Fair Market Value:
The price for a property agreed upon between an informed buyer and seller in a competitive market.
The first security registered on a property. Additional mortgages secured against the property are termed 'secondary'.
Permanent improvements to property that may not be removed at the expiration of the term of lease or tenure.
The base upon which a structure is built.
A residental structure consisting of four self-contained residential units.
The widened section, usually concrete, at the base or bottom of a foundationwall, pier or column.
The rough timber works of a structure, including studs, plates, lintels and rafters.
The practice of using another firm's successful business model. Franchisor, for a fee or remuneration, grants the right to franchisee to sell goods or services perfected by the franchisor, and according to plan, utilizing the franchisor's name, logo, and methods of expertise, which is enabling franchisee to carry out specified commercial activities (e.g., providing a broadcasting service, real estate services, or acting as an agent for a company's products).
The extent of a land or building measured in linear distance along a public road or public waterway. In recreational waterfront property, frontage may refer to the lot dimension abutting the waterway.
For more terminology and jargon check:
If you want to get the best price for the property you're selling, think about some cost effective improvements your house need. There may be some improvements and other fix-ups you can do to enhance it in a prospective buyer's eyes and recoup money invested. Make a list of projects, investigate how much a particular project will cost and compare it with the typical return of such a project. Read more...
If you currently own property and are thinking of placing it on the market, get informed about preparing your home for sale, pricing your property appropriately, marketing it effectively and learn everything you can about real estate sale process so you can maximize your chance of a profitable sale by avoiding costly marketing mistakes.
Familiarize yourself with the fundamentals of real estate before you invest in your first property.
Make sure your information is up to date. You have to know and be realistic about today's real estate market.
Location matters, so before you buy any real estate property, ensure that it's in a good location.
Regardless of how certain you are that you will get mortgage, it is always good idea to get pre-approved.
Keep in mind, the commission is always negotiable upfront, before you sign a contract.
If you are working with agent, make it clear that you want the agent, not his/her assistants, to represent you.
Before you buy any real estate property, have it inspected by a professional home inspector.
If you are buying property with a partner, have a proper partnership agreement to protect both of you.
Make sure you read your listing or buyer’s agreement carefully before signing it.
Don’t skip the final walk-through to make sure that everything is done properly, and that the items you agreed should stay are still there.