor pays the lender at the time of the periodic mortgage payments. The money is held in a trust fund, provided by the lender for the buyer. Such funds should be adequate to cover yearly-anticipated expenditures for mortgage insurance premiums, taxes, hazard insurance premiums, and special assessments.
 

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Estoppel
 
A legal restraint that stops or prevents a person from contradicting or reneging on his previous position or previous assertions or commitments.
 

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Examination
 
The study of the instruments and muniments incident to a chain of title to determine their effect and condition in order to reach a conclusion as to the status of title.
 

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Exception
 
A provision in a title insurance binder or policy that excludes liability for a specific title defect or an outstanding lien or encumbrance.
 

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Execute
 
To sign a legal instrument. A deed is said to be executed when it is signed, sealed, witnessed, and delivered
 

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F
 
Fannie Mae (FNMA)
 
Federal National Mortgage Association. A private corporation dealing in the purchase of first mortgages.
 

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Fee Simple Deed
 
The absolute ownership of a parcel of land. The highest degree of ownership that a person can have in real estate, which gives the owner unqualified ownership and full power.
 

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FHA (Federal Housing Administration)
 
A federal agency that insures first mortgages, enabling lenders to lend a very high percentage of the sale price.
 

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Fixed Rate Mortgage
 
A mortgage having a rate of interest that remains the same for the life of the mortgage.
 

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Fixtures
 
Personal property that is attached to real property and is legally treated as real property while it is so attached. Examples: Medicine Cabinets, Window Blinds, and Chandeliers.
 

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Foreclosure
 
A legal term applied to any of the various methods of enforcing payment of the debt secured by a mortgage, or deed of trust, by taking and selling the mortgaged property, and depriving the mortgagor of possession.
 

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Forgery
 
The fraudulent signing of another’s name to an instrument such as a deed, mortgage or check.
 

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Freddie Mae (FHLMC)
 
Federal Home Loan Mortgage Corporation. A federal agency that purchases both conventional and federally insured first mortgages form members of the Federal Reserve System and the Federal Loan Bank System.
 

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G
 
General Warranty Deed
 
A deed which conveys not only all the grantor's interests in and title to the property to the grantee, but also warrants that if the title is defective or has a "cloud" on it (such as mortgage claims, tax liens, title claims, judgments, or mechanic's liens against it) the grantee may hold the grantor liable.
 

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Ginnie Mae (GNMA)
 
Governmental National Mortgage Association. A federal association working with the FHA that offers special assistance in obtaining mortgages and purchases mortgages in the secondary market.
 

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Grant
 
To bestow or confer, with or without compensation, a gift such as land or money by one having control or authority over the gift.
 

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Grantee
 
One to whom a grant is made.
 

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Grantor
 
One who makes a grant.
 
H
 

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Hereditaments
 
Any and all kinds of estates, interest and rights in real estate that can be inherited.
 

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Homeowners Insurance
 
Real Estate insurance protecting against loss caused by fire, some natural causes, vandalism, etc., depending on the terms of the policy. Also includes coverage such as personal liability and theft away from home.
 

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HUD (Department of Housing and Development)
 
The federal department responsible for the major housing programs in the United States.
 

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I
 
Index
 
(1) An alphabetical listing in the public records of the names of parties to recorded real estate instrument together with the book and page number of the record. (2) The listing in abstract and title plants of recorded real estate instruments in groups according to land descriptions, known as geographical index. (3) The alphabetical listing in abstract and title plants, by names of the parties, of all recorded instruments that affect but do not describe particular real estate, such as judgments, powers of attorney, wills and probate proceedings. Such indexes are known by various names, such as "General Index", "Judgment Index", and "Name Index".
 

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Instrument
 
Any written document having a legal effect.
 

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Interest
 
A charge paid for borrowing money. (Also See Mortgage Note)
 

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J
 
Judgment
 
The determination of a court regarding the rights of parties in an action. A judgment of debt on a property owner can create a lien on all of that owner’s land within a certain jurisdiction.
 

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Junior Mortgage
 
A mortgage lower in lien priority than another.
 

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K
 

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L
 
Leasehold
 
The right to possession and use of land for a fixed period of time. The lease is the agreement that creates the right.
 

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Lessee
 
A tenant holding a leasehold.
 

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Lessor
 
A landlord; one who gives a leasehold to a lessee.
 

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License
 
Permission to go upon or use the land of another, the permission being a personal privilege and not constituting an interest in the land.
 

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Lien
 
A claim by one person on the property of another as security for money owed. Such claims may include obligations not met or satisfied, judgments, unpaid taxes, materials, or labor. (See also Special Lien)
 

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Lien Waiver
 
Also called a "Waiver of Liens." A waiver of mechanics' lien rights, signed by contractors or subcontractors.
 

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Link
 
In surveying, a link is 7.92 inches.
 

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Loan Policy
 
Also called a “Mortgagee Policy”. A title insurance policy insuring a mortgagee, or beneficiary under a deed of trust, against loss caused by invalidiy or unenforceability of a lien, or loss of priorty of the mortgage or deed of trust.
 

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Lis Pendens
 
A legal notice intending to bind third parties of litigation claiming an interest in real estate.
 

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Lot
 
Generally, a portion of parcel of real property. Usually refers to a portion of a subdivision.
 

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M
 
Market Value
 
The average of the highest price that a buyer, willing but not compelled to buy, would pay, and the lowest price a seller, willing but not compelled to sell, would accept.
 

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Marketable Title
 
A title that is free and clear of objectionable liens, clouds, or other title defects. A title which enables an owner to sell his property freely to others and which others will accept without objection.
 

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Mechanic’s Lien
 
A lien on real estate, created by operation of law, that secures the payment of debts due to persons who perform labor or services or furnish materials incident to the construction of buildings and improvements on the real estate.
 

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Metes and Bounds
 
A land description in which boundaries are described by courses, directions, distances and monuments.
 

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Mortgage
 
A lien or claim against real property given by the buyer to the lender as security for money borrowed. Under government- insured or loan- guarantee provisions, the payments may include escrow amounts covering taxes, hazard insurance, water charges, and special assessments. Mortgages generally run from 10 to 30 years, during which the loan is to be paid off.
 

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Mortgage Commitment
 
A written notice from the bank or other lending institution saying it will advance mortgage funds in a specified amount to enable a buyer to purchase a house.
 

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Mortgage Insurance
 
Insurance written by an independent mortgage insurance company protecting the mortgage lender against loss incurred by a mortgage default, thus enabling the lender to lend a higher percentage of the sale price.
 

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Mortgage Insurance Premium
 
The payment made by a borrower to the lender for transmittal to HUD to help defray the cost of the FHA mortgage insurance program and to provide a reserve fund to protect lenders against loss in insured mortgage transactions. In FHA insured mortgages this represents an annual rate of one- half of one percent paid by the mortgagor on a monthly basis.
 

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Mortgage Note
 
A written agreement to repay a loan. The agreement is secured by a mortgage, serves as proof of an indebtedness, and states the manner in which it shall be paid. The note states the actual amount of the debt that the mortgage secures and renders the mortgagor personally responsible for repayment.
 

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Mortgage (Open-End)
 
A mortgage with a provision that permits borrowing additional money in the future without refinancing the loan or paying additional financing charges. Open-end provisions often limit such borrowing to no more than would raise the balance to the original loan figure.
 

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Mortgagee
 
The holder of a mortgage. The party to whom a mortgage is made, generally the lender.
 

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Mortgagee Policy
 
Also called a "Loan Policy". A title insurance policy insuring a mortgagee, or beneficiary under a deed of trust, against loss caused by invalidity or unenforceability of a lien, or loss of priority of the mortgage or deed of trust.
 

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Mortgagor
 
A person who mortgages property. A person who executes a mortgage, generally the property owner.
 

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Multiple Listing Service (MLS)
 
The pooling in a central bureau of listings of properties for sale. These listings are held individually by members of a group of real estate brokers, with the agreement that any member of the group may sell the properties and, in the case of a sale, the commission will be divided between the broker making the sale and the broker who filed the listing.
 

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Muniments of Title
 
Written evidence (documents) that an owner possesses to prove his or her title to property.
 

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N
 
Note
 
Also called “Promissory Note.” A written promise to pay a sum of money, usually at a specified interest rate, at a stated time to a named payee.
 

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O
 
Owner’s Policy
 
A policy of title insurance insuring an owner of real estate against loss occasioned by defects in, liens, against, or unmarketability of the owner’s title.
 

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P
 
Plat
 
Also called a “Plat Map”. A map dividing a parcel of land into lots, as in a subdivision. A plat book contains the plat maps for a given area.
 

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Points
 
Sometimes called "Discount Points". A point is one percent of the amount of the mortgage loan. For example, if a loan is for $25,000, one point is $250. Points are charged by a lender to raise the yield on his loan at a time when money is tight, interest rates are high, and there is a legal limit to the interest rate that can be charged on a mortgage. Buyers are prohibited from paying points on HUD or Veterans' Administration guaranteed loans (sellers can pay, however). On a conventional mortgage, points may be paid by either buyer or seller or split between them.
 

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Premium
 
The amount payable for an insurance policy.
 

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Prepayment
 
Payment of mortgage loan, or part of it, before its due date. Mortgage agreements often restrict the right of prepayment either by limiting the amount that can be prepaid in any one year or charging a penalty for prepayment. The Federal Housing Administration does not permit such restrictions in FHA insured mortgages.
 

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Prescriptive Easement
 
A right to use another’s property that is not inconsistent with the owner's rights and that is acquired by an open, notorious, adverse and continuous use for the statutory period, for example 20 years.
 

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Principal
 
(1) A sum of money owed as a debt on which interest is payable. (2) A person who empowers another to act as his representative or agent. (3) The person having prime responsibility for an obligation as distinguished from one who acts as a surety or endorser.
 

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Purchase Money Mortgage
 
A mortgage given by a purchaser to a seller on the subject property to secure payment of a part of the purchase price.
 

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Q
 
Quitclaim Deed
 
A deed which transfers whatever interest a maker of the deed may have in a particular parcel of land. A quitclaim deed is often given to clear the title when the grantor's interest in a property is questionable. By accepting such a deed the buyer assumes all the risks. Such a deed makes no warranties as to the title, but simply transfers to the buyer whatever interest the grantor has. (See also Deed)
 

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R
 
Real Estate
 
Also called "Real Property". (1) Land and anything permanently affixed to the land, such as buildings, fences and those things attached to the buildings, such as light fixtures, plumbing and heating fixtures, or other such items that would be personal property if not attached. (2) May refer to rights in real property as well as the property itself.
 

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Real Estate Broker
 
A middleman or agent who buys and sells real estate for a company, firm, or individual on a commission basis. The broker does not have title to the property, but generally represents the owner.
 

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Recording
 
The noting in a public office of the details of a legal document – such as a deed or mortgage – affecting the title to real estate. When such an instrument is properly recorded, it is considered to be a matter of public record. Legally, that means that all subsequent purchasers are deemed to have constrictive knowledge of that information.
 

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Refinancing
 
The process of the same mortgagor paying off one loan with the proceeds from another loan.
 

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Reinsurance
 
The noting in a public office of the details of a legal document – such as a deed or mortgage – affecting the title to real estate. When such an instrument is properly recorded, it is considered to be a matter of public record. Legally, that means that all subsequent purchasers are deemed to have constrictive knowledge of that information.
 

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Release
 
The noting in a public office of the details of a legal document – such as a deed or mortgage – affecting the title to real estate. When such an instrument is properly recorded, it is considered to be a matter of public record. Legally, that means that all subsequent purchasers are deemed to have constrictive knowledge of that information.
 

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Restrictions
 
The noting in a public office of the details of a legal document – such as a deed or mortgage – affecting the title to real estate. When such an instrument is properly recorded, it is considered to be a matter of public record. Legally, that means that all subsequent purchasers are deemed to have constrictive knowledge of that information.
 

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Restrictive Covenants
 
Restrictive covenants are private restrictions limiting the use of real property. They are created by deed and may "run with the land," binding all subsequent purchasers of the land, or may be "personal" and binding only between the original seller and buyer. The determination whether a covenant runs with the land or is personal, is governed by the language of the covenant, the intent of the parties, and the law in the State where the land is situated. Restrictive covenants that run with the land are encumbrances and may affect the value and marketability of title. Restrictive covenants may limit the density of buildings per acre, regulate size, style or price range of buildings to be erected, or prevent particular businesses from operating or minority groups from owning or occupying homes in a given area. (This latter discriminatory covenant is unconstitutional and has been declared unenforceable by the U.S. Supreme Court)
 

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Riparian Rights
 
The rights of owners of lands bordering watercourses which relate to the water and its use.
 

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S
 
Sales Agreement
 
A contract entered into between a buyer and seller, setting forth the terms, provisions, and conditions of a sale of real estate.
 

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Sale and Leaseback
 
The sale of an asset to a buyer who immediately leases it back to the seller.
 

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Search
 
A careful exploration and perusal of the public records in an effort to find all recorded instruments relating to a particular chain of title.
 

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Second Mortgage
 
A mortgage ranking in priority immediately below a first mortgage.
 

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Special Assessments
 
A special tax imposed on property, individual lots or all property in the immediate area, for road construction, sidewalks, sewers, street lights, etc.
 

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Special Lien
 
A lien that binds a specified piece of property, unlike a general lien, which is levied against all one's assets. It creates a right to retain something of value belonging to another person as compensation for labor, material, or money expended in that person's behalf. In some localities it is called "particular" lien or "specific" lien. (See lien)
 

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Special Warranty Deed
 
A deed in which the grantor conveys title to the grantee and agrees to protect the grantee against title defects or claims asserted by the grantor and those persons whose right to assert a claim against the title arose during the period the grantor held title to the property. In a special warranty deed the grantor guarantees to the grantee that he has done nothing during the time he held title to the property which has, or which might in the future, impair the grantee's title.
 

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State Stamps
 
A State tax, in the forms of stamps, required on deeds and mortgages when real estate title passes from one owner to another. The amount of stamps required varies with each State.
 

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Subordination
 
The act or process by which a person’s rights are ranked below the rights of others. For example, a second mortgagee’s rights are subordinate to those of the first mortgage.
 

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Surety
 
(1) A person who agrees to be responsible for a debt or obligation of another. (2) The pledge or agreement by which one undertakes responsibility for the debt or obligation of another.
 

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Survey
 
A map or plat made by a licensed surveyor showing the results of measuring the land with its elevations, improvements, boundaries, and its relationship to surrounding tracts of land. A survey is often required by the lender to assure him that a building is actually sited on the land according to its legal description.
 

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T
 
Tax
 
As applied to real estate, an enforced charge imposed on persons, property or income, to be used to support the State. The governing body in turn utilizes the funds in the best interest of the general public.
 

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Title
 
(1) A combination of all the elements that constitute the highest legal to right to own, possess, use, control, enjoy and dispose of real estate or an inheritable right or interest therein. (2) The rights of ownership recognized and protected by law.
 

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Title Covenants
 
Covenants ordinarily inserted in conveyance and in transfers of title to real estate for the purpose of giving protection to the purchaser against possible insufficiency of the title received. A group of such covenants known as “Common Law Covenants” includes: covenants against encumbrances; covenants for further assurance (in other words, to do whatever is necessary to rectify title deficiencies); covenants of good right and authority to convey; covenants of quiet enjoyment; covenants of seisin; covenants of warranty. (See also Covenant or Warranty)
 

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Title Defect
 
(1) Any possible or patent claim or right outstanding in a chain of title that is adverse to the claim of ownership. (2) Any material irregularity in the execution or effect of an instrument in the chain of title.
 

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Title Insurance Policy
 
A contract of title insurance under which the insurer, in keeping with the terms of the policy, agrees to indemnify the insured against loss arising from claims against the insured interest.
 

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Title Plant
 
Also called "Abstract Plant" in some areas. A geographically filed assemblage of title information that helps in expediting title examinations, such as copies of previous attorneys’ opinions, abstracts, tax searches and copies of take-offs of the public records.
 

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Title Search or Examination
 
A check of the title records, generally at the local courthouse, to make sure the buyer is purchasing a house from the legal owner and there are no liens, overdue special assessments, or other claims or outstanding restrictive covenants filed in the record, which would adversely affect the marketability or value of title.
 

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Title Search or Examination
 
A party who is given legal responsibility to hold property in the best interest of or "for the benefit of" another. The trustee is one placed in a position of responsibility for another, a responsibility enforceable in a court of law. (See also Deed of Trust)
 

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Trustee
 
A party who is given legal responsibility to hold property in the best interest of or "for the benefit of" another. The trustee is one placed in a position of responsibility for another, a responsibility enforceable in a court of law. (See also Deed of Trust)
 

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U
 
Underwriter
 
An insurance company that issues insurance policies to the public or to another insurer.
 

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V
 
Variable Interest Rate
 
Also called "Flexible Interest Rate". An interest rate that fluctuates as the prevailing rate moves up or down. In mortgages, there are usually maximums as to the frequency and amount of fluctuation.
 

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Veterans Administration (VA) Loans
 
Housing loans to veterans by banks, savings and loans, or other lenders that are guaranteed by the Veterans Administration thus enabling veterans to buy a residence with little or no down payment.
 

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W
 
Waiver
 
The voluntary and intentional relinquishment of a known right, claim or privilege.
 

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Warranty
 
In a broad sense, an agreement or undertaking by a seller to be responsible for present or future losses of the purchaser occasioned by deficiency or defect in the quality, condition or quantity of the thing sold. In a stricter sense, the provision or provisions in a deed, lease or other instrument conveying or transferring an estate or interest in real estate under which the seller becomes liable to the purchaser for defects in or encumbrances on the title. (See also Title Covenants)
 

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Will
 
A testamentary disposition of property, usually in a form prescribed by law, that takes effect upon death.
 

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X
 

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Y
 

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Z
 
Zoning
 
Laws passed by local governments regulating the size, type, structure, nature and use of land or buildings.
 

--------------------------------------------------------------------------------
 
Zoning Ordinances
 
The acts of an authorized local government establishing building codes, and setting forth regulations for property land usage.
 

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appraisal, Alma property appraisal, Alpena property appraisal, Ann Arbor
property appraisal, Auburn Hills property appraisal, Bad Axe property
appraisal, Battle Creek property appraisal, Bay City property appraisal,
Belding property appraisal, Bellaire property appraisal, Belleville property
appraisal, Benton property appraisal, Harbor property appraisal, Berkley
property appraisal, Berrien property appraisal, Springs property appraisal,
Big Rapids property appraisal, Birch Run property appraisal, Birmingham
property appraisal, Bloomfield Hills property appraisal, Boyne City property
appraisal, Brighton property appraisal, Brooklyn property appraisal,
Buchanan property appraisal, Burton property appraisal, Byron Center
property appraisal, Cadillac property appraisal, Caledonia property
appraisal, Calumet property appraisal, Canton property appraisal, Caro
property appraisal, Cass City property appraisal, Cassopolis property
appraisal, Cedar Springs property appraisal, Center Line property appraisal,
Charlevoix property appraisal, Charlotte property appraisal, Cheboygan
property appraisal, Chelsea property appraisal, Chesaning property
appraisal, Clare property appraisal, Clarkston property appraisal, Clawson
property appraisal, Clinton property appraisal, Township property appraisal,
Clio property appraisal, Coldwater property appraisal, Coloma property
appraisal, Commerce property appraisal, Township property appraisal,
Comstock Park property appraisal, Coopersville property appraisal, Davison
property appraisal, Dearborn property appraisal, Dearborn Heights property
appraisal, Delton property appraisal, Detroit property appraisal, Dewitt
property appraisal, Dexter property appraisal, Dowagiac property appraisal,
Durand property appraisal, East Lansing property appraisal, East Tawas
property appraisal, Eastpointe property appraisal, Eaton Rapids property
appraisal, Edwardsburg property appraisal, Escanaba property appraisal,
Essexville property appraisal, Farmington property appraisal, Fenton
property appraisal, Ferndale property appraisal, Flat Rock property
appraisal, Flint property appraisal, Flushing property appraisal, Fort
Gratiot property appraisal, Fowlerville property appraisal, Frankenmuth
property appraisal, Franklin property appraisal, Fraser property appraisal,
Freeland property appraisal, Fremont property appraisal, Garden City
property appraisal, Gaylord property appraisal, Gladwin property appraisal,
Grand Blanc property appraisal, Grand Haven property appraisal, Grand Ledge
property appraisal, Grand Rapids property appraisal, Grandville property
appraisal, Grayling property appraisal, Greenville property appraisal,
Grosse Ile property appraisal, Grosse Pointe property appraisal, Hamtramck
property appraisal, Hancock property appraisal, Harbor Springs property
appraisal, Harper Woods property appraisal, Harrison property appraisal,
Harrison Township property appraisal, Hart property appraisal, Haslett
property appraisal, Hastings property appraisal, Hazel Park property
appraisal, Highland property appraisal, Highland Park property appraisal,
Hillsdale property appraisal, Holland property appraisal, Holly property
appraisal, Holt property appraisal, Houghton property appraisal, Houghton
Lake property appraisal, Howell property appraisal, Hudsonville property
appraisal, Imlay City property appraisal, Inkster property appraisal, Ionia
property appraisal, Iron Mountain property appraisal, Iron River property
appraisal, Ironwood property appraisal, Ishpeming property appraisal,
Jackson property appraisal, Jenison property appraisal, Jonesville property
appraisal, Kalamazoo property appraisal, Kalkaska property appraisal, Lake
City property appraisal, Lake Orion property appraisal, Lambertville
property appraisal, Lanse property appraisal, Lansing property appraisal,
Lapeer property appraisal, Lincoln Park property appraisal, Linden property
appraisal, Livonia property appraisal, Lowell property appraisal, Ludington
property appraisal, MacOmb property appraisal, Madison Heights property
appraisal, Manistee property appraisal, Manistique property appraisal,
Marine City property appraisal, Marlette property appraisal, Marquette
property appraisal, Marshall property appraisal, Marysville property
appraisal, Mason property appraisal, Melvindale property appraisal,
Menominee property appraisal, Metamora property appraisal, Middleville
property appraisal, Midland property appraisal, Milan property appraisal,
Milford property appraisal, Millington property appraisal, Monroe property
appraisal, Mount Clemens property appraisal, Mount Morris property
appraisal, Mount Pleasant property appraisal, Munising property appraisal,
Muskegon property appraisal, New Baltimore property appraisal, New Buffalo
property appraisal, Newaygo property appraisal, Newberry property appraisal,
Niles property appraisal, Northville property appraisal, Novi property
appraisal, Oak Park property appraisal, Okemos property appraisal, Ontonagon
property appraisal, Ortonville property appraisal, Oscoda property
appraisal, Otsego property appraisal, Owosso property appraisal, Oxford
property appraisal, Paw property appraisal, Paw property appraisal, Petoskey
property appraisal, Pigeon property appraisal, Pinckney property appraisal,
Pinconning property appraisal, Plainwell property appraisal, Plymouth
property appraisal, Pontiac property appraisal, Port Huron property
appraisal, Portage property appraisal, Redford property appraisal, Reed City
property appraisal, Richland property appraisal, Richmond property
appraisal, Rochester property appraisal, Rockford property appraisal, Rogers
City property appraisal, Romeo property appraisal, Romulus property
appraisal, Roscommon property appraisal, Roseville property appraisal, Royal
Oak Saginaw property appraisal, Saint Clair property appraisal, Saint Clair
Shores property appraisal, Saint Ignace property appraisal, Saint Johns
property appraisal, Saint Joseph property appraisal, Saline property
appraisal, Sandusky property appraisal, Sanford property appraisal,
Saugatuck property appraisal, Sault property appraisal, Sainte Marie
property appraisal, South Haven property appraisal, South Lyon property
appraisal, Southfield property appraisal, Southgate property appraisal,
Sparta property appraisal, Spring Lake property appraisal, Standish property
appraisal, Sterling Heights property appraisal, Stevensville property
appraisal, Sturgis property appraisal, Suttons Bay property appraisal,
Swartz Creek property appraisal, Tawas City property appraisal, Taylor
property appraisal, Tecumseh property appraisal, Temperance property
appraisal, Three Rivers property appraisal, Traverse City property
appraisal, Trenton property appraisal, Troy property appraisal, Utica
property appraisal, Vassar property appraisal, Vicksburg property appraisal,
Walled Lake property appraisal, Warren property appraisal, Washington
property appraisal, Waterford property appraisal, Wayland property
appraisal, Wayne property appraisal, West Bloomfield property appraisal,
West Branch property appraisal, West Olive property appraisal, Westland
property appraisal, White Cloud property appraisal, White Lake property
appraisal, Whitehall property appraisal, Whitmore Lake property appraisal,
Williamston property appraisal, Wixom property appraisal, Wyandotte property
appraisal, Ypsilanti property appraisal, Zeeland property appraisal.

Southeast Michigan, Oakland, Macomb, Wayne, Washtenaw county   
Alcona county property appraisor, Alger county property appraisor, Allegan
county property appraisor, Alpena county property appraisor, Antrim county
property appraisor, Arenac county property appraisor, Baraga county property
appraisor, Barry county property appraisor, Bay county property appraisor,
Benzie county property appraisor, Berrien county property appraisor, Branch
county property appraisor, Calhoun county property appraisor, Cass county
property appraisor, Charlevoix county property appraisor, Cheboygan county
property appraisor, Chippewa county property appraisor, Clare county
property appraisor, Clinton county property appraisor, Crawford county
property appraisor, Delta county property appraisor, Dickinson county
property appraisor, Eaton county property appraisor, Emmet county property
appraisor, Genesee county property appraisor, Gladwin county property
appraisor, Gogebic county property appraisor, Grand Traverse county property
appraisor, Gratiot county property appraisor, Hillsdale county property
appraisor, Houghton county property appraisor, Huron county property
appraisor, Ingham county property appraisor, Ionia county property
appraisor, Iosco county property appraisor, Iron county property appraisor,
Isabella county property appraisor, Jackson county property appraisor,
Kalamazoo county property appraisor, Kalkaska county property appraisor,
Kent county property appraisor, Keweenaw county property appraisor, Lake
county property appr