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Mortgage Term Glossary

Assurance Financial

Assessed Value. The assessed value of your home is how much it is worth in the eyes of the tax agency in your municipality. The assessed value is used to calculate your property taxes. It can be less than the market or appraised value of your home. Fair Market Value.

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What to Do If You Inherit A Home

McKissock

The legal issues or responsibilities, on the other hand, might involve situations where the property is co-inherited, for example, among siblings, and working together to find a common resolution becomes a nightmare. Tax liabilities: This can include federal estate taxes and property taxes. Download here.

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Important Mortgage Acronyms

Assurance Financial

If the house doesn’t pass inspection or the sale doesn’t go through due to an allowable contingency, the buyer gets the EMD back. But if the buyer cancels the sale or backs out for another reason, the seller gets to keep the EMD. Downloadable Guides. Click here to download the file. FMV (Fair Market Value).