Important Real Estate Terms For You To Know

Before you enter the real estate market, be sure you’re familiar with the industry’s terminology.

The seller is referred to as the ‘vendor,’ while the buyer is the ‘purchaser.’

A ‘contract’ is something that both of the abovementioned parties agree to on paper when purchasing a real estate property.

The amount paid by the buyer for the estate is referred to as ‘consideration.’

The term “deposit” refers to a type of security money utilized to fund future work.

The present owner of the estate is shown on the ‘Certificate of Title.’

The term “mortgage” refers to a formal record that serves as proof of the security provided.

“Encroachment” refers to a construction that is extended from the neighbor’s property.

An ” easement ” is a rule preventing or permitting a person to utilize a portion of the property.

Any impediment to the property transfer is referred to as an “encumbrance.”

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