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.”