Real Estate Terms From Easements to Good Title
Below is a MRR and PLR article in category Finance -> subcategory Real Estate.
Real Estate Terms: From Easements to Good Title
Introduction
Understanding real estate terminology is vital when buying or selling property. This article series explores essential terms, beginning with easements.
Key Terms
1. Easement
An easement allows a person or entity to use another's property for a specific purpose, without owning it. This can impact property value positively or negatively. Common examples include utility companies running power lines or a neighbor using a driveway for access.
2. Encroachment
Encroachment occurs when a structure like a fence or building crosses into another property, unintentionally occupying part of it.
3. Escrow
Escrow involves a third party holding money or valuable items for a buyer and seller during a property transaction. In California, everything needed to finalize a sale is gathered in escrow, while in Virginia, the finalization occurs when all parties meet. The process includes signing deeds and releasing funds, and ownership is typically recorded the next day.
4. Equity
Equity represents the property owner's financial interest, calculated by subtracting any debts, such as mortgages or taxes, from the property's market value.
5. Good Title
A good title indicates that the property's ownership is clear, allowing for title insurance and suitability for collateral in a loan.
Conclusion
These terms provide a foundational understanding of real estate transactions. Stay tuned for our next article, where we will delve into terms starting with Home Inspection.
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