Terms used in Real Estate

There are a number of terms used in the real estate sector that a person wishing to get into the real estate market in Houston Texas will want to be familiar with. One of these terms is rent abatement which is a term used to refer to the incentive such as reduction of fees that is offered by a landlord. APR or Annual Percentage Rate is the annual interest rate payable on a mortgage in Houston Texas. Appraisal is the term used to indicate the evaluation of a property by a state licensed appraiser and is mostly used by banks to set the lending limit on a particular home. Another term used in the real estate sector is lien, lien is an encumbrance on property that will act as security for a loan given on a property, and in essence a mortgage is a lien. These are just a few of the many terms used in real estate sector in Houston Texas.

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