San Antonio Real Estate Terms – From Condominiums To Deeds Of Trust

When buying or selling a property, it always helps to have a basic understanding of San Antonio Real Estate terms. In this on going series of articles, we take a look at definitions starting with “condominium.”

1) Condominium – A type of ownership in real house where all of the owners in a collection of properties jointly own every thing except the interior of each dwelling. Accordingly, the jointly region is run by a homeowner’s association, which may assess fees to the owners for improvements, etc.

2) Sales long term contract, or deal of Purchase and Sale – the agreement between buyer and seller. In most jurisdictions it must be in writing in order to be enforceable. It covers such things as the identity of the property, the purchase price, any conditions of the sale, the settlement date or escrow period, when the buyer will occupy the home, etc.

3) Deed – a written document which provides which Deed does not pass to the buyer until the final payment has been made. In the event of default by the buyer, the home reverts to the seller. (One sees these occasionally. I’ve noticed them when an owner was financing the sale of raw land for a customer.)

4) Deposit, or good Faith Deposit – an amount of cash tendered by the buyer at the time a agreement offer is made on real property. The deal spells out who holds it, and circumstances under which the seller gets it, and circumstances under which it’s returned to the purchaser. Typically, the seller gets it as portion of the purchase cost at settlement, or as liquidated damages if the purchaser defaults. The consumer usually gets it back if a circumstance of settlement is not fulfilled.

5) Deed – the written document which conveys title to real property. Some states are “record” states and ownership is defined by the deed’s being recorded at the courthouse in which the residence lies.

6) Deed of Trust – the document which allows a third party to act for the lender should the lender need to have to forclose on real residence used as collateral for a loan.

As you might image, there are several San Antonio Real Estate terms for which you have a very general understanding. In our next article, we continue with the terms starting with “Easement.” For more valid info on San Antonio Real Estate units, call us. We provide people with valuable recommendations and guidelines about investing low and earning superior. If you are searching for San Antonio realtors in your area please go to our website today by clicking on the backlink.