At Tom Crimmins Realty, we pride ourselves in, not just providing the best service for our Clients, but also in providing them an education in real estate that will help make them the most knowledgeable buyers & sellers!  One of the biggest barriers to entry in any field is the language of the industry. It can be intimidating which is why we set up the real estate word of the day portion of our website! 

Real Estate Word of the Day: Encroachment

Encroachment is a situation where one person or entity, intentionally or unintentionally, intrudes upon another person's land or property. This intrusion can take various forms, such as buildings, fences, driveways, or even overhanging tree branches or roots.

Encroachments can happen for a variety of reasons. Sometimes, they result from honest mistakes, like a property owner misjudging their property boundaries. Other times, they may occur maliciously, as a neighbor intentionally encroaches on your land. Regardless of the cause, encroachments can have serious legal and financial consequences.

If you discover an encroachment on your property, it can lead to disputes and legal battles with the encroaching…

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Real Estate Word of the Day: Eminent Domain

Eminent domain is a power bestowed upon the government, both at the federal and state levels, to acquire private property for public purposes. These purposes can include building infrastructure like roads, bridges, schools, and hospitals. The government must provide just compensation to the property owner when exercising eminent domain, as mandated by the Fifth Amendment to the United States Constitution.

Eminent domain can have a significant impact on property owners and the real estate market in several ways. When the government exercises eminent domain, they must determine the fair market value of the property being taken. This valuation process can be complex, involving appraisers and legal experts.…

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Real Estate Word of the Day: Easement

An easement is a legal concept that grants a specific individual or entity the right to use a portion of another person's property for a particular purpose. This right doesn't involve ownership of the land itself, but rather a limited, non-possessory interest in the land. Easements can exist for various purposes, ranging from granting utility companies access to install and maintain infrastructure, to allowing neighbors a pathway across a property.

Types of Easements

There are several types of easements that can impact real estate:

  • Easement Appurtenant: This type of easement involves two adjacent properties, with one property (the dominant estate) benefiting from the easement over the other property…

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Real Estate Word of the Day: Disclosure

A closing disclosure (CD) is a comprehensive document provided to both the buyer and the seller shortly before the closing date of a real estate transaction. This document outlines the final details of the financial aspects of the deal, including the terms of the mortgage loan and any other costs associated with the transaction. Essentially, it's a summary of the final financial agreement between the parties involved in the sale or purchase of a property.

Key Components of a Closing Disclosure
  • Loan Terms: The CD will include detailed information about the loan, including the loan amount, interest rate, loan type, and loan term. This section ensures that both parties are on the same page regarding the…

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Real Estate Word of the Day: Contract

A contract is a legally binding agreement between two or more parties that outlines the terms and conditions of a transaction. In the context of real estate, contracts serve as a safeguard for both buyers and sellers, clearly defining their rights, responsibilities, and obligations throughout the transaction process. A well-drafted contract minimizes ambiguity, reduces the likelihood of disputes, and provides a framework for a successful property transfer.

One example of this in real estate is a listing agreement. The listing agreement is a contract between a property owner and a real estate agent, detailing the agent's responsibilities, marketing strategies, and compensation. It is also used in the context of…

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Real Estate Word of the Day: Deed

deed is a legal document that transfers ownership of a property from one party to another. It serves as undeniable proof that a property's ownership has changed hands and outlines the terms and conditions of the transfer. The act of transferring a deed is often referred to as conveying the property. Deeds might seem like a mere piece of paper, but they are the foundation upon which real estate transactions and ownership rights are built. Whether you're a seasoned real estate investor or a first-time homebuyer, understanding deeds is essential for a successful and secure property transaction.

Why Deeds Matter
Deeds are the primary means of establishing ownership. They provide concrete evidence that you have…

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Real Estate Word of the Day: Buyer's Agent

A buyer's agent, also known as a buyer's representative or selling agent, is a licensed real estate professional who specializes in working with homebuyers. Unlike listing agents, who primarily represent sellers, buyer's agents are advocates for the buyer's best interests throughout the home-buying process. Their expertise lies in understanding the local market, property values, negotiation tactics, and the various steps involved in purchasing a home.

Benefits of Having a Buyer's Agent
A buyer's agent brings an in-depth understanding of the local real estate market. They can provide you with up-to-date information about neighborhoods, pricing trends, and comparable sales, enabling you to make informed…

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Real Estate Word of the Day: Commission

Commission is a fee paid to real estate professionals for their services in facilitating a property transaction. This fee typically comprises a percentage of the property's sale price and is divided between the buyer's agent (also known as the buyer's representative) and the listing agent (the agent who represents the seller). While commission rates can vary, they usually range from 1% to 4% of the sale price.

When you're in the market to purchase a new home, you might wonder about the cost of hiring a buyer's agent. The good news is that, in most cases, you don't pay your buyer's agent directly out of pocket. Instead, the commission for your buyer's agent is generally covered by the listing agent of the…

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Real Estate Word of the Day: Closing

Closing refers to the final stage of a property transaction, where all the paperwork is completed, funds are transferred, and ownership is officially transferred from the seller to the buyer.

Closing day marks the culmination of weeks or even months of hard work, negotiation, and anticipation. It is the juncture where both the seller and the buyer eagerly await the exchange that transforms a house into a home or an investment opportunity into a reality. The significance of closing cannot be overstated, as it signifies not only the transfer of property but also the beginning of a new chapter for both parties involved.
Just like any great work of art, a successful closing requires meticulous attention to…

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Real Estate Word of the Day: Certificate of Occupancy

In the world of real estate, every step of the property selling/buying process comes with its own set of rules and regulations. One crucial document that often goes overlooked but is essential for any property transaction is the Certificate of Occupancy (also known as the C of O).

What is a certificate of occupancy?
A Certificate of Occupancy is a legal document issued by the local government or building department that signifies a property's compliance with building codes, zoning laws, and other regulations. This certificate is typically obtained after a property undergoes construction or major renovations and before it is occupied or sold.
The Role of Certificate of Occupancy in…

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