The term “conveyance” refers to the transfer of property from one person to another. This can be done through a variety of means, including sale, gift, inheritance, or trust. Conveyance is a important part of the home-buying process, as it ensures that the property is legally and officially transferred to the new owner. Can conveyance … Read more
An automated valuation model (AVM) is a mathematical model that uses various data sources to generate a property value estimate. AVMs are commonly used by lenders and investors to assess risk and make decisions about potential investments. AVMs typically use data from public records, such as property tax assessments, as well as data from multiple … Read more
A condotel, or condo hotel, is a type of property that is a cross between a condo and a hotel. Condotels are usually located in resort areas and offer amenities such as on-site restaurants, pools, and concierge service. Owners of condotels can often rent out their units when they are not using them. What do … 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
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
An amenity is a feature of a property that makes it more enjoyable or convenient to live there. Amenities can include things like a swimming pool, a fitness center, a clubhouse, and so on. They can also include things like a good school district or a low crime rate. What is difference between amenities and … Read more
A defining limited common element is an element of a residential condominium or cooperative that is designated for the exclusive use of a specific group of unit owners, as defined in the condominium or cooperative’s governing documents. What is considered a common element? A common element is generally considered to be any part of a … Read more
U&O insurance is a type of insurance that covers the cost of repairing or replacing your home if it is damaged or destroyed by a covered event. This type of insurance is typically required by lenders if you have a mortgage on your home. What is an example of occupancy? When you purchase a home, … Read more
The Assignor is the person who assigns, or transfers, their interest in a property to another person. The Assignee is the person who receives the interest in the property. How does a real estate assignment work? In a real estate assignment, the original purchaser (known as the “assignor”) transfers their purchase contract to a new … Read more
A zero-lot-line house is a house that sits on a lot with no space between the house and the property line. This type of house is often found in areas with a high population density, where land is at a premium and there is little room for yards or other open space. What is the … Read more
