The Homebuyer's Vocabulary

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Home Buyer's Vocabulary
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Agreement of Sale

• A contract in which a seller agrees to sell and a
  buyer agrees to buy, under certain specific
  terms and conditions, signed by both parties.

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Amortization

• A plan enabling the borrower to reduce his debt
  gradually through monthly principal payments.

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Building Line/Setback

• Distances from the ends and/or sides of the lot,
  beyond which construction may not extend.
• The building line may be established by an
  official subdivision plat, restrictive covenants
  in deeds or leases, building codes, or by zoning
  ordinances.

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Closing Costs

• The expenses which buyers and sellers normally
  incur to complete a transaction in the transfer
  of real estate ownership. These costs are in
  addition to the property price and are prepaid
  on the closing day.

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