Good Afternoon Readers,
Hope everyone is enjoying the beautiful weather! As promised today I will be going through letters E-L
Equity: Homeowners financial interest in a property. It's the difference between the fair market value of the property and amount that is still owed on mortgage.
Estate: Ownership interest of an individual in real property. The sum total of all real property and personal property owed by the individual at time of death.
Exclusive listing : A written contract that gives a licensed real estate agent the exclusive right to sell a property for a specified time.
Fair Market Value: The highest price tat the buyer is willing but not yet convinced to buy and the lowest price the seller is willing to accept.
Foreclosure: Process of taking possession of a mortgage property as a result of mortgagor's failure to keep up with payments.
Grantee: Person to whom an interest in real property is conveyed.
Grantor : Person conveying an interest in real property.
Home Inspection: An in depth inspection by a professional that evaluates the structural and mechanical condition of a home. A satisfactory home inspection is often included as a contingency by the purchaser.
Home owner insurance: A policy that combines personal liability insurance and hazard insurance coverage for a home.
Lease: An agreement between the property owner and a tenant that specifies the payment and conditions under which the tenant may possess the real estate for a specified period of time.
Liability Insurance: Coverage that offers protection against claims alleging that a property owner's negligence or inappropriate action resulted in bodily injury or property damage to another party.
Line of credit : Agreement by bank or other financial institution to extend credit up to a certain amount for a certain time to the borrower.
Stay Tuned I will be doing the next ten letters on Friday!
-Your friendly neighbourhood Realtor