CAN YOU TELL ME WHAT THESE REAL ESTATE TERMS MEAN?
AMORTIZATION:

The gradual retirement of a debt by means of partial payments of the principal at regular intervals plus interest.

APPRAISAL:

The process of estimating value.

COMPOUND INTEREST:

Interest on the original principal and on interest accrued.

DATE OF CLOSING:

When the buyer delivers the balance of the money due and the seller delivers a deed. Legal title to the property passes from the seller to the buyer.

DEED:

The written document that conveys title or an interest in property.

EASEMENT:

The right by one landowner over the land of another.

EQUITY:

The difference between the market value of the property and the mortgage loans against property. i.e. the real value the owner has invested in his property.

LIEN:

A legal claim affecting property.

MORTGAGE:

A charge against property for repayment of a debt.

TERM:

The length of time for which the money is loaned.

TITLE:

The evidence that the owner of the land has lawful ownership.