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Good Faith Deposit – Real Estate Transactions
In a real estate transaction, a touchy issue is how much trust the seller has in a buyer. The existence of a good faith deposit helps put a seller at rest.
Good Faith Deposit
If you are selling your home, condominium or other real estate, you...
Massachusetts Real Estate – History Personified
Massachusetts is a state overflowing with history and yet oddly modern. Massachusetts real estate prices are very pricey.
Massachusetts
Massachusetts is an incredible mix of history and bustling modern influences. Historically, the state took...
Selling A Millionaire Home And Keeping It A Secret!
Selling a millionaire home is hugely different than selling any other type of real estate. Many owners quite rightly so do not want Luxury home window shoppers trampling over the marble floors of their luxury homes. Millionaire home owners by there...
Simple Tips For Showing Your Home
If your home is on the market, it should be available at all times for showing to potential buyers. After all, how else do you expect to sell it? During the time your house is on the market, try to keep it prepared for a showing whenever possible....
Want To Be Profitable In This Real Estate Bubble? I’ll Show You How In Just Three Easy Steps
This is a question I get almost everyday from either our web site www.GetPreconstructionProfit.com or from my individual investment activities. The question is “How Can I Be Profitable When We Are In A Real Estate Bubble”?
STEP#1. First you...
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Real Estate Terms – From Easements To Good Title
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 “easements.”
1) Easement – permission given to (or acquired by) someone who does not own a parcel of real property enabling that person (or entity) to use that parcel for a specific purpose. It may add or detract value. It may be neutral so far as the value of the property is concerned. Examples include easements to utility companies for the purpose of running power lines, easements to municipalities for running sewer lines, and an easement to a neighbor to use your driveway for ingress and egress to his property.
2) Encroachment – a building, fence, wall, driveway, etc. which is intended to be part of one property and is found to be on, or partially on, another property.
3) Escrow – money and other items of value held by a third party for the benefit of the buyer and seller of real property. In California, items are accumulated in escrow for a stated period of time until all items needed to finalize the sale are in the hands of the escrow agent and properly processed. In Virginia, the items are accumulated but are not signed until everyone meets at the settlement table. Then the deed is signed, the lender releases
funds, and so on. It is usually the next day before the change of ownership can be recorded at the courthouse, so while it isn’t customarily referred to that way, the settlement agent is usually an escrow agent for about 24 hours in Virginia.
4) Equity – The wealth value of a property for the owner. The equity in a property is equal to the fair market value minus any debts such as mortgages and taxes.
5) Good Title – title to the real property being clear and clean enough that a title insurance company will insure it and a lender will make a loan with it as collateral.
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 “Home Inspection.”
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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