10 Terms
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Relocation
Referring to any service that assists a family to move house or a business to move from one establishment to another.
Industry: Business services
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Relocation
purchase agreement
Business services; Relocation
An agreement between a buyer and seller of real property, setting forth the price and terms of the sale.
prorations date
Business services; Relocation
The day date of closing between homeowner and purchaser.
promissory note
Business services; Relocation
A written agreement, and executed by the maker, to pay a specified amount during a limited time. Commonly used to secure equity loans.
private mortgage insurance (PMI)
Business services; Relocation
Paid by the borrower to protect the lender in the case of default. PMI is typically charged to the borrower when the Loan-to-Value is greater than 80%.
pre-qualification
Business services; Relocation
The process of determining how much money a prospective homebuyer will be eligible to borrow before applying for a loan.
power of attorney
Business services; Relocation
A written document authorizing a person to act of the behalf of another person. The authorized person does not have to be an attorney.
planned unit development (PUD)
Business services; Relocation
Zoning classification that allows flexibility in the design of a subdivision. PUD’s include individually owned units as well as some common space that is jointly owned.