Can You Define These Six Costa Mesa Real Estate Terms?

By
Real Estate Broker/Owner with The L3 Real Estate, A Trusted Name In Orange County Real Estate #00573423

 

Although the typical adult spends at least a fourth of his or her income on Costa Mesa real estate-related matters, many basic real estate terms—even basic ones—aren’t widely understood. We probably accept that fact because that is just the way it’s always been—but it really is astonishing that many of the material terms Costa Mesa real estate professionals use remain unfamiliar to most everybody else.

If there were an introductory freshman class called “Real Estate 101,” I think a good first week would be spent on getting the vocabulary straight. That knowledge really would help clarify how we think about this most important purchase and holding.

To illustrate in a light-hearted way, here’s a short quiz on terms any Costa Mesa real estate professional might use:

  1.           Best answer to the difference between real property and personal property is—

a)      You can touch real property, unlike personal property

b)      Personal property can be moved; real property is immovable

c)      People have a right not to disclose their personal property

 

  1.           Best answer to the difference between a freehold estate and non-freehold estate:

a)      A freehold estate is one which can be purchased for no down payment

b)      A freehold estate gives its owner ownership rights

c)      A non-freehold estate is one which is heavily taxed

 

  1.          The Right to Encumber Property is

a)      The right to build something weighty (like a building) on a property

b)      The right to transfer interest in a property

c)      The right to add another property into a single deed

 

  1.          Riparian Rights refers to

a)      Ripening fruit tree ordinances

b)      The bundle of rights connected to land that abuts flowing water

c)      Clothing repair ordinances

 

  1.          Littoral Rights refers to

a)      The right to fine strangers who leave waste on your land

b)      Same as 4 b) (except that the water isn’t flowing)

c)      The ability to copyright stories or books about your land

 

  1.          The word estate in real estate means

a)      A mansion or large ranch

b)      The accumulation of assets or wealth

c)      A dead person’s land

 

It’s not often that the definitions of real estate terms prove to be crucial, but when they might make a substantive difference in any of your Costa Mesa real estate transactions, you’ll be glad to have a licensed Realtor® like us on your team. BTW, the answers are all b)—and if you got them all, you go to the head of the class!

 

We are built on a philosophy of Heritage & Hustle L3 is a full service real estate agency with a regional office located in the heart of #CostaMesa, offering a wide-array of custom services to meet their clients’ needs with roots in the community since 1976. It’s L3 mission to provide trusted, convenient, responsive service to ensure clients enjoy their real estate experience. L3 was originally formed to offer personal, concierge-level service as an alternative to the large, nationally based real estate companies. From its small beginnings of only two employees, L3 has grown to a full staff of 20 serving over 300 clients a year. L3 is not limited to serving just its clients; it is also committed to serving the community. Not only has L3 donated hundreds of hours to many area charities, they have also received the prestige of being named one of the #toprealestatecompaniesinCostaMesa If you’re interested in #buyingorsellinginOrangeCounty, turn to the experts. Turn to L3 and let them help you make your real estate buying or selling dreams come true. For more information or to get started on finding or selling your home contact L3 today at 714-444-4663 or email us at info@thel3.com

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