|
Author: Raynor James Article source: http://www.propertysold.ca/. Used with author's permission.
When buying or selling a property, it always helps to have a basic understanding of real estate terms. In this on going series of articles, we take a look at definitions starting with "condominium."
1) Condominium - A type of ownership in real property where all of the owners in a collection of properties jointly own everything except the interior of each property. Accordingly, the jointly area is run by a homeowner's association, which can assess fees to the owners for improvements, etc.
2) Contract, or Sales Contract, or Contract of Purchase and Sale - the agreement between buyer and seller. In most jurisdictions it must be in writing in order to be enforceable. It covers such things as the identity of the property, the purchase price, any conditions of the sale, the settlement date or escrow period, when the buyer will occupy the property, etc.
3) Contract for Deed - a written document which provides that Deed does not pass to the buyer until the final payment has been made. In the event of default by the buyer, the property reverts to the seller. (One sees these occasionally. I've seen them when an owner was financing the sale of raw land for a buyer.)
4) Deposit, or Good Faith Deposit - an amount of money tendered by the buyer at the time a contract offer is made on real property. The contract spells out who holds it, and circumstances under which the seller gets it, and circumstances under which it's returned to the buyer. Typically, the seller gets it as part of the purchase price at settlement, or as liquidated damages if the buyer defaults. The buyer usually gets it back if a condition of settlement is not met.
5) Deed - the written document which conveys title to real property. Some states are "record" states and ownership is defined by the deed's being recorded at the courthouse in which the property lies.
6) Deed of Trust - the document which allows a third party to act for the lender should the lender need to forclose on real property used as collateral for a loan.
As you can image, there are many real estate terms for which you have a general understanding. In our next article, we continue with the terms starting with "Easement." Raynor James is with http://www.fsboamerica.org - providing FSBO homes for sale by owner. Visit our "sell my home" page at http://www.fsboamerica.org/seller.cfm to list and sell your home for free for one month. Visit http://www.fsboamerica.org/buyer.cfm to see homes for sale by owner.
Hyaluronic Acid - The Natural Face Lift?
If So What Is It and What Does It Do? In Yuzuri Hara, a village in Japan, ten percent of the population is 85 or older. Diseases of aging, such as cancer, diabe...
Your Business Logo and Color Scheme
Logos and color schemes can be difficult to design, but they may make a lasting impact upon the customer. Here are some tips to help you design your own. This i...
Business Continuity Testing Starts with the Risks
All business continuity plans need to mirror the business and be based on the risks to that business. This article looks at options for dealing with risks in b...
Flying in the Slow Lane
Dogs distrust hot air balloons. I gathered this tidbit as my husband and I floated over the mountains in a wicker gondola, listening to the barking chorus t...
Obesity - How it Affects Your Health
We're sometimes told this and that about dieting and health, but in the end..raw statistics speak the truth. There has been an exceptional amount of research in...
The Miracle of Forex
Making a very good living by trading the forex market just got easier...
Your Job as a Role Model
A certain educator was once asked at what point should a parent begin to prepare for child raising. "How old are you?" the educator inquired. "Twenty-three." ...
Handling Rejection
Rejection is part of a writer's life. You must cope with it. Analyse it and learn from it.
Yoga and True Self
The ancient Indian sage Patanjali describes in his Yogasutra that the aim of Yoga is to realise the true self or soul(atman). Everything is realised when true s...
Is Horror Dead?
I've noticed a big shift away from traditional horror recently, in books, shorts and in subs to E2M.
Being A Friend Through A Divorce
When your best friends get divorced it can be a difficult road for you to travel. Get hints and tips on how to do it successfully.
Why ALL Sales Decisions Are Based On Emotion - Heres The Proof!
Have you ever heard sales decisions are based on emotion 80% or 88% of the time? Not true, in fact emotion is present in sales 100% of the time. Here's the proo...
Cash Balance Plans
We heard through the years from parents and other relatives to stick with a job with a large company even if we hated it. The
reason: "Get that pension," we we...
Spyware – Your Web Browser is the Culprit!
Browser Help Objects are a good thing… most of the time. Using a BHO to load spyware is a very common practice. Find out how to remove it!
Muscle Building Workout For This Week!
As experts says, "NO PAIN, NO GAIN." This specially applies to Muscle Building. If your fast life, strict job schedule or family commitments dont allow you to k...
How to Begin to Overcome Shyness
Effective strategies to overcome shyness and connect with people...
A Look at Electronic Air Filters
Many people mistakenly assume that an air conditioning only controls the temperature of a living space. Air conditioning also involves the cleanliness of the ai...
Risk and Stock Trading Fees: The Two Barriers To Overcome If You Want A Successful Trading Career
You can mange both risk and stock trading fees with planning, and by making good choices. But exactly just where do you start?
MORAL ARMOR Condemns Home and Business Seizure Law
The Author of Moral Armor condemns the ruling of the Supreme Court and equates it with the CIA's role in Vietnam, claiming the same people intend to incite war ...
Get Rid Of The Clutter
You really can have a successful business and a great life. Often we get caught up in growing our business or climbing the corporate ladder that we put our pers...
Psychological Effects of Child Abuse
Many children who suffer from the psychological effects of child abuse often become child abusers themselves or can become perpetrators of violent crimes. Many ...
Ready, Set, Read: Specific Activities to Make Your Child a Reader!
Providing positive, enjoyable literacy experiences give young children opportunities to gain the knowledge, awareness, skills, and love of learning that they ne...
What Happened to My Website when I Deleted the Home Page by Mistake?
There is a widespread confusion among lots of new website
designer concerning the home page.
Know the Right Time for Conceiving with Free Fertility Calendar
Getting pregnant is a common problem that affects lots of couples, men and women who have been married for years and even though they have been trying to concei...
|
Print this page