Your Real Estate Glossary

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There’s a specific glossary for real-estate that’s filled with words you likely hear all the time, but may not know quite what they mean. Here, we’ll break down some of the most commonly used real-estate jargon and explain exactly what they mean!
Ammortization: The length of time required to reduce a debt to zero dollars when payments are made regularly. Most ammortization periods range from 15 to 25 years.
Conditional Offer: An Offer to Purchase that is subject to specified conditions. One of these specified conditions is often arranging a mortgage.
Equity: The difference between the price a home could be sold for, and the total amount of debts registered against said home (i.e. the mortgage). Market values and home improvements affect a home’s equity.
Frontage: The length in feet of a property abutting, or facing, a street or body of water.
Frontage: Line of credit: The maximum credit limit allowed to a borrower from a banker, provided the borrower’s credit remains in good standing.
Riparian: Those rights and obligations as a result of owning land that is adjacent to or abutting on bodies of water.
Turnkey Project: A development term meaning the complete construction of a property from ground breaking to the completion of the building. All that’s left is “turning over the keys.”
Zoning: A legal mechanism or process used by local governments to regulate the use of privately owned real property. This is done by applying police power to prevent conflicting land uses and promote orderly development.
Which other real-estate terms are you curious about? Do any of these surprise you?
For more information on selling or buying your home, contact Brent Sheppard today.

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