Sunday, July 24, 2011

Real Estate Vocabulary - A

Jumping into Real Estate, as a buyer or a seller, can be overwhelming and confusing if you're not up to par on your terminology. Here are a few terms to help!

Advance Commitment - The institutional investor’s prior agreement to provide long-term financing upon the completion of a construction project.

Advance Fee - 1. A fee paid in advance of any services rendered such as in obtaining a loan. 2. Sometimes unlawfully charged in connection with the illegal practice of obtaining a fee in advance for the advertising of property or businesses for sale with no intent.

Advancement - A gift from a parent to a child in anticipation of the share the child will eventually inherit from the parent’s estate which is intended to be deducted from the inheritance.

Adverse Possession - A method of acquiring title to real property through the continued possession of the property under certain conditions for the statutory period by a person who is other than the owner of record. 2. A means of acquiring title where an occupant has been in actual open notorious and continuous occupancy of a property under a claim of right for the required statutory period.

Aesthetic Value - The additional value a property enjoys based on subjective criteria such as look or appeal.

Affidavit - A statement or declaration reduced to writing and sworn to or affirmed before a public official who has authority to administer an oath or affirmation.

Affirmative Action Program - A detailed plan used to overcome the causes and affects of discriminatory policies in the hiring employment and/or training of minority members of society.

Stay tuned to the blog for more important Real Estate terms to come! And feel free to check out my website for more information on finding your dream home!

Source: RealEstateWords

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