When buying or selling a house, it always helps to have a basic understanding of San Antonio Real Estate terms. In this on going series of articles, we take a look at definitions starting with ?condominium.?
1) Condominium ? A style of ownership in real house where all of the owners in a collection of property jointly own every thing except the interior of each house. Accordingly, the jointly location is run by a homeowner?s association, which may assess fees to the owners for improvements, etc.
2) Sales deal, or deal of Purchase and Sale the agreement in between purchaser and seller. In most jurisdictions it must be in writing in order to be enforceable. It covers such things as the identity of the house, the purchase price, any conditions of the sale, the settlement date or escrow period, when the purchaser will occupy the house, etc.
3) Deed a written document which provides that Deed does not pass to the purchaser until the final payment has been made. In the event of default by the purchaser, the house reverts to the seller. (One sees these occasionally. I?ve noticed them when an owner was financing the sale of raw land for a purchaser.)
4) Deposit, or excellent Faith Deposit an amount of funds tendered by the purchaser at the time a deal offer is made on real house. The deal spells out who holds it, and circumstances under which the seller gets it, and circumstances under which it?s returned to the purchaser. Typically, the seller gets it as portion of the purchase price at settlement, or as liquidated damages if the purchaser defaults. The purchaser normally gets it back if a predicament of settlement is not met.
5) Deed the written document which conveys title to real house. Some states are ?record? states and ownership is defined by the deed?s being recorded at the courthouse in which the house lies.
6) Deed of Trust the document which allows a third party to act for the lender should the lender need to have to forclose on real house used as collateral for a loan.
As you may image, there are many San Antonio Real Estate terms for which you have a general understanding. In our next article, we continue with the terms starting with ?Easement.? For more valid info on San Antonio Real Estate property, call us. We offer individuals with valuable suggestions and pointers about investing low and earning higher. In case you are searching for San Antonio realtors in your location please go to our internet site today by clicking on the link.
Tags: SanAntonioRealEstate, SanAntonioRealtors
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Source: http://boutiquereussir.com/san-antonio-real-estate-terms-from-condominiums-to-deeds-of-trust
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