Contract Rate

Definition of "Contract rate"

Stated rate of interest on the face amount of a loan or installment note.

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Popular Real Estate Terms

Earthquake Insurance

Comprehensive insurance policy rider or available as a separate policy indemnifying property against damages caused by an earthquake or volcanic erupt ...

Trailer Park

Area containing running water facilities, electrical outlets, recreational accommodations, etc., for the short-term and long-term parking of trailers. ...

Net Income

Also called net profit. Rental revenue less total expenses. The bottom line is the key indicator to a real estate company's operating performance for ...

Legal Name

One's given name at birth including a first name, a possible middle name, and a surname. The legal name must be used to legally sign documents, deeds, ...

Cape Cod Colonial House

Early American style 1 story house with a steep gable roof covered with shingles. The bedrooms are on the first floor, but the attic is often finished ...

Cadastral Program

Performance of a complete inventory of real property within a jurisdiction. A cadastral program produces the cadastral map. ...

Popular Real Estate FAQ

What Is A Lock In?

A lock in guarantees a certain interest rate for a certain period of time. ...

What Is A Maintenance Fee?

A maintenance fee is a charge by condominium associations, co-ops, or other homeowners associations for the upkeep of the property. ...

What Is A Counteroffer?

A counteroffer is an offer made by one party that makes changes to the original or latest offer of the other party. ...

What Are Comparables Or Comps?

Recently sold properties that are similar in size, location, and amenities to the home for sale. These properties help an appraiser determine the fair ...

I Looked At A Property Yesterday With A REALTOR® Who Seems To Be Clueless. I Am Really Interested In Purchasing The Property, Though. Can I Switch Agents And Still Make The Purchase?

If you truly want to purchase that property, the only ethical thing to do is to purchase it through that REALTOR. Otherwise, you could set up potenti ...

What Is A Credit Report?

A credit report is a report of all your debt information compiled by an independent agency. The credit report shows all outstanding debt as well as a ...