Zero Lot Line:
In real estate, a zero lot line describes a property with one boundary wall of a structure built right on the property line or very near to the edge of the property line.
Zombie Title: A real estate title that has stayed with the owner of a residential property after the mortgage lender has begun a foreclosure process (making the owner move out to enable sale of the property) but then cancelled the foreclosure process. The lender is not required to notify the owner of the cancellation, who is therefore often unaware of the obligations associated with continued ownership (which does not change until someone else's name is on the title), such as payment of local taxes, upkeep of the property in accordance with local bylaws, and all other costs and responsibilities of homeownership. The prevalence of zombie titles greatly increased in the United States following the financial crisis of 2007–2008. To prevent this, homeowners should make sure their foreclosure process is completed and the title is legally transfers to someone else.
An area of a municipality or specific building that is zoned for a specific use, such as residential, commercial, etc.
The process of dividing land in a municipality into zones (e.g. residential, industrial) in which certain land uses are permitted or prohibited. The type of zone determines whether planning permission for a given development is granted. Zoning may specify a variety of outright and conditional uses of land. It may also indicate the size and dimensions of land area as well as the form and scale of buildings.
Municipal laws restricting the use of land for specific purposes. The zoning bylaw is the dominant legal document that sets out the minimum physical requirements of a site and specifies the various uses allowed.
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...
Since choosing a right property to buy starts with needs and desires and finishes with a sizable portion of your earnings used for paying for it, it's important to ensure that the property you choose both meets your needs and is a good "fit" with your financial situation.
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.
Real estate cannot be lost or stolen, nor can it be carried away. Purchased with common sense, paid for in full, and managed with reasonable care, it is about the safest investment in the world."