Glossary

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Abstract (Of Title)
A summary of the public records relating to the title to a particular piece of land. An attorney or title insurance company reviews an abstract of title to determine whether there are any title defects which must be cleared before…

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.

Acuerdo de venta
También conocido como contrato de compra o acuerdo de compra, dependiendo del lugar o la jurisdicción. Es un acuerdo por el cual un vendedor se compromete a vender y un comprador se compromete a comprar, bajo ciertos términos y condiciones específicos explicados por escrito y firmados…

Adjustable-Rate Mortgage (ARM)
An Adjustable Rate Mortgage have interest rates that fluctuate and are tied to one-year Treasury bills or a specific financial index. The intial interest rate is usually low, and then the rate bumps up between one and two points per…

Agreement of Sale
Known by various names, such as contract of purchase, purchase agreement, or sales agreement according to location or jurisdiction. A contract in which a seller agrees to sell and a buyer agrees to buy, under certain specific terms and conditions…

Amortización
Un plan de pagos que permite al prestatario reducir su deuda poco a poco por pagos mensuales (para el capital y el interés). (inglés: Amortization)

Amortization
A payment plan which enables the borrower to reduce his debt gradually through monthly payments of principal.

Appraisal
An expert judgment or estimate of the quality or value of real estate as of a given date.

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…

Asunción de hipoteca
Una obligación que el comprador de una propiedad asume para ser personalmente responsable para el pago de una hipoteca existente. En una asunción, el comprador reemplaza al deudor hipotecario original de la hipoteca (u otro documento equivalente); y el deudor hipotecario original se libera…
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Balloon Mortgage
This type of mortgage can vary in length and types. For example, taking out a balloon mortgage can mean that you make monthly payments of both principal and interest or just monthly payments of interest only for a specified length…

Binder or “Offer to Purchase”
A preliminary agreement, secured by the payment of earnest money, between a buyer and seller as an offer to purchase real estate. A binder secures the right to purchase real estate upon agreed terms for a limited period of time.…

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…
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Capital (o Principal)
El elemento básico del préstamo distinto del interés y del primo del seguro hipotecario. En otras palabras, el capital es la cantidad sobre la cual se paga el interés. (inglés: Principal)

Carga
Un derecho o interés legal de cualquier índole que perjudica un título de propiedad libre y claro (o sea, título limpio, carente de defectos) con el resultado de disminuir el valor de la propiedad.  Esta especie de carga puede adoptar diversas formas como ordenanzas de zonificación, derechos de acceso…

Certificado de título
Es un certificado expedido por una empresa de títulos de propiedad o una opinión por escrito dictada por un abogado que el dueño tiene el título negociable y asegurable de la propiedad que ofrece en venta. Un certificado de título no ofrece protección contra defectos ocultos…

Certificate of Title
A certificate issued by a title company or a written opinion rendered by an attorney that the seller has good marketable and insurable title to the property which he is offering for sale. A certificate of title offers no protection…

Cláusula de vencimiento anticipado
Una condición en una hipoteca que podría compeler que el saldo del préstamo se pague de inmediato, por no reembolsar los pagos hipotecarios regulares o por incumplimiento de otras provisiones de la hipoteca. (inglés: Acceleration Clause)

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…

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…

Cloud (On Title)
An outstanding claim or encumbrance which adversely affects the marketability of title.

Comisión
Dinero pagado a un agente de bienes raíces o un corredor inmobiliario por el vendedor como compensación por encontrar a un comprador y concluir la venta. Normalmente, la comisión es un porcentajedel precio de venta, por lo general, el 6 o el 7 por ciento en…

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…