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Adjustable Rate Mortgage (ARM) :
A mortgage loan in which the interest rate can fluctuate
according to a specified index and timetable.
Adjustment : In an appraisal,
an increase or decrease in the market value of a comparable
property to account for a feature that the property has
or does not have, which sets it apart from other comparables
or the subject property.
Annual Percentage Rate (APR)
: Represents the percentage relationship of the total finance
charge to the amount of the loan.
Appraisal : An appraiser's
written opinion of a subject property, as of a specific
time or during a specified time period. It provides details
for the process of determining estimated value of a property
and the justification of the value.
Appraised Value : The value
of a property as determined through a market value appraisal
by a professional appraiser. In relocation, the appraised
value of a subject property is generally determined by averaging
Binding Estimate : An estimate
by a moving agent of the cost to perform specified moving
services, including transportation and third party service
costs. Once the moving agent agrees to the estimate, it
becomes the total transportation cost paid by the shipper.
Bridge Loan : An intermediate
loan issued to a borrower on a short-term basis, usually
to provide temporary funds to the borrower until definite
long-term financing is arranged. In relocation, bridge loans
serve to assist employees in purchasing a home at the new
Buyer Value Option : A program
for companies seeking to reduce tax gross-up expenses, which
results in the management of the home-sale process from
the start of the move through closing.
Claim : A written statement
requesting reimbursement for an item that is lost or damaged
while in the van line's possession.
Closing : A meeting among
the parties and/or their representatives to the sale contract.
After settling the details that relate to the sale of a
property, the seller signs and delivers the deed to the
buyer. The buyer authorizes payment to the seller and the
home sale transaction is completed or "closed."
Closing Assistance : Programs
that allow the corporation or third party to assume homeowner's
selling responsibility during the closing.
Closing Costs : Costs resulting
from the home sale transaction which include mortgage points,
origination fees, title fees, appraisal fees, and legal
Competitive Market Analysis:
A marketing analysis of a subject property performed by
a real estate broker or sales agent. The CMA reflects the
best estimate of value as determined by a broker or sales
associate who estimates value using comparable sales, recent
listings, and knowledge of the local real estate market.
This is also called a Broker Price Opinion.
Contingency : A provision
negotiated in a sale contract that can void the contract.
Conventional Mortgage : A
fixed-term and interest rate mortgage, with level payments
that fully amortize the mortgage after a specified period
of time. Most commonly a 30-year, fixed interest rate mortgage
for which the borrower makes a 20% down payment is referred
to as a "conventional mortgage."
Cost-of-Living : A current
comparison of costs between two locations.
Destination Services: Assistance
provided to the transferee in a new location, including
but not limited to Home-Finding Assistance, Movement of
Household Goods, and Temporary Housing.
Direct Reimbursement : A program
whereby the corporate client directly reimburses the transferee
for relocation related expenses.
Discount Points : In the mortgage
industry, one point is equal to one percent of the loan.
Discount points are the sum of money charged by a lender
to reduce the interest rate of any particular loan.
Equity : The interest or value
which an owner has in real estate over and above the existing
liens against it.
Equity Loan : A sum of money
borrowed at an interest expense against the equity on a
homeowner's home. The equity loan is used to assist a relocating
employee in purchasing a new home before the sale of the
Escrow : The closing of a
transaction through a third person called an escrow agent
or an escrowee, who receives certain funds and documents
to be delivered upon the performance of certain conditions.
Expense Tracking : Tracking
and maintaining database of relocation related expenses,
taxable and non-taxable, by employee, division, corporation,
etc. Customized, comprehensive, reporting options are provided
to clients, as well as year-end reporting for employee tax
Fair Market Value : The appraised
value of a subject property. Generally refers to the amount
that the corporation has offered a relocating employee for
the purchase of his or her former home.
FHA Mortgage : A residential
mortgage from an approved lender and insured by the Federal
Housing Administration. The down payment on an FHA loan
usually is less than that for a conventional mortgage. The
FHA does not lend money, but nominates approved lenders.
Fixed Expenses : When calculating
the cost of homes in inventory, corporations categorize
fixed expenses as those housing costs that do not vary from
year to year.
Group Move : The relocation
of a significant number of employees, both renters and homeowners,
as a group, on a planned and scheduled basis. There are
both short and long term group moves and can involve several
locations. Group moves range from a few individuals to more
than 100 employees.
Homefinding : Assistance provided
to relocating employees during their house hunting trips.
This also includes area counseling and community information.
Household Goods : The personal
effects and property transported from residence to residence.
Inspection Services : The
inspection and subsequent written report process which documents
the condition of a home prior to its sale. Defects, if discovered,
are identified and appropriate remedies are proposed.
Interim Housing : Short-term
housing available to a transferee prior to the time permanent
housing becomes available for occupancy. (also referred
to as Temporary Housing)
Line Haul : In the transportation
of household goods, the transportation charge based on the
weight and the number of miles the goods are transported.
Lump Sum Relocation Allowances
: A single payment made to the transferee that covers more
than one, and often many reimbursable expenses.
Market Value : An estimate
of the price to be paid for a property by a typical buyer
based on current forecasted market trends. The highest price
that a ready, willing, and able buyer pays and the lowest
price that a ready, willing, and able seller accepts in
the home sale transaction.
Miscellaneous Expenses : The
costs incurred in the process of settling into a new home,
such as cleaning rugs or draperies, installing electronics,
acquiring new licenses, and hooking up appliances.
Policy Development : Consulting
provides guidance for the development of an effective company
Real Estate Commission : A
payment to a broker for services rendered, such as in the
sale or purchase of a home. The commission is either a flat
fee or a percentage of the selling price.
Relocation Policy : The company
designed, governing document related to relocation policy
and related administration
Relocation Package : A collection
of information and materials specific to the city or area
to which a transferee is relocating.
Relocation Counselor : Administrator
of the corporate client's relocation program. The relocation
counselor serves as the single point of contact for the
transferee from start of the program to the completion of
the relocation process.
Shuttle : A smaller truck
that transports household goods to the full sized moving
van, if the current residence is not accessible by the larger
Tax Gross-Up : An amount added
to gross income to compensate employees for the income tax
incurred on relocation allowances and reimbursements. This
enables the relocating employee to receive net income due
Tiered Relocation Plans :
Provides summary of relocation reimbursable expenses to
current and newly hired employees.
Temporary Housing : see Interim
Third Party Services : Services
provided by a company other than the designated Relocation
Transferee : The employee
being relocated to the new job location. This can be an
existing employee or a new hire.
Title : Evidence of legal
ownership of the property.
Valuation Coverage : The van line
coverage that is offered to reimburse you in case your shipment
is lost or damaged.
VA Mortgage : A mortgage loan
on an approved property made to a qualified veteran by an
authorized lender and guaranteed by the Veterans Administration
to limit possible loss by the lender.