Oct 28 2009
Real Estate Terminology (F)
FAIR MARKET VALUE:
The value of an item as established by a consideration of how much an independent buyer would pay to an independent seller in a completely free transaction for the item.
FEES:
1) The money required at the outset by a lender from the borrower or held back from the mortgage advance. 2) The amounts charged by a professional for services rendered.
FINAL VALUE ESTIMATE:
The product of a real estate appraiser’s completed work, an assessment of the value of a property based on all factors and taking into consideration the different evaluation methods available.
FINDER’S FEE:
Commission paid to a mortgage broker for placing a mortgage with a specific institution.
FIRM AND BINDING:
Description of a legal contract once all conditions have been removed. It is now legally enforceable by the parties to it.