Amortization:  The number of years it will take to pay off the entire amount of a mortgage.

Appraisal: An estimate of a property's market value. This is used by lenders to determine the amount of your mortgage.

Debt Service Ratio: The percentage of a borrower's gross income that can be used for housing costs (including mortgage payments and taxes).  This is used to determine the amount of monthly mortgage payment the borrower can afford.

Easement: A legal right to use or cross (right of way) another person's land for limited purpose. A utility's right to run wires or lay pipe across a property is a common example.

Encroachment: An intrusion onto an adjoining property. A neighbor's fence, shed or overhanging roof line that partially or fully intrudes onto your property are examples.

First Mortgage:  The first security registered on a property. Additional mortgages secured against the property are termed 'secondary'. For example, if you were purchasing a North Myrtle Beach house, you would take out your first mortgage on this property.

High-Ratio Mortgage: A mortgage for more than 75 percent of a property's appraised value or purchase price.

Listing Agreement: The contract between the listing broker and an owner, authorizing the Realtor to facilitate the sale or lease of a property. For example, North Myrtle Beach homes for sale would emcompass listing agreements between the property owner and listing broker..

Mortgage: A contract between a borrower and a lender where the borrower pledges a property as security to guarantee repayment of the mortgage debt.

Multiple Listing Service (MLS): A comprehensive system for relaying information to Realtors about properties for sale.

Realtor: A trademarked name describing real estate professionals who are members of a local real estate board.

Transfer Taxes: Payment to the provincial government for transferring property from the seller to the buyer.

Zoning Regulations: Strict guidelines set and enforced by municipal governments regulating how a property may or may not be used.

Zoning - restriction on the use of the property as to residential, industrial, agricultural, or commercial purposes are very common. The size and height of improvements attached to the property are likewise subject to restriction.

Environmental Hazards - what materials can be stored on the real property as well as who is responsible for removing environmental hazards from real property (such as asbestos, lead paint, petro-chemicals, radon and toxic wastes) are government regulated.

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