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: Fiduciary

In the world of real estate, trust is paramount. Whether you're buying, selling, or investing in a property, it's essential to have a knowledgeable and reliable partner by your side. This partner is often referred to as a fiduciary. A fiduciary is an individual or entity entrusted with a legal and ethical duty to act in the best interests of another party. They are bound by a fiduciary relationship, which means they must prioritize their client's well-being over their own. In the context of real estate, a fiduciary can take on various roles, including real estate agents, property managers, and real estate brokers. When working with a fiduciary, clients can have confidence that their interests are protected and…

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Real Estate Word of the Day: Family Units

"Family units", in terms of residential homes, refers to the number of separate living spaces or housing units within a single property. It is a term used to describe the configuration and layout of a property, specifically in multi-unit residential buildings such as apartment complexes, duplexes, or multi-family homes. Family units can vary in size and design, and they are important for understanding the property's potential uses and its value. Here are some common examples of family units in real estate:

  • Single-Family Home: This typically refers to a property designed for one family or household. It has a single living space and may include bedrooms, bathrooms, a kitchen, and other amenities all within…

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Real Estate Word of the Day: Fair Housing

Fair housing refers to the principle that every individual, regardless of their race, color, religion, sex, national origin, disability, or familial status, has the right to access housing on an equal basis. This concept is enshrined in the Fair Housing Act of 1968, which was enacted to combat housing discrimination and ensure that everyone has a fair shot at securing housing.


Why Fair Housing Matters in Real Estate

Fair housing ensures that all prospective homebuyers and renters have an equal opportunity to find housing that suits their needs. Discrimination based on any of the protected categories is not only unethical but illegal. Embracing fair housing leads to diverse and vibrant communities. It…

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Real Estate Word of the Day: Executor

An executor or executrix is a person appointed by the deceased individual's will to carry out their final wishes and manage the distribution of their assets, which may include real estate properties. Executors are entrusted with the responsibility of ensuring that the deceased's estate is settled in accordance with the law and the wishes outlined in the will.


One of the first tasks an executor may have to undertake is to assess the value of the deceased person's real estate holdings. This is a critical step because it determines the overall worth of the estate and can impact inheritance taxes and other financial aspects. Executors are responsible for maintaining and preserving the real estate assets until they…

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Real Estate Word of the Day: Eviction

Eviction is the legal process by which a landlord removes a tenant from a rental property due to the tenant's failure to comply with the terms of the lease or rental agreement, typically involving non-payment of rent or other lease violations. As a real estate company committed to providing housing solutions, we understand that evictions are a challenging and often sensitive aspect of property management. While we always aim to create homes that foster stable and harmonious communities, circumstances may arise that necessitate eviction.


The Eviction Process

Evictions typically occur when a tenant is unable to meet their financial or contractual obligations, such as paying rent or adhering to the terms of…

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Real Estate Word of the Day: Estate

When you hear the word "estate," you might picture grand mansions with sprawling gardens and endless acres of land. While that's certainly one aspect of what an estate can be, the concept of an estate is broader than you might think, especially when it comes to real estate. In its simplest form, an estate refers to the total sum of a person's assets, including property, money, possessions, and investments. When we talk about "estate" in the context of real estate, we are specifically referring to the property and land owned by an individual or entity. It encompasses all types of properties, from residential homes and commercial buildings to vacant land and rental properties.

Types of Estates in Real Estate

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Real Estate Word of the Day: Escrow

Escrow is a financial arrangement where a neutral third party holds and manages funds, documents, and other assets during a real estate transaction. It acts as a safeguard for all parties involved by ensuring that each party fulfills their obligations and commitments before the transaction is finalized.

The Escrow Process in Real Estate

Once you've found the perfect property and made an offer that the seller accepts, the escrow process begins. At this point, a neutral third-party escrow agent is typically selected to handle the transaction. As a buyer, you'll be required to provide an earnest money deposit to demonstrate your seriousness and commitment to the purchase. This money is held in escrow until the…

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Real Estate Word of the Day: Equity

Equity is the difference between the market value of a property and the outstanding balance on a mortgage or any other debts secured by the property. In simpler terms, it's the portion of your property that you truly own outright. As you pay down your mortgage and your property's value appreciates, your equity in the property grows. Equity is not just a number on paper; it's a powerful financial asset that can have a significant impact on your financial well-being.

Equity is one of the primary ways people build wealth through real estate. As you pay down your mortgage, your equity increases, and if the property's value appreciates, your wealth grows even faster. Over time, this can lead to substantial financial…

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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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