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RM Reports / RM Warehouse

Weekly Word Wizard

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.

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