A typical person will buyer only buys a home once every five to eight years. Many will only buy one or two properties in a lifetime. First time buyers and repeat home buyer alike can forget some of the simple terms used in real estate on a daily basis. For some it can be hard to remember whether the earnest money or money escrowed becomes part of the down payment or not. Often buyers are easily confused by similar sounding terms like easement and encroachment as they both deal with property lines and usage but what do they really mean?
Whether you are a novice, first time buyer or someone who owned a home previously but hasn’t purchased a home for several years, sometimes a refresher on real estate terms can be very helpful. I often notice buyers (and sellers) with a glazed look on their face when certain terms come up so I thought an online real estate glossary would be a useful tool. The real estate term for today is:
Deeded Access Deeded access is access to the lakeshore as outlined in the deed for the property. As a Minnesota REALTOR® I deal with lots of lakeshore properties. Heck, it is the “Land of 10,000 Lakes” after all. Some properties are right on the shoreline and the riparian rights (right to use the lakeshore) is obviously the property owners. But sometimes a property within close proximity to a lake will allow homeowners to use the lake as well. These rights can include the ability to use a private beach, put in a dock, dock a boat or other various rights. Not all deeded access is created equal. To understand the riparian rights associated with the property, a buyer must inquire and read the specifics outlined in the deed.CLICK HERE for additional options on Affordable Minnesota Lakeshore
Additional Terms in the Real Estate Glossary:
- BUYER’S AGENT
- DUAL AGENT
- EARNEST MONEY
- TITLE INSURANCE
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