REAL ESTATE TERMS YOU MAY WANT TO KNOW WHEN BUYING OR SELLING A HOME IN THE ORLANDO AREA
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the final inspection of a property being sold by the buyer to confirm that any contingencies specified in the purchase agreement such as repairs have been completed, fixture and non-fixture property is in place and confirm the electrical, mechanical, and plumbing systems are in working order.
a legal document that includes the guarantee the seller is the true owner of the property, has the right to sell the property and there are no claims against the property.
A walk-up building is a building that does not have an elevator and are usually four or five stories.
Wetlands are federal and state protected transition areas between uplands and aquatic habitats that provide flood and storm water control, surface and groundwater protection, erosion control, and pollution treatment..
A document either created by a stranger to the title such as a forger or made outside the chain of title such as a conveyance granted by someone who previously failed to record and thereby left a link.
A without recourse endorsement especially refuses to assume any responsibility to subsequent holders for the payment of a debt instrument that gets transferred by endorsement.
Words of conveyance is a stipulation in a deed demonstrating the definite intent to convey a specific title to real property to a named grantee.
A wraparound mortgage is a junior mortgage in an amount exceeding a first mortgage against the property.
A writ of attachment is a court order preventing any transfer of attached property during litigation.
A written order issued to carry out the judgment or decree of a court.
Keep in mind that this is by no means a complete list of terms, but it does highlight most of the more common terms used in the industry and is a constant work in progress as time passes.
If you have any questions whatsoever regarding the sale or purchase of a property in the Central Florida area please feel free to call or write me direct. My business hours are Monday thru Friday 9am – 6pm.
Thank you for choosing MORE Realty Services LLC as an information source for your Central Florida real estate needs.
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