A dry closing is the final step in the home-buying process, during which the buyers and sellers sign the official paperwork and the home’s title changes hands. This term is used to contrast with a wet closing, during which the home’s keys are also handed over to the new owners. What is the difference between … Read more
A homeowners association fee is a monthly or annual fee that is charged to owners of homes or condos in certain developments in order to fund the costs of maintaining common areas, such as landscaping, pools, and other amenities. The fee is typically paid to the HOA, which is a nonprofit organization that is responsible … Read more
An affidavit of title is a written statement that is used to prove ownership of a piece of property. The affidavit is usually prepared by a lawyer or Notary Public, and it must be signed by the person who is making the claim of ownership. The affidavit must also be witnessed by at least two … Read more
Contributory value is the portion of a property’s value that is attributable to the improvements made by the owner. The contributory value of a property is used to determine the owner’s equity in the property, as well as the amount of any potential loss in the event of a sale. The contributory value may also … Read more
The right of redemption is the legal right of a homeowner to reclaim their home from foreclosure. This right is typically only available during the pre-foreclosure period, and allows the homeowner to redeem the property by paying the outstanding mortgage balance in full. Once the foreclosure process has begun, the right of redemption is typically … Read more
A squatter is an individual who unlawfully occupies an abandoned or unoccupied area of land or property that they do not own, rent, or otherwise have permission to use. Squatting is often used as a form of protest to draw attention to the plight of the homeless or to call for political or social change. … Read more
Adverse possession occurs when a person who does not have legal title to a piece of property—usually land—gains legal ownership of it by possessing it for a period of time set by state law. The person must have actual, visible, exclusive, and continuous possession of the property for the required time period, and their use … Read more
Joint tenancy is a form of co-ownership of property whereby each joint tenant has an undivided interest in the property and equal rights to possession of the property. Joint tenants are generally required to have acquired their interests in the property at the same time and by the same conveyance. Upon the death of a … Read more
A Multiple Listing Service (MLS) is a service which helps connect real estate agents and brokers who are trying to sell properties with prospective buyers. The MLS allows agents to list properties in a central database, which makes it easier for buyers to find properties that fit their needs. The MLS also provides information about … Read more
Encroachment is defined as an unauthorized intrusion or invasion onto another person’s property. An encroachment can be either physical, such as a fence that is built on your neighbor’s land, or it can be legal, such as an easement that gives your utility company the right to use a portion of your land. How do … Read more
