More Real Estate and Property Terms
We did an earlier post on a glossary of real estate and property related terms (you can read it here), and due to requests from some readers we are highlighting a few more…
Caveat emptor - A Latin phrase meaning “Let the buyer beware.”
Master plan - A comprehensive plan to guide the long-term physical development of a particular area.
Refinance - Obtaining a new loan to pay off an existing loan. Refinancing is a popular practice when interest rates drop.
Maturity - The date on which the principal balance of a loan, bond, or other financial instrument becomes due and payable.
Fiduciary - One in whom trust and confidence is placed; a reference to a broker employed under the terms of a listing contract or buyer agency agreement.
Mortgage - A conditional transfer or pledge of real estate as security for the payment of a debt. Also, the document creating a mortgage lien.
Right of first refusal - Clause in a lease which gives the lesee (tenant) the right to purchase the rented property if during the term of the lease the lessor (landlord) receives an offer to purchase from a buyer. Usually the lessee must purchase on the terms and conditions of the buyer’s offer.
