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RM Reports / RM Warehouse

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.

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