hen buying or selling a property and is found to be on,
property, it always helps or partially on, another
to have a basic property.
understanding of real estate
terms. In this on going series of 3) Escrow - money and other items
articles, we take a look at of value held by a third party
definitions starting with for the benefit of the buyer and
"easements." seller of real property. In
California, items are accumulated
1) Easement - permission given to in escrow for a stated period of
(or acquired by) someone who does time until all items needed to
not own a parcel of real property finalize the sale are in the
enabling that person (or entity) hands of the escrow agent and
to use that parcel for a specific properly processed. In Virginia,
purpose. It may add or detract the items are accumulated but are
value. It may be neutral so far not signed until everyone meets
as the value of the property is at the settlement table. Then the
concerned. Examples include deed is signed, the lender
easements to utility companies releases funds, and so on. It is
for the purpose of running power usually the next day before the
lines, easements to change of ownership can be
municipalities for running sewer recorded at the courthouse, so
lines, and an easement to a while it isn't customarily
neighbor to use your driveway for referred to that way, the
ingress and egress to his settlement agent is usually an
property. escrow agent for about 24 hours
in Virginia.
2) Encroachment - a building,
fence, wall, driveway, etc. which 4) Equity - The wealth value of a
is intended to be part of one property for the owner. The
equity in a property is equal to as collateral.
the fair market value minus any
debts such as mortgages and As you can image, there are many
taxes. real estate terms for which you
have a general understanding. In
5) Good Title - title to the real our next article, we continue
property being clear and clean with the terms starting with
enough that a title insurance "Home Inspection."
company will insure it and a
lender will make a loan with it
About the Author:
Raynor James is with http://www.fsboamerica.org - providing homes for sale by owner, "FSBO", properties. Are you thinking, "Should I sell my home?" Visit http://www.fsboamerica.org/seller.cfm to sell your home sale for free for one month.
Source: www.isnare.com
