Welcome back to RealtyMyths weekly word wizard! Here are some real estate terms that you must know.
Abandonment – The relinquishment of all rights and title to a property with no intention of reclaiming ownership.
Abstract of Title – A condensed history of the title to parcel of land consisting of a summary of every recorded instrument, together with a statement of all liens, charges or encumbrances affecting title to the land.
Amortization – The gradual paying off of a debt on an instalment basis. Payment consists of accruing interest and the remainder being applied to the principal.
Assumable Mortgage – A mortgage that can be taken over (“assumed”) by the buyer when a home is sold.