Also called a title defect. Any claim, lien, or encumbrance which, if valid, may impair the owners title to the property. This cloud does not hinder transfer of ownership on the property, but may reduce its market value. See also quitclaim deed.
In taxation, the excess of total long-term gains minus total long-term losses on the sale of real estate. Long-term classification is for real estate held one year or more. This is reported ...
Two or more people have a legal duty that can be enforced against them by joint action, against all members, and against themselves as individuals. For example, a bank can require repayment ...
The number of days that the lender guarantees the loan's rate and terms. Without a written lock-in agreement, the lender is free to change the rate and terms at the time of loan closing. A ...
Deterioration in property resulting from its ordinary use and from the aging process. An examples an apartment building that physically deteriorates over the years. ...
Fort Myers is a city located in the southwest region of Florida. Also, the county seat of Lee County, Fort Myers holds a population of about 75,000 people. The city was named after Colonel ...
Clermont Florida is well known for its beautiful suburban neighborhoods and its high population of “snowbirds”, wealthy retirees from the northern US who spend their winters in ...
The definition of a commitment letter or letter of commitment in real estate is a letter whose purpose is to inform a loan applicant that their application has been processed and their ...
Succeeding as a real estate agent is not an easy task and you might get lost along the way if you don’t continuously strive to become better. If you just started pursuing a real ...
The meaning of appraised value is the evaluation of a property by a professional appraiser at the time of a mortgage origination process. The financing institution usually chooses the ...
If you are on the brink of making a home purchase, you probably wonder what you should buy? Nowadays, the real estate market offers various home types, from single-family and townhomes to ...
When you’re moving to a new city, it’s nice to know just what that city is known for. Every city has its claim to fame, after all. If the city you’re thinking of moving to ...
San Antonio, Texas has rapidly grown in the past few years. There is no surprise that between 2000 and 2010 it was declared the fastest-growing city in the United States.
With a ...
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