Residential Service Contract


Definition of "Residential service contract"

An insurance contract or home warranty, usually for one year, covering electrical, plumbing, heating, etc.

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Popular Real Estate Terms

Second Home

Another residence in addition to the main residence where a person or family resides. An example is a second home out of the city used on weekends and ...

J Factor

Factor employed by real estate agents or appraisers to determine the change needed in operating income to obtain a desired rate of return. It is used ...

Arrears

(1) Payments made at the end of a time period. (2) Late or overdue payment. Payments which are in default. ...

Baby Boom Generation

Americans born between the end of World War II and the 1960's when the veterans of World War II were in the family formation stage of their lives. A t ...

Reversionary Factor

Factor used in present value computations to determine the current value of future cash flows. It is used to get the current value of what the sellin ...

Delivery

Transfer of property from a seller to a buyer. ...

Popular Real Estate FAQ

What Is Equity?

Equity is the financial interest or cash value of your home, minus the current loan balance(s). If selling the home, this would also be minus any cost ...

What Does The Real Estate Settlement Procedures Act (RESPA) Require?

The Real Estate Settlement Procedure Act requires the lender to disclose certain information about a loan, including the estimated closing costs and A ...

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 Principal?

Principal is the amount of money borrowed and still owed on a loan not including the interest. ...

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 ...

What Is A Loan Origination Fee?

A loan origination fee is a fee charged by the lender-usually 1 percent of the loan amount. ...

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