Legally a person who inherits or who has the rights to inherit the property of another upon the death of that person.
Land and structures identified as historically significant and worthy of protection for the inheritance of the future generations.
A mortgage that exceeds the normal limit for a conventional first mortgage for a property's appraised value or purchase price and is insured through a mortgage insurance plan.
Highest and Best Use:
A concept in real estate appraisal that shows how the highest value for a property is arrived at. In any case where the market value of real property is sought, that value must be based on its highest and best use. Highest and best use is always that use that would produce the highest value for a property, regardless of its actual current use.
A term relating to the withholding of a specified amount for a stipulated length of time, typically a percentage of the total payment. Terminology and procedures may vary by jurisdiction.
The lenght of time that a property is held before disposition.
The process of non-invasive examination of the condition of a property, often in connection with the sale of that property. Usually a qualified home inspector examines and evaluates various components of a building including but not limited to structural aspects, roofing system, electrical, plumbing, insulation, ventilation, exterior structure and related.
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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.