An agent in some jurisdictions can be synonymous with a company that has real estate salespeople working for them. Often times, salespeople are called agents, as they are working on behalf of clients that a formal ‘agency relationship’ exists. When…
Category: Real Estate Glossary
A relationship between a real estate salesperson and an individual (buyer or seller) they are working for, typically through a signed document acknowledging this, but can also be through assumption or verbal agreement in some jurisdictions.
The date that interest rates will change on mortgages with an adjustable rate.
A mortgage clause that permits a lender to demand payment of the outstanding loan balance for different reasons. Typically, loans are accelerated due to the borrower defaulting on the loan or transferring title to another individual without notifying the lender.
Conditions in a mortgage where the interest rate change periodically in relation to fluctuations in an index. ARMs are indexes can never be mutually exclusive.