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Beds for the pets: sleeping in comfort
As we love to have a comfortable place to sleep so do the animals. So there are various types of beds for the pets to give them a comfortable sleep. Most of us have the dog as a pet. For the pets we specially have these beds designed for their...
Do You Make These Window Replacement Mistakes ?
Whether it's a misguided baseball, or storm damage, sooner or later most homeowners will have to deal with window replacement, a chore that is not high on any handyman's list of things they want to do with their spare time.
This could involve...
Five Ways to Create a Healthy Home
Have you ever thought of your home as being healthy or unhealthy? While the concept of a healthy home may be new to some of us, it is steadily gaining popularity with homeowners. A healthy home can include a number of elements from building...
Learn the Basics of Bathroom Refinishing
The do-it-yourself "fixer upper" you decided to invest in is
finally nearing completion and looking like a decent place to
live; there are only a few more projects to complete. Passing up
the final touches like remodeling the guest bedroom, you...
Need More Room in Your Closet? Try a Custom Closet Organizer -
How much time do you spend searching for lost items? If you’re like most Americans, you probably spend about four weeks a year just looking for things. Much of that time is spent rummaging through the closet, tossing aside old clothes and...
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Real Estate Terms – From Condominiums To Deeds Of Trust
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.”
About the Author: Raynor James is with http://www.fsboamerica.org - providing homes for sale by owner, "FSBO", properties. Are you thinking, "Should I sell my home?" Visit http://www.fsboamerica.org/seller.cfm to sell your home sale for free for one month.
Source: www.isnare.com
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