A public official who establishes the value of a property for taxation purposes. The assessment the assessor produce may be one element in the computation of property tax bills. Below is a listing of Assessors, Auditors, Clarks, and Tax Collectors thought the State of California County Assessor Auditor-Controller Clerk of the Board Tax Collector 1….
An asset is anything of monetary value owned by a person or company. This can include real property, personal property, stocks, mutual funds, and more. Assets are important because they can generate income or help offset financial liabilities. For example, a house can be rented out to generate income, or stocks can be sold to…
A mortgage assignment is a document that transfers ownership of a mortgage from one person to another. This can be done for various reasons, such as when the original borrower sells the property to a new owner. The assignment must be prepared by a lawyer and registered with the land registry office in the province…
A mortgage loan that can be taken over (assumed) by the buyer when a home is sold. An assumption of a mortgage is a transaction in which the buyer of real property takes over the seller’s existing mortgage; the seller remains liable unless released by the lender from the obligation. If the mortgage contains a…
A homebuyer’s agreement to take on the primary responsibility for paying an existing mortgage from a home seller. This means that the homebuyer is responsible for making all future mortgage payments. This is a big responsibility and should not be taken lightly. The homebuyer should be sure that they are prepared to make all future…
An assumption fee is a charge that a lender imposes on a buyer who intends to take over an existing mortgage. This fee is typically a percentage of the mortgage balance and is paid to the lender at closing. Assuming someone else’s mortgage can save you a lot of money in the long run.
An automated underwriting process is performed by an application that streamlines the processing of loan applications and provides a recommendation to the lender to approve the loan or refer it for manual underwriting. This process is used to speed up the loan approval process and make it more efficient.
If a buyer wants to buy a property already under contract with someone else, they can submit a backup offer. A backup offer is simply the next offer in line and must be negotiated, and any money, such as earnest money, submitted to confirm that it is the next offer in line. There can only…
A balance sheet is a financial statement that outlines a company’s assets, liabilities, and shareholder’s equity at a specific point in time. This statement can calculate various financial ratios, which provide insights into a company’s financial health. The balance sheet equation is: Assets = Liabilities + Shareholders’ Equity This equation must always balance because a…
A balloon mortgage is a type of mortgage where monthly payments are typically based on a 30-year amortization schedule, with the unpaid balance due in a lump sum payment at the end of a specific period (usually 5 or 7 years). The mortgage may contain an option to “reset” the interest rate to the current…