Here is part II of Real estate language, if you are new to real estate or a first time home buyer some of the words we as Realtors or Loan officers use may sound foreign to you.
1. Personal Property - Items that are not permanently attached to real estate, example a stove is personal property but you can always have it in your contract to keep the stove, this usually do not pose a problem.
2. Legal Description - This identifies the exact location and boundaries of the property.
3. Escrow - Money or documents held in a trust by a neutral third party (your earnest money is put in a escrow no interest is earned on the deposit).
3. Encumbrances - A limitation on the title of real property.
4. Marketable Title - This is a title that is free and clear of encumbrances.
5. Fixture - Personal property attached permanently to real estate becoming part of it, example a island in the kitchen is part of real estate it is permanently attached to the property.
6. Fiduciary - A relationship of trust and confidence imposed by law between you and your Realtor.
7. Disclosed Dual Agency - This is when one company is involved and the buyer and seller are represented by the same agent example you call the agent number seen on the property sign, you want to purchase the property, that agent must disclosed to you that they are working for the seller.
I hope this has been helpful to you, if there is anything you would like me to answer and help you with just send me an email and I will be happy to assist you.
When purchasing your home pay close attention to what is Personal Property and what is a fixture, fixtures belong to the home, personal property the seller is allowed to take.
Lorinda Ward Cell: 678-683-8388 Office: 678-715-4297
Think Positive and Always Expect the Best!
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