The fair market value an appraiser assigns to a particular property, based on analysis of the property in question, and the market conditions in the area, and recent sales data of comparable homes in the area.
In real estate, the interest or value of the real estate over and above the amount of the indebtedness thereon.
|Home Owners Association (HOA)|
A nonprofit organization that manages the common areas and services of a planned unit development or condominium project. In a condominium project it has no ownership interest in the common areas; in a planned unit development it holds title to common areas.
Interest which is computed only on the principle balance.