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Real Estate Dictionary



Fair Market Value - The highest price that a buyer, willing but not compelled to buy, would pay, and the lowest a seller, willing but not compelled to sell, would accept. Price that probably would be negotiated between a willing seller and a willing buyer in a reasonable time. Typically arrived from comparable sales in the area. A price on which both sides of a deal agreed with full consent. See also Market Value.

Farm - Extensive landed property in a "Moshav". The purpose is residential, agriculture, commerce and vacation. Each farm owner is also a member in the agriculture association of the "Moshav". See also "Meshek", "Nachala" (Hebrew), and Estate.

Financial Assets - Financial assets such as stocks and bonds are claims to the income generated by real assets or claims on income from the government.

Financial Forms - Each public company is obligated to report and publish its financial performances in the last quarter and year. There are several types of forms: Profit & Lose report, Balance Sheet, Changes in the shareholders Equity report and Cash Flow report.

Financial Intermediary - An institution such as a bank, mutual bank, investment company, or insurance company that serves to connect the household and business sectors so households can invest and businesses can finance production.

Financing Cost - The cost of interest and other charges involved in borrowing money to build or purchase real estate.

First Hand - Describes a brand new built property, meaning the buyer will be the first hand of the apartment. Usually the seller is also the builder himself.

First Mortgage - A mortgage having priority over all other voluntary liens against certain property.

Fiscal Policy - The use of government spending and taxing for the specific purpose of stabilizing the economy.

Fixed Rate Mortgage - A mortgage with an interest rate that stays at the same amount for the duration of the loan. Opposed to an Adjustable Rate Mortgage.

Fixture - An item of personal property attached to real property so that it can not be removed without damage to the real property. A fixture becomes part of the real property. Personal property which is attached to real property, and is legally treated as real property while it is so attached. Fixtures, not specifically exempted from an accepted offer to purchase, pass with the real estate.

Floor Plan - The layout of a building or portion of a building showing the size of the rooms and the purpose of each.

Foreclosure - The legal process by which a borrower in default under a mortgage is deprived of his or her interest in the mortgaged property. This usually involves a forced sale of the property at public auction with the proceeds of the sale being applied to the mortgage debt. A proceeding in or out of court, to extinguish all rights, title, and interest, of the owner(s) of the property in order to sell the property to satisfy a lien against it. The process by which a lender sells property securing a loan in order to repay the loan. Under a deed of trust, foreclosure is by public auction after appropriate advertisement.

Forced Sale - A sale which is not voluntary on the part of the owner, such as to satisfy a debt. The selling price under such a sale would not be considered market value.

Forward Contract - An agreement calling for future delivery of an asset at an agreed upon price. Also see Futures Contract.

Free and Clean - Real property against which there are no liens, especially voluntary liens such as mortgages.

Full Disclosure - In real estate, revealing all the known facts which may affect the decision of a buyer or tenant. A broker must disclose known defects in the property for sale or lease. A builder must give to a potential buyer the facts of his new development. A broker cannot charge a fee unless the client know and agree.

Futures Contract - Obliges traders to purchase or sell an asset at an agreed upon price on a specified future date. The long position is held by the trader who commits to purchase. The short position is held by the trader who commits to sell. Futures differ from forward contracts in their standardization, exchange trading, margin requirements, and daily settling (marking to market). See also Forward Contract.

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