Found 94 blog entries tagged as Word of the Day.

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

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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Real Estate Word of the Day: Acceptance

In the context of real estate, acceptance is defined as "the grantee's taking of a deed of transfer." The acceptance stage is one of the most pivotal in both the home buying and selling processes. As both a buyer and a seller, an acceptance is just what you're looking for, and is the first major step towards your goal. But what exactly is an acceptance? Once an offer has been made by someone looking to purchase a property (the buyer), the seller and their agent can then make a decision as to whether this is an offer they want to accept. If they agree, both parties have now entered a mutual acceptance. An acceptance requires no signing of contracts, and is non-binding. In our own Broker, Tom Crimmins' words, "An…

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Real Estate Word of the Day: Acre

Historically, the term acre came about in the Middle Ages to roughly describe the area of land that could be ploughed in one day by a yoke of oxen. The word 'acre' was derived from the Old English word 'æcer,' meaning "open field." Today, the acre is used to measure large areas of land. Aside from the United States, its use in other parts of world (including where it originated) has declined significantly in favor of other systems of measurement. In the United Kingdom for example, its use is no longer permitted since 1995's Weights and Measures Act of which instated the hectacre as the main measurement for large areas of land. This is the case in many other European countries as well. The acre is, however, still used…

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