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Dan Schwartz Realty, Inc.
1715 W. Northern Ave, Ste 100
Phoenix, Arizona 85021
Bus: 602.274.8322
Fax: 602.274.8357
© 2005 Aaron F. Shephard
Scottsdale AZ Real Estate - Phoenix AZ Real Estate

Aaron Shephard, REALTOR, e-Pro   Mbl: (480) 980-2893
Anna Shephard, REALTOR   Mbl: (480) 980-4262
Scottsdale Real Estate
THINGS YOU NEED
TO KNOW (coming soon)
Land Contract: An installment contract for the sale of land whereby the seller (vendor) holds legal title and the buyer (vendee) has equitable title until the sales price is paid in full.

Lease: IAn agreement by which an owner of real property (lessor) gives the right of possession to another (lessee), for a specified period of time (term) and for a specified consideration (rent).

Legal Description: A description of land recognized by law, based on government surveys, spelling out the exact boundaries of the entire piece of land. It should so thoroughly identify a parcel of land that it cannot be confused with any other.

Lender: Any person or entity advancing funds which are to be repaid. A general term encompassing all mortgagees, and beneficiaries under deeds of trust.

Lien: An encumbrance against property for money, either voluntary or involuntary. All liens are encumbrances but all encumbrances are not liens.

Loan Status Report: This is a common, and extremely important document which is presented to the seller along with the Purchase Contract. The Loan Status Report contains detailed information about the buyers ability to secure a mortgage. This is important to the seller. for it demonstrates that the buyer has been pre-qualified by the lender for a loan. It shows the purchase price the buyer is qualified for, what the form of the loan is, if the buyer has completed a loan application and has had their credit checked, etc.  For example: If a seller receives multiple offers on a property that are very similar, the seller may turn to the LSR to see which of the buyer's has the better ability to secure financing. This document is provided by the Arizona Association of Realtors.