Real Estate Terms ? From Easements to Good Title
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 ?easements.?
1) Easement ? permission given to (or acquired by) someone who does not own a parcel of real property enabling that person (or entity) to use that parcel for a specific purpose. It may add or detract value. It may be neutral so far as the value of the property is concerned. Examples include easements to utility companies for the purpose of running power lines, easements to municipalities for running sewer lines, and an easement to a neighbor to use your driveway for ingress and egress to his property.
2) Encroachment ? a building, fence, wall, driveway, etc. which is intended to be part of one property and is found to be on, or partially on, another property.
3) Escrow ? money and other items of value held by a third party for the benefit of the buyer and seller of real property. In California, items are accumulated in escrow for a stated period of time until all items needed to finalize the sale are in the hands of the escrow agent and properly processed. In Virginia, the items are accumulated but are not signed until everyone meets at the settlement table. Then the deed is signed, the lender releases funds, and so on. It is usually the next day before the change of ownership can be recorded at the courthouse, so while it isn?t customarily referred to that way, the settlement agent is usually an escrow agent for about 24 hours in Virginia.
4) Equity ? The wealth value of a property for the owner. The equity in a property is equal to the fair market value minus any debts such as mortgages and taxes.
5) Good Title ? title to the real property being clear and clean enough that a title insurance company will insure it and a lender will make a loan with it as collateral.
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 ?Home Inspection.?
About Mike Blumenfeld Mike Blumenfeld is affliated with Coldwell Banker Residential Real Estate, which is located in Miami, FL. For further assistance please use the contact information located on the right.
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Local Information for Miami, FL
Latitude: 25.787676 -- Longitude: -80.224145
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ZIP Codes for Miami, Florida
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Area Code for Miami, Florida
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305
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Time zone for Miami, Florida
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EST
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Other Area Cities:
Miami, FL
Uleta, FL
Biscayne Gardens, FL
Carol, FL
Coral Gables, FL
Coral Way Village, FL
Hialeah, FL
Kendall, FL
Key Biscayne, FL
Miami Beach, FL
North Miami Beach, FL
Miami Springs, FL
North Miami, FL
Opa-Locka, FL
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Pinewood Park, FL
Sweetwater, FL
West Miami, FL
Westchester, FL
Ives Estates, FL
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Miami is a major city in southeastern Florida, in the United States. Miami and the surrounding metropolitan area are situated on northern Biscayne Bay between the Everglades and the Atlantic Ocean. By population, Miami is the largest city in Miami-Dade County and the county seat, the largest city in the South Florida metropolitan area, which comprises Miami-Dade County, Broward County, and Palm Beach County, making up the largest metropolitan area in the Southeastern United States and the sixth largest metropolitan area in the United States. However, based on city limits, it is the second-largest city in Florida (after Jacksonville). -- Source: Wikipedia.com
Florida 2000 Census Population Profile Map
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Miami |
Florida |
United States |
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| Population |
362,470 |
15,982,378 |
281,421,906 |
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| Median age |
37.7 |
38.7 |
35.3 |
|---|
| Median age for Male |
36.3 |
37.3 |
34 |
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| Median age for Female |
39.3 |
40.1 |
36.5 |
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| Households |
134,198 |
6,337,929 |
105,480,101 |
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| Household population |
350,859 |
15,593,433 |
273,643,273 |
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| Average household size |
2.61 |
2.46 |
2.59 |
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| Families |
83,281 |
4,210,760 |
71,787,347 |
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| Average family size |
3.25 |
2.98 |
3.14 |
|---|
| Housing units |
148,388 |
7,302,947 |
115,904,641 |
|---|
| Occupied units |
134,198 |
6,337,929 |
105,480,101 |
|---|
| Vacant units |
14,190 |
965,018 |
10,424,540 |
|---|
Visit US Census
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Mike Blumenfeld
Coldwell Banker Residential Real Estate
12695 South Dixie Highway
Miami, FL 33156
VOICE: 305-235-3411
FAX: 305-255-8814
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