Tom Crimmins Realty Blog - Real Estate Word of The Day!

Real Estate Word of the Day: Beneficiary

Real Estate Word of the Day: Beneficiary

Beneficiaries are individuals or entities named in legal documents, such as wills, trusts, or property deeds, who are entitled to inherit or receive specific rights to real property upon the owner's passing. They provide a framework for the seamless transition of ownership while minimizing potential conflicts and legal complexities. In the world of real estate, the concept of beneficiaries plays a significant role in securing your assets and ensuring a smooth transfer of property ownership in the future. Just as a will designates beneficiaries to receive financial assets, it is equally crucial to establish beneficiaries for your real estate holdings.

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Real Estate Word of the Day: Basement

Real Estate Word of the Day: Basement

When it comes to finding the perfect home, homebuyers often have a checklist of features they desire, such as a spacious kitchen, ample natural light, or a backyard oasis. One often overlooked gem, however, lies beneath the main floor—the basement. Basements are versatile spaces that can significantly enhance the value and appeal of a property. A basement is a space that is partially or entirely below ground level in a building. It is typically located beneath the main floor and is constructed as an extension of the foundation. Basements can vary in size and layout depending on the design of the building and the local building codes.

Basements offer an incredible opportunity to expand the overall living space…

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Real Estate Word of the Day: Bankruptcy

Real Estate Word of the Day: Bankruptcy

In the world of real estate, there are numerous factors that can impact the industry's landscape. While we hope for an always prosperous market, economic downturns and unforeseen circumstances can lead to financial difficulties for both property owners and investors. One such challenge that can arise is bankruptcy. Bankruptcy is a legal process that provides relief to individuals or businesses unable to meet their financial obligations. While the word "bankruptcy" often carries negative connotations, it can also be viewed as a tool for financial recovery rather than a permanent setback. For property owners and investors, bankruptcy can be a viable option to address mounting debts and regain stability in their…

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Real Estate Word of the Day: Asbestos

Real Estate Word of the Day: Asbestos

Asbestos is a commonly used insulating mineral that becomes toxic when it is exposed and fibers and dust are released into the air. Because of its strength and heat-resistant qualities, asbestos has been used in building construction materials for insulation and as a fire retardant. It is also used in building materials (such as roofing shingles and floor tiles), friction products (such as brakes), heat-resistant fabrics, packaging, and as coating. According to the United States Environmental Protection Agency (EPA), "Exposure to asbestos increases your risk of developing lung disease. In general, the greater the exposure to asbestos, the greater the chance of developing harmful health effects. Disease symptoms…

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Real Estate Word of the Day: Arm's Length

Real Estate Word of the Day: Arm's Length

"Arm's length" is a phrase used to refer to a transaction between two unaffiliated parties, each acting independently trying to work in their own best interests. Both buyer and seller possess equal bargaining power, and are not working for or under pressure of the opposite party. Each party acts in their own self-interest to attain the most beneficial deal; neither has any obligation to the other. Agents typically use arm's length transactions to make sure that the price that they buy and sell properties for is according to fair market values. Do note that deals between employers and their employees, or between family members are not arm's length transactions.

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Real Estate Word of the Day: Appraisal

Real Estate Word of the Day: Appraisal

An appraisal is the estimate of a property's current market value, done by a licensed appraiser who is an expert in the field. In real estate, an appraisal is also called a property/land valuation. The estimation is calculated by comparing the recent sales of homes in the area to the property that is being appraised. It will also include the features of the home, square footage, number of bedrooms and bathrooms, and other amenities. An appraisal is typically required by mortgage lenders in order to ensure that the money they are loaning to a new or current homeowner is a fair amount for the home. This is done in order to protect the lender, and so the bank knows that the buyers are not overpaying for the…

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Real Estate Word of the Day: Agent

Real Estate Word of the Day: Agent

A real estate agent (often also referred to as a realtor or real estate salesperson) is a professional who is licensed in representing the buyers and sellers of property. Real estate agents typically specialize in either commercial or residential real estate. While a broker may sell properties on their own, agents mostly work under a licensed broker (such as Tom Crimmins Realty) to represent clients. Real estate agents represent their clients in one of the largest transactions they'll ever complete, so it is imperative for clients to know that their real estate agent is operating in their best interests.

Looking to buy or sell your home on Staten Island? For all your real…

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Real Estate Word of the Day: Amenities

Real Estate Word of the Day: Amenities

Amenities are elements of a property or its surroundings that contribute to its attractiveness to potential buyers and to owner satisfaction. A feature is considered an amenity when it provides a benefit to the location or contributes to its enjoyment, therefore increasing the value of the property. Some examples of special extraneous amneities include a swimming pool, parking (garage, driveway, or other), patio/deck, and a BBQ area. ENERGY STAR® approved products are also great amenities to market your home with. If you don't have any of these in your property, don't worry! Basic amenities such as bedrooms, bathrooms, and flooring can also add to the marketing value of a property; for example: hardwood flooring…

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Real Estate Word of the Day: Agency

Real Estate Word of the Day: Agency

In general terms, agency typically refers to a business relationship wherein an agent is employed by a principal to do certain acts on the principal's behalf. What this translates to in the real estate world, is that agency is used to help determine the legal responsibilities a real estate professional owes to their client. According to the National Association of Realtors, "Agency ... creates a legally binding relationship between the real estate agent and their client during the buying and selling process, [and] is one of the most important aspects of the real estate profession. Because of agency, real estate agents [are required] to act in their client’s best interest." A real estate agent may represent the…

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Real Estate Word of the Day: Affidavit

Real Estate Word of the Day: Affidavit

An affidavit is a written statement sworn to before an officer who is authorized to administer an oath of affirmation. In real estate, this is typically used in the context of an affidavit of title. An affidavit of title is a written statement made by the property sellers, affirming that the property is theirs to sell, as well as disclosing any potential legal issues with the property such as liens or bankruptcies filed by the current owner. The affidavit is usually a safety net for the buyers, and is typically asked for by title companies in order to issue title insurance. The affidavit of title is typically given at the closing, and may be between 1-5 pages long.

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