The process of becoming obsolete or outdated and no longer used. Obsolescence is an integral part of basic steps to establish value and makes a property less desirable and less valuable for continued use in the marketplace.
Obsolescence is generally sorted in two categories:
Functional (curable or incurable); and
External (economic or location obsoloscence).
In real estate this is the number of units or space occupied in a building to the total number of units or space available.
Offer of Purchase and Sale:
A written contract through which the prospective buyer sets out the price and conditions under which he or she will buy the property. Upon acceptance by the seller, it forms a contract, which will form the basis for the final document to be prepared by a lawyer or notary.
A mortgage which can be prepaid at any time, without penalty.
Cash and/or cash equivalents used to pay for the regular, recurring (i.e. weekly, monthly or annually) expenses of the condominium.
A document stipulating that, in exchange for a deposit, a specified individual is to be given first chance of buying a property within a specified period of time. If the option-holder does not buy within a specified period of time, he loses his deposit.
The interest rate at which large banks borrow money, short term, among themselves.
A property occupied by the owner and used as the primary place of residence.
To most of us, electricity is simply flicking a switch or turning a dial to light up a room, cook supper or get instant entertainment. We take it for granted -- that is, until there's a power failure and we have to scramble to find flashlights, candles and matches in the dark.
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 sale process so you can maximize your chances. Read more...
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.
Buying real estate is not only the best way, the quickest way, the safest way, but the only way to become wealthy.”