Definitions Of Key Real Estate Terms B This article provides the definitions of key estate terms beginning with the letter B. Backup Offer is an offer to buy submitted to a seller with the understanding that the seller has already accepted a prior offer. Balloon Payment is a final payment of a mortgage loan that is considerably larger than the require periodic payments because the loan amount was not fully amortized Bankruptcy is a conditions of financial insolvency in which a person's liabilities exceed asses and the person in unable to pay current debts. Blanket Mortgage is a mortgage … Continue reading...
Key Real Estate Terms U | Myers & Myers Real Estate
Key Real Estate Terms U This article provides the definition of key estate terms beginning with the letter U. Underwater Loan is a term indicating a higher loan balance than the proceeds available after the sale of the under lying asset. Underwriter is in the loan industry is a person working for a lender who reviews a loan application and makes recommendation to the loan committee. Underwriting is the analysis of the extent of the risk assumed in the connection with a loan. Underwriting a loan includes the entire process of preparing the conditions of the loan, determining the borrower's … Continue reading...
Key Real Estate Terms K | Myers & Myers Real Estate
Definitions Of Key Real Estate Terms K This article provides the definitions of key estate terms beginning with the letter K. Keogh Plan is a federal tax law designed to encourage self employed individuals to set money aside for retirement years y allowing them to put pretax dollars into a trust account. Key Lot is a lot that has added value because of its strategic location. Kiting is an illegal practice of writing a check against insufficient funds that takes advantage of the float, the time between when a check is written and deposited in one bank and when it is presented for collection … Continue reading...
Key Real Estate Terms I | Myers & Myers Real Estate
Definitions Of Key Real Estate Terms I This article provides the definitions of key estate terms beginning with the letter I. Illiquid refers to the fact that certain assets cannot be easily or quickly converted to cash equivalents. Impact Fees are fees charged by municipalities against new construction to compensate for the added costs of the public services generated by the new construction Implied Contract is an unwritten agreement inferred by the actions of the parties Improvement is any structure erected on a site to enhance the value of the property Income Approach is the process of … Continue reading...
Key Real Estate Terms G | Myers & Myers Real Estate
Definitions Of Key Real Estate Terms G This article provides the definitions of key estate terms beginning with the letter G. General Lien is the right of a creditor to take all of a debtor's property, both personal and real. General Warranty Deed is a deed in which the grantor fully warrants good clear title to the property. This type of deed offers the greatest protection of any deed. Gift Tax is a federal tax paid by a donor upon making a gift. There is an exclusion of $13,000 per donor per done, per year. For example, a mother can give each of her 4 children $13,000 per year with no … Continue reading...
Key Real Estate Terms Z | Myers & Myers Real Estate
Definitions Of Key Real Estate Terms Z This article provides the definitions of key estate terms beginning with the letter Z. Zero Lot Line is a term generally used to describe the positioning of a structure on the property such that one of the walls is positioned on the lot line boundary. Zoning is the regulation of structures and uses of property within certain district or zone. Zoning Ordinance is a set of laws and regulations controlling the use of land and the construction of improvements in a given area or zone. Myers & Myers Real Estate We have some of the best in the business. … Continue reading...
Key Real Estate Terms T | Myers & Myers Real Estate
Definitions Of Key Real Estate Terms T This article provides the definitions of key estate terms beginning with the letter T. Take Off is the estimation of materials needed to construct a building. Taking is a concept that comes from the takings clause in the 5th amendment to the US Constitution and means that when land is taken for public use through the government's power of eminent domain. Taxation is the process by which a government raises money to fund its operation. Tax Certificate is the document issued to a person as receipt for paying the delinquent property taxes on property owned … Continue reading...
Key Real Estate Terms P | Myers & Myers Real Estate
Definitions Of Key Real Estate Terms P This article provides the definitions of key estate terms beginning with the letter P. Partially Amortized is a loan repayment schedule where the payments on the principal are not sufficient to pay off the loan over its term, Participating Broker is a real estate broker who assists the listing broker in procuring a buyer. Participation Mortgage is participation mortgage where the lender (mortgagee) is entitled to share in the rental or resale proceeds from a property owned by the borrower (mortgagor). Partnership is an association of two or more … Continue reading...
Key Real Estate Terms O | Myers & Myers Real Estate
Definitions Of Key Real Estate Terms O This article provides the definitions of key estate terms beginning with the letter O. Occupancy Permit is a permit granted by the appropriate governmental organization that establishes a building is suitable for habitation. Offer and Acceptance is two essential component of a valid contract. Offeror is the person that makes the offer. Offeree is the person that receives the offer. Open Listing is a listing contract that requires the broker to produce a buyer in order to be paid a commission. In an open listing the no commission is paid to the broker if … Continue reading...
Key Real Estate Terms Q | Myers & Myers Real Estate
Definitions Of Key Real Estate Terms Q This article provides the definitions of key estate terms beginning with the letter Q. Qualification is the process of reviewing a potential buyer's credit and payment capacity prior to approving a loan. Qualified Buyer is a buyer who has demonstrated they have the capacity and credit worthiness to pay the offered purchase price for real property. Quasi is Latin for similar to or almost alike. Quiet Enjoyment is the right of a lessee or owner of a property the uninterrupted use of property without interference from the former owner or lessor. Quiet … Continue reading...