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Appraised Value 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. | |
Equity In real estate, the interest or value of the real estate over and above the amount of the indebtedness thereon. | |
Fixed-Rated Mortgage A mortgage on which the interest rate is set for the term of the loan. | |
Title Search An examination performed by a title company of the public records, including court decisions, to disclose facts concerning the ownership of real estate. The title examiner prepares an Abstract and the title agent prepares a Binder but decisions regarding the legal sufficiency of title or questions requiring legal interpretation must be resolved by a licensed attorney at law. | |