COMMON REAL ESTATE INVESTING TERMINOLOGY
Whether you are buying your dream home or getting into the real estate investment business, it is important to know the common real estate investing terminology in order to understand everything about purchasing your property. When dealing with people you will be purchasing your property with, they will be using some terms you would not understand and may even cause you some inconvenience and worse, would get you into trouble of being fooled just because you do not understand the terms they are using when dealing with them.
There are a lot of sources you could find online in order to learn about these terms and to understand them a lot better. When purchasing a property, it’s just best that you make sure you understand the real estate investing terminology to make sure you are dealing with the right people.
The following are basic terms in the real estate investing terminology:
Appreciation: this is the term used in regard to a raise or increase in a property value.
Arrears: this is the term used for a payment for a mortgage.
Assessed Value: this is the value used for purposes for tax for the property.
Assignee: this is the term for the person who the contract is being sold for.
Assignment: this is the term for the process of transferring the contract.
Assignor: the term for the person assigning the contract to the assignee.
Bill of Sale: the term for the written agreement for the transfer of title of the property.
Clear Title: this is the term for a clean and saleable title.
Closing: this is the term for the meeting where the transfer of the title and the payment is made.
Contract: the term for the agreement between two parties in regard to doing things that would be of advantage to both of them.
These and a lot of other terms can be found online in order to help you understand all the terms you need to use in regard to investing in real estate. Some people from the bank and the government can also help you with these terms should you find some of them not very easy to understand. This is to make sure you are dealing with the right people and will not be wasting your money when purchasing a property. This is also important when taking care of documents the government requires when completing a loan or starting your business or your taxes.
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