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1 in 4 homes in UK has one - The average costs $15,000!
The conservatory -sunroom, is this UK phenomenon about to hit the other side of the Atlantic?
In the UK the conservatory as a live-in sunroom has become nothing short of a £15 billion ($25 billion) a year industry. It is now estimated that...
Appliances: The Center of Your Kitchen Remodeling Project
When considering a kitchen remodeling project, it can sometimes
be difficult to decide where to start. What's more important in
kitchen remodeling? The kitchen cabinets that provide too little
storage? The kitchen countertops that look like they...
Cook Healthy Food In Minutes With Turbo Oven
Turbo oven is an ultimate product that makes cooking healthier foods easier than ever before. Turbo oven not only reduces the need to cook with additional fats and oils, it also prepares delicious and healthy meals in minutes, retaining all the...
Wall Oven - A Necessity For The Disabled
Wall ovens, available in electric and gas forms, are best ovens for the people with disabilities. The ovens can be placed considering the required height of the user, and the controls can also be placed within the reach of the standing or sitting...
Which Lamp should you choose?
With all the lighting choices out there, you may want to reconsider just purchasing a lamp for your lighting needs. Whether you are looking for interior lighting or outdoor lighting, you can find many options pretty easily. Lighting fixtures have...
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Real Estate Terms – From Condominiums To Deeds Of Trust
When buying or selling a property, it always helps to have a basic understanding of real estate terms. In this on going series of articles, we take a look at definitions starting with “condominium.”
1) Condominium - A type of ownership in real property where all of the owners in a collection of properties jointly own everything except the interior of each property. Accordingly, the jointly area is run by a homeowner’s association, which can assess fees to the owners for improvements, etc.
2) Contract, or Sales Contract, or Contract of Purchase and Sale – the agreement between buyer and seller. In most jurisdictions it must be in writing in order to be enforceable. It covers such things as the identity of the property, the purchase price, any conditions of the sale, the settlement date or escrow period, when the buyer will occupy the property, etc.
3) Contract for Deed – a written document which provides that Deed does not pass to the buyer until the final payment has been made. In the event of default by the buyer, the property reverts to the seller. (One sees these occasionally. I’ve seen them when an owner was financing the sale of raw land for a buyer.)
4) Deposit, or Good Faith Deposit – an amount of money tendered by the buyer at the time a contract offer is made on real property. The contract spells out who holds it, and circumstances under
which the seller gets it, and circumstances under which it’s returned to the buyer. Typically, the seller gets it as part of the purchase price at settlement, or as liquidated damages if the buyer defaults. The buyer usually gets it back if a condition of settlement is not met.
5) Deed – the written document which conveys title to real property. Some states are “record” states and ownership is defined by the deed’s being recorded at the courthouse in which the property lies.
6) Deed of Trust – the document which allows a third party to act for the lender should the lender need to forclose on real property used as collateral for a loan.
As you can image, there are many real estate terms for which you have a general understanding. In our next article, we continue with the terms starting with “Easement.”
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
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