Albuquerque NM Real Estate Key Terms Backup Offer an offer to buy submitted to a seller with the understanding that the seller has already accepted a prior offer. Balloon Payment a final payment of a mortgage loan that is considerably larger than the require periodic payments because the loan amount was not fully amortized Bankruptcy […]

Albuquerque NM Real Estate Key Terms Underwater Loan is a term indicating a higher loan balance than the proceeds available after the sale of the under lying asset. Underwriter in the loan industry is a person working for a lender who reviews a loan application and makes recommendation to the loan committee. Underwriting is the […]

Albuquerque NM Real Estate Key Terms Keogh Plan is a federal tax law designed to encourage self employed individuals to set money aside for retirement years y allowing them to put pretax dollars into a trust account. Key Lot is a lot that has added value because of its strategic location. Kiting is an illegal […]

Albuquerque Real Estate Key Terms Illiquid refers to the fact that certain assets cannot be easily or quickly converted to cash equivalents Impact Fees are fees charged by municipalities against new construction to compensate for the added costs of the public services generated by the new construction Implied Contract is an unwritten agreement inferred by […]

Albuquerque NM Real Estate Key Terms General Lien is the right of a creditor to take all of a debtor’s property, both personal and real. General Warranty Deed is a deed in which the grantor fully warrants good clear title to the property.  This type of deed offers the greatest protection of any deed. Gift […]

Albuquerque NM Real Estate Key Terms Zero Lot Line is a term generally used to describe the positioning of a structure on the property such that one of the walls is positioned on the lot line boundary. Zoning is the regulation of structures and uses of property within certain district or zone. Zoning Ordinance is […]

Albuquerque NM Real Estate Key Terms Take Off is the estimation of materials needed to construct a building. Taking is a concept that comes from the takings clause in the 5th amendment to the US Constitution and means that when land is taken for public use through the government’s power of eminent domain. Taxation is […]

Albuquerque NM Real Estate Key Terms Partially Amortized is a loan repayment schedule where the payments on the principal are not sufficient to pay off the loan over its term, Participating Broker is a real estate broker who assists the listing broker in procuring a buyer. Participation Mortgage is participation mortgage where the lender (mortgagee) […]

Albuquerque NM Real Estate Key Terms Occupancy Permit is a permit granted by the appropriate governmental organization that establishes a building is suitable for habitation. Offer and Acceptance is two essential component of a valid contract Offeror is the person that makes the offer. Offeree is the person that receives the offer. Open Listing is […]

Albuquerque NM Real Estate Key Terms Qualification is the process of reviewing a potential buyer’s credit and payment capacity prior to approving a loan. Qualified Buyer is a buyer who has demonstrated they have the capacity and credit worthiness to pay the offered purchase price for real property. Quasi is Latin for similar to or […]

Albuquerque Real Estate Key Terms Sales Comparison Approach is one of three approaches used by appraisers to value real estate.  This approach is the process of estimating the value of a property by examining and comparing actual sales of comparable properties. Satellite Tenant is a smaller shipping center tenant that is dependent upon the ability […]

Albuquerque Real Estate Key Terms Management Agreement is a contract between a property manager and an owner of rental property that identifies the scope of the property manager’s responsibility. Manufactured Housing is dwellings that are manufactured off site and moved in by truck and assembled or installed on the lot. Market is a place where […]

Albuquerque NM Key Real Estate Terms Laches is an equitable doctrine used by courts to bar a legal claim or prevent the assertion of a right because of undue delay or failure to assert the claim or right. Land is the earth’s surface, extending downward t the center of the earth and upward infinitely into […]

Albuquerque NM Real Estate Key Terms Joint and Several Liability is when each of the individual owners is personally responsible for the total damages. Joint Tenancy is the ownership of real estate between two or more parties who have been named in one conveyance as joint tenants.  Upon the death of a joint tenant, the […]

Albuquerque NM Key Real Estate Terms Yield is the return on an investment or the amount of profit stated as a percentage of the amount invested. Yield to Maturity is a method of financing repayment in which a borrower pays a certain percentage of actual funds borrowed each year and pays the loan off in […]

Albuquerque NM Real Estate Terms X-Bracing is cross bracing in a partition. Xeriscape is a type of landscaping used quite extensively in New Mexico that conserves waters and is based on sound horticultural practices. Xylotomous is the capacity of an organism to bore into wood, a characteristic of termites. Myers & Myers Real Estate is […]

Albuquerque NM Real Estate Key Terms Vacancy Factor is the percentage of time a rental facility is vacant. Vacate is to give up occupancy or surrender possession Valid is legally sufficient or effective. Valuable Consideration is the granting of some beneficial right, interest, or profit, or the suffering of some legal detriment or default by […]