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Florida Real Estate Terms
Term | Meaning |
---|---|
ARV | After Repair Value |
FMV/ MV | Fair Market Value / Market value |
RMV | Relative Market Value |
MAO |
Maximum Allowable Offer Example: No more than 65/70% of ARV less repair costs |
1 Acre | 43,560 Square Feet |
1 Point | 1 percent |
Basis points |
1/100 of 1 per cent 100 basis Points = 1 %, 50 Basis Points = 1/2 of 1% |
Section | 1/36 of a Township, 1 Mile Square or 1 Square mile contains 640 acres |
Township |
Tier Across the State of Florida locating property 6 Mile square or 36 square miles - contains 36 sections |
Range | Locates a Township in an East/West Plane |
HUD- 1 | Closing Statement Form - Most common |
Debt Service | Mortgage payments (Principal & Interest only) |
PITI | Principal Interest Taxes Insurance |
IRV | Relationship between Income, Rate & Value |
Doc Stamps Deed | Usually paid by Seller $0.70/100 of Sale Price |
Doc Stamps Mortgage | Usually paid by Borrower, $0.35/100 of New Mortgage |
Intangible Tax | Usually paid by Borrower, $ 0.002 x Mortgage |
Lease Rate/ Sq Ft | Monthly payments x 12/ Sq Ft Leased Space |
Land Price/ Acre | Land Cost / # of Acres in Property |
Land Price / Sq Ft. | Land Cost / # of Acres in Prop / 43,560 Sq Ft |