A title which a court of equity considers to be so free from defect that it will enforce its acceptance by a purchaser. It does not assume the absolute absence of defect, but rather a title that a prudent, informed purchaser in the reasonable course of business would accept.
The highest price in terms of money, which the property will bring to a willing seller if exposed for sale on the open market allowing a reasonable time to find a willing purchaser.
Metes and Bounds:
A system of land description whereby all boundary lines are set forth by use of terminal points and angles - mete referring to a limit or limiting mark, and bounds referring to boundary lines.
That area which includes not only the entire chief urban core of a city but also the outlying suburbs which are appended thereto.
One-tenth of one cent, a measure used to indicate the property tax rate, e.g. a tax rate of one mill per dollar is the same as 0.10 per cent of the assessed value.
A person who is under the age of legal competence.
More or Less:
Term often found in a property description intended to cover slight, unimportant or ubsubstantial inaccurancies of which both parties are willing to assume the risk.
A contract between a borrower (mortgagor) and a lender (mortgagee) where the borrower pledges a property as security to guarantee repayment of the mortgage debt.
The lender in a mortgage transaction.
The length of time a lender will loan mortgage funds to a borrower. Most terms run from six months to five years, after which the borrower will either pay off the balance or renegotiate the mortgage for another term. Payments are calculated using the interest rate offered for the term, the amount of the mortgage, and the amortization period.
The borrower in a mortgage transaction.
Multiple Listing Service (MLS):
A comprehensive system for relaying information about properties for sale.
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.