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.