Found 55 blog entries tagged as Word of the Day.

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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Real Estate Word of the Day: Broker

In the vast and ever-evolving world of real estate, navigating the complexities of buying or selling a property can be a daunting task. As a prospective homeowner or seller, you may find yourself overwhelmed with paperwork, market fluctuations, and legal intricacies. This is where the indispensable expertise of real estate brokers comes into play. In today's word of the day blog, we wanted to shed some light on the crucial role real estate brokers play in the industry, and how they become the bridge that connects individuals with their dream properties.


What is a real estate broker?
A real estate broker is a licensed professional who acts as an intermediary between buyers and sellers of real estate…

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Real Estate Word of the Day: Binder

In the context of real estate, a binder is a preliminary agreement or contract between the buyer and the seller that serves as an expression of their mutual intent to proceed with the transaction. It is also known by other names such as a "binder agreement," "earnest money agreement," or "memorandum of contract." Essentially, the binder outlines the key terms and conditions of the deal before the preparation and execution of the formal contract, such as the purchase and sale agreement. The binder serves as a formal indication that both the buyer and seller are serious about the transaction and intend to proceed with the sale.

What are some of the key elements of a binder? The binder will specify the agreed-upon…

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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.


Designating beneficiaries for your real estate assets…

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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

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

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

"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

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

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.

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

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