Real Estate Term of the Day: Loan Commitment LOAN COMMITMENT – an agreement to lend money, generally of a specified amount, at specified terms at some point in the near future (Barron’s Dictionary of Real Estate Terms) Below is a brief guideline of the loan process: You submit the completed loan application and any required supporting documentation … More Real Estate Term of the Day: Loan Commitment
Real Estate Term of the Day: Loan Application LOAN APPLICATION – document required by a lender prior to issuing a loan commitment. This application usually includes: 1. name of borrower, 2. amount and terms of loan. 3. description of the subject property to mortgaged and 4. borrower’s financial and employment data (Barron’s Dictionary of Real Estate Terms) According to … More Real Estate Term of the Day: Loan Application
Real Estate Term of the Day: Listing Agreement LISTING AGREEMENT – a contract between a seller and a real estate professional to market and sell a home. A listing agreement obligates the real estate professional to seek qualified buyers, report all purchase offers and help negotiate the highest possible price and most favorable terms for … More Real Estate Term of the Day: Listing Agreement
Real Estate Term of the Day: Liquidated Damages LIQUIDATED DAMAGES – an amount agreed upon on in a contract that one party will pay the other in the event of a breach of contract (Barron’s Dictionary of Real Estate Terms) According to Section 21 of the Colorado Real Estate Commission approved Contract to Buy and Sell Real Estate, liquidated … More Real Estate Term of the Day: Liquidated Damages
LESLIE MONACO REAL ESTATE 