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The Clarington Independent, Bowmanvillc, Saturday, December 3,1994 25 Understanding Real Estate Terminology Amortization: The number of years it takes to repay the entire amount of a mortgage. Appraisal: An estimate of a property's property's market value, used by lenders in determining the amount of the mortgage. mortgage. Assessment: The value of a property, property, set by the local municipality, for the purposes of calculating property tax. Blended Mortgage: A combination combination of two mortgages, one with a higher interest rate than the other, to create a new mortgage with an interest rate somewhere between the two original original rates. Blended mortgage payments payments are equal or regular payments consisting of both a principal and an interest component. With each successive successive payment, the amount applied to interest decreases and the amount applied applied to the principal increases - although although the total payment doesn't change. Buy-down: When the seller reduces reduces the interest rate on a mortgage by paying the difference between the reduced reduced rate and market rate directly to the lender or to the purchaser. Closing: The real estate transaction's transaction's completion, when the parties involved involved agree that all legal and financial financial obligations have been met and the deed to the property is transferred from the seller to the buyer. Common Elements: The portions of a condominium' development owned in common (shared) by the unit owners. Condominium: Shared ownership in property. Owners have title (ownership) (ownership) to individual units and a proportionate proportionate share in the common elements. Conventional Mortgage: A first mortgage issued for up to 75 percent of the property's appraised value or purchase price - whichever is lower. Debt Service Ratio: The percentage percentage of a borrower's gross income that can be used for housing costs, including including mortgage payment and taxes (and condominium fees, when applicable). Deed: A legal document that con veys (transfers) ownership of a property property to a buyer. Easement: A legal right to use or cross (right-of-way) another person's land for limited purposes. A common example is a utility company's right to run wires or lay pipe across a property- property- Encroachment: An intrusion onto an adjoining property. Common examples examples are a neighbor's fence, storage shed or overhanging roof line that partially partially (or even fully) intrudes onto your property. Equity: The difference between the price for which a property can be sold and the mortgage(s) on the property. property. Equity is the owner's "stake" in a property. Storm Door Shopping? Êmttpng. © pn! ■ Hj§? fell.I, Mil •X NaW:: J / LA j. i ;• 1 ! - Z f .7 t?' ,x V'i '\ ■■ '.f v.T .y XPv/V. /r\ V. •. : • 1 f>77-: fejifâr/t s-vv @1 i fr.■" ) ! f : ■ !•: A 1 •• x ( ■ FAMILY REALTY •<■"'] ; i ; , ■ : ; \ - ! ' 1 . .. I ; " ' j ■' LOOK WHO JOINED OUR "FAMILY"! Eileen burton Sales Rep. /yi). 65 ; a nn ^ ^-MOTIVATED vVULl ' iy/mms C4w ARE YOU ENERGETIC, AND CAREER ORIENTED? We are seeking aggressive sales representatives to join our growing "Family 1 Our innovative marketing and promotional planning offers more than your conventional real estate office. Helen bonnet Sales Rep. : Manager Bill Turansky | takes great pleasure in ! announcing that Eileen Burton has joined our i! dynamic sales force. As ?, , ' ;j estate professionals. jj i a resident in the area, !| We ^re embarking on several new and exciting programs which will dramatically Helm brings with her i shp ie 3 Wp fn eB nn«. 11 ,w^_ Z L *l ?„ /._o. J a strong enthusiasm i-j for the industry and We are pleased to : welcome Helen Bonnet to our "Family" of real estate professionals. any of your real estate needs in a professional I ! and knowledgeable ! j manner. increase our effectiveness in this market. For more information and a confidential interview, give one of us a call. Bill Turansky, Manager Alf Annis, 0wner/3roker looks forward to serving her past and future clients. Welcome home Helen! Alf Annis Broker/Owner Almost 3000 sq.ft, sidesplit, large eat-in kitchen & living room, all set on treed 2 acre parcel. ( •:-! Yl ,-H T'A n n yy \ r-7) P^7 ra/ ry i -\ ri ■ mhwLJU LyAlYA] f 10 acres with upgraded 3 bedroom sidesplit, main floor family room, oak kitchen, cathedral ceilings. FAMILY REALTY 2000 LTD. fna i 'if S|0 i.j Lj ui Owner/Broker FAMILY REALTY ill VALU ATI ON CEEllTTGAl'E This certificate entitles a residential property owner to one market evaluation by a Family Realty 2000 Ltd. Representative. This service to be performed without cost or obligation to the owner. Return this valuable certificate or call for an appointment at: 323-2000 -:&*••••• M. D T C j 0 Beautifully maintained home with fully self-contained upper level apt. with sep. entrance & roof-top patio. Spacious main floor rooms, fully Betty Smith finished bsmt. with newer gas Sales Rep. furnace. & cent, air, 3 full baths, appliances, det. dble. garage/shop. 44x130' lot. Call Betty Smith. Looking for mature, long term tenants, excellent 2 bdrm. apt. for seniors on lower level of newer raised bungalow, bright & clean, big windows, appliances. $700/monthly all inclusive. Call Betty at 987-4661. '"A : Sl!#€lif ?J lEâiïy ISSLsMM V' 4 level backsplit, loads of upgrades inch high effic. gas furnace, c/air, marble firs, in kit. & baths, w/o from master to deck & pool. Court location. For info call Edna Hamel. Edna Hamel Sales Rep. B3iviî7ySÏBE8®.®@maiiZi!;!,:i3 Immaculate!!! Three bedroom link with attached garage, finished rec. room, newer gas furnace, close to shopping & Go bus, court location, k $124,900. Call Edna Hamel. y r\H vm f / / '■ I HI M ! iuT,, 1 i ')! ■ h \ !l l I ■' V., , . V 1.1 ; i .. I I Aï! Al. Bob crai g Centre St. z Bowman ville. Great location, with central hall plan, legal non-conforming duplex. WON'T LAST AT THIS PRICE! Call Bob today. |J;y z nv \ ■> v V il kXW;' m Townline Rd„ ,, Janet Mulder near Orono. saicsRep. Immaculate bungalow, large in-law apt. with separate entrance, oak kitchen, 2U0 ft. lot, fenced yard. Call Bob or Janet for more info.