If you are a consumer (a home buyer or a home seller, or just a real estate watcher) you may not be familiar with all of the terms involved in real estate transactions. Realtors® know the terminology, but wouldn't it be great to have that information as a consumer? A "Real Estate Terminology Dictionary" of sorts.
Look no further, here is Part 1 of the Real Estate Glossary! Let's start at the begining...
ABANDONMENT - The voluntary surrender or relinquishment of possession of real property with the intention of terminating one's possession or interest, but without vesting this interest in any other person.
ABSTRACT OF TITLE - A concise, summarized history of the title to a specific parcel of real property, together with a statement of all liens and encumbrances affecting the property. The abstract of title does not guarantee or assure the validity of the title of the property. It merely discloses those items about the property which are of public record, and thus does not reveal such things as encroachments, forgeries, and the like.
*****this is very important when you are buying real estate******
ACRE - A measure of land equaling 43,560 square feet; 4,840 square yards; 160 square rods.
AD VALOREM - Latin for "according to valuation," usually referring to a type of tax or assessment.
More to come soon! You can visit http://www.northtexastopteam.com/37/Real-Estate-Glossary to see more real estate terms defined, or just subscribe to this blog.
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