The amount of mortgage debt that a lender can or may loan to a borrower compared to the market or appraisal value of a property being pledged as collateral expressed as a percentage. The greater the loan-to-value ratio, the greater the financial leverage available to the purchaser.For example, an 80% loan to value ratio on a $100,000 property means a mortgage of up to $80,000 may be obtained.
A value which determines the highest amount a lending institution will lend on a property.
The position of land and improvements in relation to other land and improvements and to local or general economic activity.
A popular statement that is traditionally referred to as the “three most important things in real estate” indicating the great importance of location with respect to the value of real estate.
A specific plot of land.
(Sometimes called a recorded plat.) A method of identifying real property on a recorded subdivision plat that identifies a parcel of land by reference to its lot and block numbers within the subdivision.
A boundary line of a lot as that is identified in a property survey.
The division of an existing small parcel into two separate parcels.
An offer from a prospective property buyer that is much lower than the listing price which may indicate that the buyer believes that the property will not receive many good offers and that the buyer is interested in the property only if it can be purchased at a bargain price. Example: Although the house was listed at $180,000, Lowry made a low-ball offer of $120,000. The seller was at first insulted by the low offer, yet eventually agreed to sell the home to Lowry for $150,000.
An assessment by a homeowners’ association or a condominium owners’ association used to pay the costs of operating the common elements.
