In this next chapter of my continuing series of real estate terms, focus's on Q's through S's.

Remember, it's not that important to memorize the definitions as now you will have a point of reference to find these and other terms and definitions as you need.

These are by no means all the terms used in the real estate industry, just a few notable ones.

So, let's continue shall we? (We're almost through)

Real estate terms A To Z:

The Q's

Quitclaim deed

A deed that transfers without warranty whatever interest or title a grantor may have at the time the conveyance is made.

The R's

 Radon

A radioactive gas found in some homes that in sufficient concentrations can cause health problems.

Rate lock

A commitment issued by a lender to a borrower or other mortgage originator guaranteeing a specified interest rate for a specified period of time.

Real Estate Agent

A person licensed to negotiate and transact the sale of real estate on behalf of the property owner.

Real Estate Board

An organization whose members consist primarily of real estate professionals such as brokers.

REALTOR®

A real estate broker or an associate who holds active membership in a local real estate board that is affiliated with the NATIONAL ASSOCIATION of REALTORS®.

Recission

The cancellation or annulment of a transaction or contract by the operation of a law or by mutual consent. Borrowers usually have the option to cancel a refinance transaction within three business days after it has closed.

Restriction

A restriction, often specified in the deed, on the use of property.

Right of first refusal

A provision in an agreement that requires the owner of a property to give another party the first opportunity to purchase or lease the property before he or she offers it for sale or lease to others.

The S's

Sale-leaseback

A technique in which a seller deeds property to a buyer for a consideration, and the buyer simultaneously leases the property back to the seller.

Second mortgage

A mortgage that has a lien position subordinate to the first mortgage.

Short Sale

A ‘short sale” is where the lender will accept less money than the total amount due on the mortgage note at that time.

Single-family properties

One- to four-unit properties including detached homes, townhomes, condominiums and cooperatives.

Square Feet

The usual method by which rental space is defined. It is the area of that space, calculated by taking length times width. For example, a room 30 feet by 60 feet has an area of 1,800 square feet.

Subdivision

A housing development that is created by dividing a tract of land into individual lots for sale or lease.

Survey

A drawing or map showing the precise legal boundaries of a property, the location of improvements, easements, rights of way, encroachments and other physical features.

Sweat equity

Contribution to the construction or rehabilitation of a property in the form of labor or services rather than cash.

 Stop by and read the next terms in this series or if you prefer, read them all at your leisure on my Panama City Realty Group website

If you're interested in purchasing or selling a home or condo in Panama City or Panama City Beach contact Jennifer today!. Directly: (850 ) 774-6582.

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