Key Real Estate Terms R | Myers Real Estate

Definitions Of Key Real Estate Terms R This article provides the definitions of key estate terms beginning with the letter R. Radon is a natural occurring gas that may cause health problems. Ready, Willing, and Ready Buyer is one shoe is prepared to buy real estate on the seller's terms and take the steps to consummate the transaction. Real Estate is a legal term that encompasses land along with improvements to the land, such as buildings, fences, wells and other site improvements that are fixed in location. Real Estate Owned (REO) is a term used to describe real property acquired by … Continue reading...

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Key Real Estate Terms N | Myers & Myers Real Estate

Definitions Of Key Real Estate Terms N This article provides the definitions of key estate terms beginning with the letter N. Net Lease is a lease requiring the tenant to pay all costs including maintaining the property, property taxes, utilities, repairs, insurance, and the lease payment. Net Listing is a listing base on the net price the seller will receive if the property is sold. Net Operating Income is the income after subtracting from gross income all fixed expenses such as maintenance, property taxes, operating expenses, bad debts, and vacancy allowance. Net Worth is the value after … Continue reading...

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Key Real Estate Terms E | Myers & Myers Real Estate

Definitions Of Key Real Estate Terms E This article provides the definitions of key estate terms beginning with the letter E. Early Occupancy refers to the practice of allowing the buyer to take possession of real property before closing. Earnest Money is the cash deposit paid by the prospective buyer of real property as evidence of a good faith intention to complete the transaction. Easement is a right to use the land of another for a specific purpose such as for the right of utilities to install and maintain equipment. Easement by Condemnation is an easement created by the government or … Continue reading...

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Key Real Estate Terms B | Myers & Myers Real Estate

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...

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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...

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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...

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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...

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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...

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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...

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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...

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