ADJUSTABLE RATE MORTGAGE (ARM) – short term mortgage that offers an interest rate that is fixed for a short period of time, usually between one to seven years. After that, the interest rate can adjust every year up or down, depending on the market

AMORTIZATION - The process of reducing a loan in equal installments of principal and interest

APPRAISAL - An estimate of the fair market value of a land parcel and any improvements at a given point in time

BUYER AGENCY – principal-agent relationship in which the broker is the agent for a buyer, with fiduciary responsibilities to the buyer. As a buyer’s agent you are tied to the buyer, and that all of your loyalties are to the buyer

BUYER’S AGENT – Serves as an advocate for the buyer and represents the Buyer in the real estate transaction

CLOSING - The final step after a lender approves an application. The homebuyer and lender sign the security-agreement note for the mortgage loan, which states all the terms and conditions of the loan, and the funds for the loan are turned over to the homebuyer’s closing agent.

CLOSING DATE – The day you get the keys to your new home; officially known as the date escrow closes and your deed and mortgage are recorded with the county

CLOSING COSTS – The entire package of miscellaneous expenses paid by the buyer and seller when the transaction closes. These costs include the brokerage commission, mortgage-related fees, escrow or attorney’s charges, recording fees, title insurance, etc.

COMMISSION - A fee charged by a broker or agent for their service in facilitating a the purchase or sale of a home

CONTINGENCY -provision of an agreement that keeps the agreement from being fully legally binding until a certain condition is met. One common example is a buyer’s contractual right to obtain a professional home inspection before purchasing the home.

CREDIT REPORT – A report issued by an independent agency which contains certain information concerning a mortgage applicant’s credit history and current credit standing.

DOWN PAYMENT - The difference between the sale price and the loan amount, which must be paid in cash by the buyer

DUAL AGENT – an agent who represents both the Buyer and Seller in a single transaction and has a fiduciary responsibility to both parties. This will happen if the Listing Agent sells his/her own listing to a Buyer Client.

DUE DILIGENCE – Investigation and verification of the details of the property you are buying

EARNEST MONEY – Money the buyer (you) gives the seller to secure the contract; these funds are later applied toward the purchase price of your home

ESCROW ACCOUNT – A holding account for the amount a mortgage borrower pays each month and which the lender uses to pay for the borrower’s taxes, other periodic debts against the property, homeowner’s insurance and, if applicable, mortgage insurance.

FHA LOAN – A government mortgage that is insured by the Federal Housing Administration (FHA)

FICO SCORE – A numerical rating that indicates a mortgage applicant’s creditworthiness based on a number of criteria.

FIXED RATE MORTGAGE – A loan with an interest rate that remains the same for the entire repayment term.

GOOD FAITH ESTIMATE – An approximation supplied by the lender of all your closing costs

HUD-1 SETTLEMENT STATEMENT – A standard form used to disclose costs at closing

HOME WARRANTY – A policy for home owners that protect the purchaser from unexpected home appliance repairs

HOMEOWNER’S INSURANCE – A real estate insurance policy required of the buyer protecting the property against loss caused by fire, some natural causes, vandalism, etc.

INSPECTION REPORT – A written record of a property’s condition, including the foundation, interior, roof, kitchen and baths, foundation, heating and air conditioning

INTEREST RATE – A percentage of the mortgage amount that is paid to the lender for the use of the money, usually expressed as an annual percentage.

LISTING AGREEMENT – A signed agreement between the seller and the seller’s agent where the terms and conditions of the listing are determined.

MORTGAGE BROKER (LENDER) – The mortgage company employee responsible for collecting the completed application and all supporting documents before the entire loan packet is submitted to underwriting.

MORTGAGOR - The Borrower

PRE-APPROVAL – a guarantee in writing by a lender to grant you a loan up to a specified amount

PRE-QUALIFICATION – an informal determination by a lender or mortage broker stating how much mortgage you can afford

PRIVATE MORTGAGE INSURANCE (PMI) – A type of insurance that is usually required by a lender if your Down Payment or Equity is less than 20% of the loan value; it insures the lender against loss if you were to default on your mortgage

PURCHASE AGREEMENT (CONTRACT) – A written document confirming your decision to buy your new home and the seller’s decision to sell under stated terms and conditions

REALTOR® – A real estate agent who belongs to the National Association of REALTORS®, a professional organization

SELLER’S AGENT (LISTING AGENT) – Represents the Seller in the transaction

TITLE - Evidence of a person’s right to ownership in real property

TITLE INSURANCE – An insurance policy that protects a lender’s or owner’s interest in real property from assorted types of unexpected or fraudulent claims of ownership.

UNDER CONTRACT - The seller’s acceptance of the buyer’s offer to purchase the property

Search For Homes by School

View homes for sale in DeKalb County by school district.

Here is a list of resources that may be helpful when buying or selling a home. We hope this helps make the transition as easy as possible.

Below is the contact information for the metro Atlanta area county tax offices.

Cobb County
736 Whitlock Avenue Suite 100
Marietta, GA, 30064
Cobb County Property Tax Division Website
Ph: 770-528-8600
Fax: 770-528-8679

DeKalb County
DeKalb County Tax Commissioner
Collections Division
PO Box 100004
Decatur, GA 30031-7004
DeKalb County Tax Commissioner’s Website
Ph: 404-298-4000

Fulton County
Fulton County Government Center
141 Pryor Street
Atlanta, GA
Fulton County Property Taxes Website

Gwinnett County
75 Langley Drive
Lawrenceville, GA 30046
Gwinnett County Tax Commissioner’s Website
Ph: 770-822-8800

City of Decatur
Revenue Collections Division,
City Hall
509 N. McDonough Street
Decatur, GA 30030
City of Decatur Tax Office Website
Ph: 404-370-4100

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