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Real Estate Terms

Weekly Word Wizard – RealtyMyths

Welcome back to RealtyMyths Weekly Word Wizard! Here are the important real estate terms for the week. Bridge loan – Bridge loans are obtained by those who have not yet sold their previous property, but must close on a purchase property. The bridge loan becomes the source of their funds for the down payment. Cash-out refinance – When a borrower refinances his mortgage at a higher amount than the current loan balance with the intention of pulling out money for personal use. Construction loan – A short-term, interim loan for financing the cost of construction. The lender makes payments to the builder at periodic intervals as the work progresses. Eviction – The lawful expulsion of an occupant from real property.

Weekly Word Wizard – RealtyMyths

Welcome back to RealtyMyths Weekly Word Wizard! Here are some important real estate terms for the week. Assumption of Mortgage – Buyer takes title to the property by assuming liability for payment of an existing note secured by a mortgage. Building Restrictions – Limitations on the use of property or the size and location of improvements established by legislation or by covenants in deeds. Co-Borrower – An additional individual who is both obligated on the loan and is on the title to the property. Contingency – A condition that must be met before a contract is legally binding.

Weekly Word Wizard – RealtyMyths

Welcome back to RealtyMyths Weekly Word Wizard! Here are the real estate terms for the week. Amenity: An amenity is a feature of a property that makes it more valuable to potential buyers or tenants. The term can refer to features of a single-family home that homeowners include in a real estate listing to attract potential buyers or renters. Asset Protection: Asset protection is the concept of guarding one’s wealth. Asset protection is a type of financial planning intended to protect one’s assets from creditor claims. Attornment: Attornment is the act of granting authority or jurisdiction to a party even though no legal rights exist. Capital Improvement: A capital improvement is the addition of a permanent structural change or the restoration of some aspect of a property that w...

Weekly Word Wizard – RealtyMyths

Welcome back to RealtyMyths Weekly Word Wizard! Here are the terms for the week. Arbitrage: The simultaneous purchase and sale of a security with the purpose of obtaining a higher yield from the differential between its acquisition and selling price. Avulsion: A sudden tearing away of land by the action of natural forces. Bequest: A provision in a will providing for the distribution of personal property. Bilateral contract: A contract in which each party promises to perform an act in exchange for the other party’s promise to perform.

Weekly Word Wizard – RealtyMyths

Welcome back to RealtyMyths Weekly Word Wizard! Here are the real estate terms for the week. Accretion: An increase or addition to land by the deposit of sand or soil washed up naturally from a river, lake, or sea. Actual eviction: The result of legal action originated by a lessor, by which a defaulted tenant is physically ousted from the rental property pursuant to a court order. Air rights: The right to use the open space above one’s property. It can be sold to build a skywalk or for a utility company to erect power lines. Alluvion: The actual soil increase resulting from accretion.

Weekly Word Wizard – RealtyMyths

Welcome back to RealtyMyths Weekly Word Wizard! Here are the terms for this week: Adverse Possession: Adverse possession is a legal doctrine that allows a person who possesses someone else’s land for an extended period of time to claim legal title to that land. Condominium Fee: A condominium fee is paid by all property owners of a condominium complex to cover ongoing maintenance costs. Cross Collateralization: Cross-collateralization is the act of using an asset currently used as collateral for an initial loan as collateral for a second loan. Abstract Of Title: Abstract of Title is the summarized history of all of the titles, transfers and legal actions that are connected to the property.

Weekly Word Wizard – RealtyMyths

Welcome back to RealtyMyths Weekly Word Wizard! Here are the terms for this week. Tenant Improvement Allowance: A landlord’s contribution to the cost of construction and or alteration necessary to prepare a space for a tenant’s occupancy. Cooperative Ownership: Ownership which usually takes the form of shares of stock in a corporation owning the entire building and a proprietary lease giving the tenant the right to occupy a unit for which he pays a proportionate share of the maintenance and operating expenses. Cost Of Funds Index: One of the indexes that is used to determine interest rate changes for certain adjustable-rate mortgages. It represents the weighted-average cost of savings, borrowings, and advances of the financial institutions such as banks and savings & loans....

Weekly Word Wizard- RealtyMyths

Welcome back to RealtyMyths weekly word wizard! Here are some real estate terms that you should know. Condotel: A condotel is a condominium project that is operated as a hotel with a registration desk, cleaning service and more. The units are individually owned. Contingency Clause: A contingency clause is a contract provision that requires a specific event or action to take place in order for the contract to be considered valid. Conveyance: Conveyance is the act of transferring an ownership interest in property from one party to another. Curb Appeal: Curb appeal is a term used to describe the general attractiveness of a house or other piece of property from the sidewalk to a prospective buyer.

Weekly Word Wizard – RealtyMyths

Welcome back to RealtyMyths weekly word wizard. Here are some terms for the week that you should know. Condominium Fee: A condominium fee is paid by all property owners of a condominium complex to cover ongoing maintenance costs. The fee is often based on the size of the condo unit and anticipated annual expenses. Contributory Value: Contributory value is the worth or value that a single component or part provides in relation to the total value of the whole. Cross Collateralization: Cross Collateralization is the act of using an asset currently used as collateral for an initial loan as collateral for a second loan. Delinquent: Delinquent describes something or someone that fails to accomplish what is required by law or duty, such as the failure to make a required payment or perform a certa...

Weekly Word Wizard – RealtyMyths

Welcome back to RealtyMyths weekly word wizard! Here are the words for this week. Contingency – A condition that must be met before a contract is legally binding. Delinquency – A loan in which a payment is overdue but not yet in default. Due-On-Sale Provision – A provision in a mortgage that allows the lender to demand repayment in full if the borrower sells the property that serves as security for the mortgage. Easement – A right of way giving persons other than the owner access to or over a property.

Weekly Word Wizard – RealtyMyths

Welcome back to RealtyMyths weekly word wizard. Here are some real estate terms that you should know. Deed – A legal document, duly executed and delivered by the grantor that conveys to the grantee some right, title or interest in or to real estate. Delinquency – A loan in which a payment is overdue but not yet in default. Easement – A right of way giving persons other than the owner access to or over a property. Effective Gross Income – The scheduled gross income of a property minus the vacancy rate.

Real Estate Word Wizard

Welcome back to RealtyMyths weekly word wizard. Here are some real estate terms that you should know. Collateral – In a home loan, the property is the collateral. The borrower risks losing the property if the loan is not repaid according to the terms of the mortgage or deed of trust. Condominium (Ownership) – The individual outright ownership of a single unit in a multi-unit property together with an interest in the common element of the property. Contingency – A condition that must be met before a contract is legally binding. Covenant – A clause in a mortgage that obligates or restricts the borrower and that, if violated, can results in foreclosure.

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