Prefer to talk to a pro?
Call today, and let us connect you with the perfect merchant!
Call today, and let us connect you with the perfect merchant!
Top Housing Companies in East Hampton, NY
Prefer to talk to a pro?
Call today, and let us connect you with the perfect merchant!
Call today, and let us connect you with the perfect merchant!
Where do you need Housing Companies ?
Related articles
Fair Housing Assistance Programs
How to Rent Your House for HUD
Grants to Help With Housing
Updates & tips
GLOSSARY OF REAL ESTATE TERMS
AGENT:person authorized to act by and on behalf of another AMORTIZE:periodic installments to pay debt until total amount, along with interest, is paid or “satisfied” A.P.R.(annual percentage rate): true annual cost of borrowing... combines interest rate with other loan costs such as points and fees into one single figure APPRECIATION:increase in value or worth APPURTENANCE:annexed to land which will pass to buyers upon title transfer, such as garage or fence AS IS:condition of premises: no guarantees, warranties or representations ASSESSED VALUE:value placed on a property by government agency for taxation purposes ASSUMPTION OF MORTGAGE:taking all liability for payments of specified mortgage BINDER:pre-contract agreement formalizing Offer & Acceptance accompanied by a deposit usually subject to attorney’s approval thus technically binding BREACH OF CONTRACT:one party fails to live up to the terms and conditions of a valid contract BROKER:licensed individual conducting real estate brokerage business BUILDING CODES: required minimum construction standards as set by state or local municipality for public health and safety BY LAWS:rules and regulations governing a homeowners association CAVEAT EMPTOR:Latin for “let the buyer beware”, buyer assumes all and any risk in purchase C&R:Covenants & restrictions, usually used to maintain quality control in a sub-division CLOSE:real property formally changes ownership CLOSING COSTS:expenses associated with the transfer of real property CLOUD ON TITLE:defect in title rendering title unacceptable COMMISSION:brokerage fees for services rendered by licensed real estate professional COMPARABLE:properties of similar size and qualities used to estimate value CMA:Competitive Market Analysis using both sold comps and listed comps to establish market value CONDOMINIUM:type of housing where buyers purchase specific units with rights and share in common area, elements & expenses CONSIDERATION:something of value, usually money CONTINGENCY:Provisions to a contract that must be satisfied or met before closing CONTRACT:legal enforcement agreement between parties. A real estate contract must be dated, in writing, include consideration, legal descriptions, price, terms, conditions and closing date CONVEY:to transfer title for real property between parties CO OP:real property owned or leased by a corporation which in turn leases specified space to its shareholders or part owners COUNTER OFFER:responding offer DEED:written document which conveys title to real property upon execution and delivery DEED RESTRICTIONS:provisions tot he deed which control future use DEFAULT:breech of contract or failure to meet legal obligation; non-payment of mortgage DEPRECIATION:decline in market value due to age, obsolescence, wear/tear, or economic conditions DOWN PAYMENT:initial cash investment, good for the deposit EASEMENT:limited rights to cross or use another’s property EMINENT DOMAIN:government right or power to acquire private property for public use without owner’s consent, yet fair compensation is provided ENCROACHMENT:improvement which intrudes upon he property of another ENCUMBRANCE:any impediment to clear title EQUITY:value less any debt ESCHEAT:title of property reverts to government when owner dies intestate (without will) without heirs ESCROW:money or document held by third party as per written agreement EXCLUSIVE AGENCY LISTING:sales listing agreement whereby owner may find a buyer with no obligation to broker, but other brokers must come through the exclusive listing broker, or commission is due ERS:Exclusive Right to Sell; broker hired by the seller has t sole and exclusive right to list said property and if seller or any other broker finds a buyer, the seller must pay the Exclusive broker the commission FEE SIMPLE:ownership of real property used o sold at owners discretion FIDUCIARY:person acting in position of trust, responsibility and confidence of another FIRST MORTGAGE:primary position lien, first to be paid FIXTURES:items permanently attached to real property and therefore included with transfer or sale FORECLOSURE:legal action by lenders to end ownership rights due to delinquency of mortgage payments GRANTEE:the buyer GRANTOR:the seller HIGHEST & BEST USE:use of real property with greatest yield IMPROVEMENTS:any form of development of land LEASE:contract conveying the right to use property for a specified time and for specified consideration LEASE-PURCHASE OPTION:a lease written with an opportunity to purchase said property LESSEE:the tenant LESSOR:the landlord LIEN:encumbrance on a property tied to a debt LISTING AGREEMENT:contract between broker and client (seller); the broker is hired to sell real property MAINTENANCE FEES:additional money above and beyond rent for use or common areas MARKET VALUE:highest price a ready, willing & able buyer will pay and lowest price seller with accept MARKETABLE TITLE:good and clear title MORTGAGE:legal document expressing repayment of loan MORTGAGEE:the lender MORTGAGOR:the borrower TRIPLE NET LEASE:lease whereby tenant is obligated to pay taxes, insurance and maintenance NON-CONFORMING USE:use of property contrary to zoning ordinance OFFER:oral or written proposal to purchase; should include price, terms, conditions and closing date OPEN LISTING:Listing giving a broker non-exclusive rights to find a buyer O&A:Offer & Acceptance, prior to written contract, a meeting of the minds on price , terms and conditions PITI:Principal, interest, taxes & insurance PROPERTY TAX:assessment levied by local governments on real property QUICK-CLAIM DEED:A conveyance without warranties or obligations by the grantor REAL ESTATE:land and all improvements to it REAL ESTATE BROKER:person who has fulfilled the requirements of the state licensing division REIT:real estate investment trust. Shareholders or equity investors purchase shares in the REIT that takes title of real estate investments REAL ESTATE SALESPERSON:individual who passed the state exam; works under licensed real estate broker REAL ESTATE TAX:property tax as imposed by municipalities REAL PROPERTY:land and improvement of same REALTOR:licensed real estate broker or Salesperson who is a member of National Association of Realtors - a registered trademark RECORDING:the submission of recording of documents affecting or conveying interest in real estate within the country record office REPORT OF TITLE (TITLE REPORT):document stating ownership. legal description, liens and anything else that would effect marketable title RESTRICTIVE COVENANTS:deed restriction controlling future owners use and/or improvements RIGHT OF FIRST REFUSAL:A written agreement granting a signee the 1st opportunity to lease/purchase real property RIGHT OF SURVIVORSHIP:joint tenancy rights which grants the title and interests of a deceased joint tenant to go directly to the remaining joint tenant. SALES CONTRACT:written instrument containing price, terms, conditions and closing date SECOND MORTGAGE:a subordinate loan or lien in 2nd place, would be satisfied after primary or 1 mortgage SETTLEMENT COSTS:closing costs STEERING:the illegal act of directing a potential buyer to or away from certain neighborhoods with the intent to maintain or change the character of the area SUN-DIVISION:land sub-divided into individual lots SUBLETTING:when a tenant leases to a third party for the remainder of the term of the lease SURVEY:plot plan with exact measurements of a parcel by licensed surveyors or civil engineers TAX RATE:the rate at which real property is taxed in a specific district/county/village TENANT BY THE ENTIRETY:ownership with rights of survivorship TENANTS IN COMMON:ownership where 2 or more persons purchase property jointly with separately interests TITLE:actual ownership as indicated by deed or bill of sale TITLE INSURANCE:insurance policy that protects against loss due to defects in the title not listed in report TITLEREPORT:Statement of existing status of title for particular property TITLE SEARCH:professional examination for all public records which determines chain of ownership, liens, encumbrances, easements and restrictions URBAN RENEWAL:redevelopment of areas for betterment VALID CONTRACT:meets all legal requirement VARIANCE:permit granted as an exception to current zoning ordinances YIELD:return on investment; profit; or income ZONING:classification of real property by a use in accordance with a master plan
GLOSSARY OF REAL ESTATE TERMS
AGENT:person authorized to act by and on behalf of another AMORTIZE:periodic installments to pay debt until total amount, along with interest, is paid or “satisfied” A.P.R.(annual percentage rate): true annual cost of borrowing... combines interest rate with other loan costs such as points and fees into one single figure APPRECIATION:increase in value or worth APPURTENANCE:annexed to land which will pass to buyers upon title transfer, such as garage or fence AS IS:condition of premises: no guarantees, warranties or representations ASSESSED VALUE:value placed on a property by government agency for taxation purposes ASSUMPTION OF MORTGAGE:taking all liability for payments of specified mortgage BINDER:pre-contract agreement formalizing Offer & Acceptance accompanied by a deposit usually subject to attorney’s approval thus technically binding BREACH OF CONTRACT:one party fails to live up to the terms and conditions of a valid contract BROKER:licensed individual conducting real estate brokerage business BUILDING CODES: required minimum construction standards as set by state or local municipality for public health and safety BY LAWS:rules and regulations governing a homeowners association CAVEAT EMPTOR:Latin for “let the buyer beware”, buyer assumes all and any risk in purchase C&R:Covenants & restrictions, usually used to maintain quality control in a sub-division CLOSE:real property formally changes ownership CLOSING COSTS:expenses associated with the transfer of real property CLOUD ON TITLE:defect in title rendering title unacceptable COMMISSION:brokerage fees for services rendered by licensed real estate professional COMPARABLE:properties of similar size and qualities used to estimate value CMA:Competitive Market Analysis using both sold comps and listed comps to establish market value CONDOMINIUM:type of housing where buyers purchase specific units with rights and share in common area, elements & expenses CONSIDERATION:something of value, usually money CONTINGENCY:Provisions to a contract that must be satisfied or met before closing CONTRACT:legal enforcement agreement between parties. A real estate contract must be dated, in writing, include consideration, legal descriptions, price, terms, conditions and closing date CONVEY:to transfer title for real property between parties CO OP:real property owned or leased by a corporation which in turn leases specified space to its shareholders or part owners COUNTER OFFER:responding offer DEED:written document which conveys title to real property upon execution and delivery DEED RESTRICTIONS:provisions tot he deed which control future use DEFAULT:breech of contract or failure to meet legal obligation; non-payment of mortgage DEPRECIATION:decline in market value due to age, obsolescence, wear/tear, or economic conditions DOWN PAYMENT:initial cash investment, good for the deposit EASEMENT:limited rights to cross or use another’s property EMINENT DOMAIN:government right or power to acquire private property for public use without owner’s consent, yet fair compensation is provided ENCROACHMENT:improvement which intrudes upon he property of another ENCUMBRANCE:any impediment to clear title EQUITY:value less any debt ESCHEAT:title of property reverts to government when owner dies intestate (without will) without heirs ESCROW:money or document held by third party as per written agreement EXCLUSIVE AGENCY LISTING:sales listing agreement whereby owner may find a buyer with no obligation to broker, but other brokers must come through the exclusive listing broker, or commission is due ERS:Exclusive Right to Sell; broker hired by the seller has t sole and exclusive right to list said property and if seller or any other broker finds a buyer, the seller must pay the Exclusive broker the commission FEE SIMPLE:ownership of real property used o sold at owners discretion FIDUCIARY:person acting in position of trust, responsibility and confidence of another FIRST MORTGAGE:primary position lien, first to be paid FIXTURES:items permanently attached to real property and therefore included with transfer or sale FORECLOSURE:legal action by lenders to end ownership rights due to delinquency of mortgage payments GRANTEE:the buyer GRANTOR:the seller HIGHEST & BEST USE:use of real property with greatest yield IMPROVEMENTS:any form of development of land LEASE:contract conveying the right to use property for a specified time and for specified consideration LEASE-PURCHASE OPTION:a lease written with an opportunity to purchase said property LESSEE:the tenant LESSOR:the landlord LIEN:encumbrance on a property tied to a debt LISTING AGREEMENT:contract between broker and client (seller); the broker is hired to sell real property MAINTENANCE FEES:additional money above and beyond rent for use or common areas MARKET VALUE:highest price a ready, willing & able buyer will pay and lowest price seller with accept MARKETABLE TITLE:good and clear title MORTGAGE:legal document expressing repayment of loan MORTGAGEE:the lender MORTGAGOR:the borrower TRIPLE NET LEASE:lease whereby tenant is obligated to pay taxes, insurance and maintenance NON-CONFORMING USE:use of property contrary to zoning ordinance OFFER:oral or written proposal to purchase; should include price, terms, conditions and closing date OPEN LISTING:Listing giving a broker non-exclusive rights to find a buyer O&A:Offer & Acceptance, prior to written contract, a meeting of the minds on price , terms and conditions PITI:Principal, interest, taxes & insurance PROPERTY TAX:assessment levied by local governments on real property QUICK-CLAIM DEED:A conveyance without warranties or obligations by the grantor REAL ESTATE:land and all improvements to it REAL ESTATE BROKER:person who has fulfilled the requirements of the state licensing division REIT:real estate investment trust. Shareholders or equity investors purchase shares in the REIT that takes title of real estate investments REAL ESTATE SALESPERSON:individual who passed the state exam; works under licensed real estate broker REAL ESTATE TAX:property tax as imposed by municipalities REAL PROPERTY:land and improvement of same REALTOR:licensed real estate broker or Salesperson who is a member of National Association of Realtors - a registered trademark RECORDING:the submission of recording of documents affecting or conveying interest in real estate within the country record office REPORT OF TITLE (TITLE REPORT):document stating ownership. legal description, liens and anything else that would effect marketable title RESTRICTIVE COVENANTS:deed restriction controlling future owners use and/or improvements RIGHT OF FIRST REFUSAL:A written agreement granting a signee the 1st opportunity to lease/purchase real property RIGHT OF SURVIVORSHIP:joint tenancy rights which grants the title and interests of a deceased joint tenant to go directly to the remaining joint tenant. SALES CONTRACT:written instrument containing price, terms, conditions and closing date SECOND MORTGAGE:a subordinate loan or lien in 2nd place, would be satisfied after primary or 1 mortgage SETTLEMENT COSTS:closing costs STEERING:the illegal act of directing a potential buyer to or away from certain neighborhoods with the intent to maintain or change the character of the area SUN-DIVISION:land sub-divided into individual lots SUBLETTING:when a tenant leases to a third party for the remainder of the term of the lease SURVEY:plot plan with exact measurements of a parcel by licensed surveyors or civil engineers TAX RATE:the rate at which real property is taxed in a specific district/county/village TENANT BY THE ENTIRETY:ownership with rights of survivorship TENANTS IN COMMON:ownership where 2 or more persons purchase property jointly with separately interests TITLE:actual ownership as indicated by deed or bill of sale TITLE INSURANCE:insurance policy that protects against loss due to defects in the title not listed in report TITLEREPORT:Statement of existing status of title for particular property TITLE SEARCH:professional examination for all public records which determines chain of ownership, liens, encumbrances, easements and restrictions URBAN RENEWAL:redevelopment of areas for betterment VALID CONTRACT:meets all legal requirement VARIANCE:permit granted as an exception to current zoning ordinances YIELD:return on investment; profit; or income ZONING:classification of real property by a use in accordance with a master plan
Origins
Judi Desiderio and Janet Hummel have been friends for over 20 years. In 1997 Judi invited Janet to join her Bridgehampton Office of Cook Pony Farm Real Estate. Janet soon came to be one of the most respected and successful managers on the East End. Today, these two dynamic women come together, once again, to grow Town & Country Real Estate.