Tax Rate- The rate that is applied to the assessed value of a property to arrive at the amount of annual property tax. The tax rate is established according to assesed valuation, which varies depending on land use.
Inspection- A visit to and review of particular premises. A purchaser should always inspect the property before closing.
Mortgage- A legal document used to secure performance of obligation.
Earnest Money- The cash deposit (including initial & additional deposits) paid by the prospectiive buyer of real property as evidence of good-faith intentiont to complete the transaction ; called bargain money, caution money, hand money, or a binder in some states.
