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REAL ESTATE LINGO (PART 2)

Real estate lingo (Part 2)
Acceleration clause

Also known as an acceleration covenant, this is a contract provision requiring the borrower to repay all of their outstanding loan to a lender if certain requirements outlined by the lender aren’t met.
 
Active contingent

When a seller accepts an offer from a buyer, that offer is contingent upon the buyer’s ability to meet certain conditions before finalization of the sale. Contingencies might include the buyer selling their home, receiving mortgage approval, or reaching an agreement with the seller on the home inspection.
 
Active under contract

A house is listed as “active under contract” when the seller has accepted an offer with contingencies, but still wants the house to be listed as active. In this situation, the seller is also likely accepting backup offers in case their current offer fails to meet its contingencies.
 
Addendum

If a buyer or seller want to change an existing contract, they might add an addendum outlining the specific part of the contract they’d like to adjust and the parameters of that change. The rest of the contract stays the same, regardless of the addendum.
 
Adjustable rate mortgage (ARM)

The interest rate for an adjustable rate mortgage changes periodically. You might start with lower monthly payments than you would with a fixed rate mortgage, but fluctuating interest rates will likely make those monthly payments rise in the future.
 
Adjustment date

This is the date your mortgage begins to accrue interest (though you might not have made a mortgage payment yet). The adjustment date usually falls on the first day of the month after mortgage funds are advanced or dispersed to the borrower.
 
Amortization

Amortization is the schedule of your mortgage payments spread out over time. In real estate, a buyer's amortization schedule is usually one monthly payment scheduled over a 15 or 30 year period of time.
 
Annual percentage rate (APR)

The annual percentage rate (APR) is the amount of interest charged on your loan every year.
 
Appraisal

An appraisal on your home is an unbiased estimate of how much a home is worth. When buying a home, the lender requires an appraisal by a third party (the appraiser) to make sure the loan amount requested is accurate. If the home’s appraised value is below what the buyer has offered, the lender may request the buyer pay the difference in cost.
 
Appreciation

Appreciation is the amount a home increases in value over time. To calculate a home’s likely appreciation rate, add one to the annual appreciation rate, raise this to a power equal to the number of years you’d like to estimate, then multiply that by the current value of the property.
 
Assessed value

An assessment is used to determine how much in taxes the owner of a property will pay. An assessor calculates the assessment of a home’s value by looking at comparable homes in your area and reviewing an inspection of the home in question.
 
Assignment

An assignment is when the seller of a property signs over rights and obligations to that property to the buyer before the official closing.
 
Assumable mortgage

Assumption is when a seller transfers all terms and conditions of a mortgage to a buyer. The buyer takes on the seller’s remaining debt instead of taking out a new mortgage of their own.
 
Balloon mortgage

Instead of a traditional fixed rate mortgage in which the owner pays on the loan in installments, a balloon mortgage is paid in one lump sum (e.g., the balloon payment). It’s usually associated with investment or construction projects that are issued for the short term and don’t require collateral.
 
Bi weekly mortgage

A bi weekly mortgage payment means a homeowner pays their monthly mortgage payment in two monthly installments instead of one. With a bi weekly mortgage, you'll make 26 payments per year instead of 12. The end result is that you'll pay the equivalent of 13 monthly payments each year lowering interest rates and your principal balance at a faster pace.
 
Bridge loan

A bridge loan is a short term loan a homeowner takes out against their property to finance the purchase of another property. It’s usually taken out for a period of a few weeks to up to three years.
 
Broker

A broker has passed a broker’s license exam and received education beyond what the state requires of real estate agents. They understand real estate law, construction, and property management. Real estate agents are required to work under the supervision of a broker.
 
Buydown

A buydown is a mortgage financing technique lowering the buyer’s interest rate for anywhere from a few years to the lifetime of the loan. Usually, the property seller or contractor makes payments to the mortgage lender lowering the buyer’s monthly interest rates, which, in turn, lowers their monthly payments.
 
Call option

A call option is a contract giving one party the right to buy and another party the right to sell a piece of property at a future time and specific price.
 
Cash out refinance

A cash out refinance, also known as a cash out refi, is when a homeowner refinances their mortgage for more than it’s worth and withdraws the difference in cash. To be eligible for this kind financing, a borrower usually needs at least 20% in equity.
 
Clear title

Also known as a "just title," "good title," or a "free and clear title", a clear title doesn’t have any kind of lien or levy from creditors. It means there's no question of legal ownership of the property such as building code violations or bad surveys.
 
Closing

Closing is the final stage of the real estate transaction. The date is agreed upon when both the buyer and seller go under contract on the home. On the closing date, the property is legally transferred from seller to buyer.
 
Closing costs

Closing costs are usually comprised of between 2 5% of the total purchase price of the home. These fees are paid on or by the closing date.

Co borrower

If a buyer is having trouble getting approved for a loan, they can elicit the help of a co borrower. This person is usually a family member or friend who's added to the mortgage and guarantees the loan. They're listed on the title, have ownership interest, sign loan documents, and are obligated to pay monthly mortgage payments if the buyer is unable to.
 
Commission

Real estate commission is generally 5 6% of the home’s sale price. That commission is usually split between the buyer’s and seller’s agents and is paid by the seller at the time of closing.
 
Common area assessments

If you pay a monthly fee towards a Homeowners Association (HOA), part of that fee likely goes toward a common area assessment to maintain an area open to the community.

Community property

Community property refers to property acquired by a married couple and owned equally by both spouses.
 
Comparable sales

Comparable sales are used by an appraiser to establish how much a home is worth based on what other similar homes in the area have sold for recently. Only homes that have legally closed count as a comp and most lenders and insurance providers require appraisers to use at least three closed sales.
 
Construction loan

A construction loan or self build loan is a short term loan used to finance the construction of a home or real estate project. This type of loan covers project costs before long term funding can be financed.

Contingency

If a property is contingent, or the contract contains a contingency, certain events must transpire or the contract can be considered null. A contingency might be that the home must past an appraisal or receive a clean inspection.

The sale of a home could also be contingent on the buyer selling their home by a specified date. If either the buyer or seller fail to meet the expectations of the contingency, either party can exit the contract.
 
Contingent vs. pending

When a property is contingent, it means the owner has accepted an offer but certain contractual expectations must be met or the offer will be void. If all contingencies are met, the property changes status to “pending.” While contingent offers are still considered active listings, pending offers are taken off the market and other offers will not be entertained.
 
Conventional mortgage

A conventional mortgage is a loan not guaranteed or insured by the federal government. These borrowers usually make larger down payments (at least 20%), don’t require mortgage insurance, and are at a lower risk of defaulting on their home loan payment.
 
Convertible ARM

A convertible adjustable rate mortgage (ARM) allows buyers to take advantage of low interest rates by receiving a loan at a “teaser” loan interest rate.

Their monthly mortgage payment stays the same, but interest rates fluctuate (usually every six months). The borrower has the option of converting their ARM to a fixed rate mortgage, but there are generally fees for the switch.
 
Cost of funds index (COFI)

A cost of funds index is an average of the regional interest expenses acquired by financial institutions. It’s used to calculate variable rate loans.
 
Deed

A housing deed is the legal document transferring a title from the seller to the buyer. It must be a written document and is sometimes referred to as the vehicle of the property interest transfer.
 
Deed in lieu of foreclosure

A deed in lieu of foreclosure is a document transferring the title of a property from a homeowner to the bank that holds the mortgage. A homeowner might submit a deed in lieu of foreclosure if the bank has denied them a loan modification or short sale. However, the bank can deny the request for a deed in lieu.
 
Default

If a homeowner defaults on their loan, it means they have not paid the sum they agreed to. Typically, a mortgage default means the homeowner hasn’t made a home loan payment in 90 days or more.
 
Delinquency

A mortgage is considered delinquent when a scheduled payment is not made. If a payment is more than 30 days late, a lender might begin collection or foreclosure proceedings.
 
Discount points

Discount points are also known as mortgage points. They’re fees homebuyers pay directly to the lender at the time of closing in exchange for reduced interest rates which can lower monthly mortgage payments.
 
Down payment

The down payment is the amount of cash a homebuyer pays at the time of closing. Typical home loans require a 20% down payment. Some conforming loans will accept a 5% down payment.
 
Due on sale clause

A due on sale clause protects lenders against below market interest rates. It's a contract provision requiring the seller of the property to repay the mortgage in full when the property is next sold. It is also called an acceleration clause.

Earnest money deposit

Earnest money is a deposit (usually 1 2% of the home’s total purchase price) made by a homebuyer at the time they enter into a contract with a seller. Earnest money demonstrates the buyer's interest in the property and is generally deducted from your total down payment and closing costs.
 
Easement

An easement grants someone else the legal right to use another person’s land or property while leaving the title in the owner's name.
 
Eminent domain

The right of eminent domain gives the government the ability to use private property for public purposes. It's only exercisable when and if the government fairly compensates the owner of the property.

Encroachment

When a property owner violates the rights of a neighbor by building or adding on to a structure that extends onto a neighbor’s land or property line, that is called encroachment.
 
Encumbrance

A real estate encumbrance is any claim against a property that restricts its use or transfer, including an easement or property tax lien.
 
Equity

Home equity is the part of your property you actually own. While you do “own” your home, your mortgage lender has interest in the property until it’s paid off.

To calculate your home’s equity, subtract your outstanding loan balance from the current market value of your property. Home equity will increase as you pay down your loan or the market value of your home increases.

Escrow

Escrow is part of the homebuying process. It happens when a third party holds something of value during the transaction. Most often, the “value” the third party holds onto is the buyer’s earnest money check. When the transaction is complete (usually at closing), the third party will release those funds to the seller.
 
Examination of title

A title examination reviews all public records tied to a property. It generally reviews all previous deeds, wills, and trusts to ensure the title has passed cleanly and legally to every new owner.

Exclusive listing

An exclusive listing is used to motivate an agent to sell a property quickly within a specific number of months. If they meet that goal, the agent gains a commission regardless of how a buyer is found.
 
Fair Credit Reporting

The Fair Credit Reporting ensures fairness, accuracy, and privacy of personal information contained in files maintained by credit reporting agencies. The goal of this act is to protect consumers from having misinformation used against them.

Fair market value

A property’s fair market value is its accurate valuation in a free and open market under the condition that buyers and sellers are knowledgeable about the asset, acting in their best interests, and free of undue pressure to complete the transaction.

Fee simple

Fee simple refers to the most common type of property ownership. It means the owner’s rights to the property are indefinite and can be freely transferred or inherited when the owner chooses. It is most often associated with single family homes, as condominiums and townhomes are purchased with covenants, conditions, and restrictions.

Fixed rate mortgage

A fixed rate mortgage is one of the most common types of loans. It comes with an interest rate that stays the same for the lifetime of the loan, and provides the borrower with more stability and predictability over the lifetime of their loan.

While mortgage payments can fluctuate as property taxes and homeowner’s insurance change, many consumers prefer the fixed rate mortgage for its long term reliability.
 
For sale by owner

Homes listed as for sales by owner (FSBO) are being sold without the help of a real estate agent. The biggest benefit to the seller is they avoid paying commission fees but there are few benefits to the buyer.
 
Foreclosure

If a homeowner doesn’t make a mortgage payment (usually, for more than 90 days), foreclosure is a legal process during which the owner forfeits all property rights.

If they are unable to pay off outstanding debt on the property or sell it via short sale, the property enters a foreclosure auction. If no sale is made there, the lender takes control of the property.
 
Home Equity Conversion Mortgage

The Home Equity Conversion Mortgage (HECM) is an FHA reverse mortgage program enabling homeowners to withdraw equity on their home through either a fixed monthly payment, a line of credit, or a combination of the two.

Home equity line of credit

A home equity line of credit (HELOC) provides a revolving credit line that can be helpful in paying for large expenses or consolidating higher interest rate debt on loans like credit cards.
 
Home inspection

A home inspection is carried out by an objective third party to establish the condition of a property during a real estate transaction. An inspector will report on such things as a home’s heating system, the stability of the foundation, and the condition of the roof. The inspection is meant to identify major issues that might affect the value of the home and the stability of your and your lender’s investment and return.

Homeowner’s association

A homeowner’s association (HOA) is usually found when you purchase a condominium, townhome, or other development property. To purchase the home, you must also join the HOA and pay monthly or yearly HOA fees.

These fees can cover common area maintenance, repairs, and general upkeep. The more amenities your building offers, the higher the HOA fees typically are.

Homeowner’s insurance

When you purchase a home, it's also necessary to purchase homeowner’s insurance to cover any losses or damages you might incur, such as natural disaster, theft, or damage.

It also protects the homeowner from liability against any accidents in the home or on the property. Insurance payments are usually included in your monthly mortgage payments.
 
Judicial foreclosure

Judicial foreclosures require all foreclosures go through the court system to confirm the debt is in default before putting the property up for auction. The goal of judicial foreclosures is to protect property owners from corrupt lenders.
 
Jumbo loan

Conforming loan limits cap the dollar value that can be backed by government sponsored programs. A jumbo mortgage exceeds these conforming loan limits, which are tied to local median home values.

Qualifications for these loans are more stringent and the loans themselves are manually underwritten to mitigate risk to the lender.
 
Lease option

A lease option is like rent to own for real estate. It gives the lessee the ability to lease property with the option to buy. It includes a legal agreement with a monthly rental amount due, while also including an option to buy the property for a predetermined price at any time during the length of the agreement.
 
Lender

In real estate, the lender refers to the individual, financial institution, or private group lending money to a buyer to purchase property with the expectation the loan will be repaid with interest, in agreed upon increments, by a certain date.
 
Lien

A property lien is unpaid debt on a piece of property. It's a legal notice and denotes legal action taken by a lender to recover the debt they are owed. It can come from unpaid taxes, a court judgement, or unpaid bills and can slow down the homebuying process when unattended.
 
Life cap

A life cap refers to the maximum amount an interest rate on an adjustable rate loan can increase over the lifetime of the loan. A life cap is also known as an absolute interest rate or interest rate ceiling and keeps interest rates from ballooning too high over the term of the loan.
 
Loan officer

Residential loan officers, or mortgage loan officers, assist the homebuyer with purchasing or refinancing a home. Loan officers are often employed by larger financial institutions and help borrowers choose the right type of loan, compile their loan application, and communicate with appraisers.
 
Loan origination

Loan origination is the process during which a borrower submits a loan application and a financial institution or lender processes that application. There is usually an origination fee associated with this process.
 
Loan servicing

Loan servicing is a term for the administrative aspects of maintaining your loan, from the dispersal of the loan to the time it’s paid in full.

Loan servicing includes sending the borrower monthly statements, maintaining payment and balance records, and paying taxes and insurance. Servicing is usually carried out by the lender of the loan, typically a bank or financial institution.
 
Loan to value

The loan to value (LTV) ratio is the mortgage loan balance divided by the home’s value. It shows how much you’re borrowing from a lender as a percentage of your home’s appraised value.

The higher your LTV, the riskier you’ll appear during the loan underwriting process because a low down payment denotes less equity or ownership in your property making you more likely to default on your loan.
 
Lock in period

The period of time in which a borrower cannot repay their loan in full without incurring a penalty fine by the lender.
 
Mortgage

A mortgage is the agreement between a borrower and a lender giving the lender the right to the borrower’s property if the borrower is unable to make loan payments (with interest) within an agreed upon timeline.
 
Mortgage banker

A mortgage banker works directly with a lending institution to provide mortgage funds to a borrower. They can only obtain funds from a specific institution and are responsible for each part of the mortgage process, including property evaluation, financial due diligence, and overseeing the application process.
 
Mortgage broker

A mortgage broker shops several lenders, acting as a middle man between lending institutions and the borrower. A broker can compare mortgages from several different institutions, giving the borrower a better deal.
 
Mortgage insurance

If a homebuyer makes a down payment of less than 20% of the purchase price of a home or is the recipient of an FHA or USDA loan, they’ll usually be required to pay mortgage insurance. It lowers the risk of a lender giving you a loan, but it also increases the cost of the loan.
 
Multiple Listing Service (MLS)

An MLS is a suite of regional databases containing their own listings. Each database has its own listings, requires agents to pay dues for access, and allows agents to share listings across regions without paying dues to each one. It is widely considered the most comprehensive listing service available.

Negative amortization

Amortization refers to the process of paying off a loan with regular payments so the amount you owe on the loan gradually decreases.

Negative amortization happens when the amount you owe continues to rise, regardless of regular payments, because you’re not paying enough to cover the interest.

No cash out refinance

A no cash out refinance is a type of loan used to improve the rate the borrower pays on the loan. It might also shorten the lifetime of a loan to benefit the borrower.

In a no cash out refinance, the borrower refinances an existing mortgage for equal to or less than the outstanding loan balance. The goal is to lower interest rates on the loan or change certain terms of the mortgage.
 
No cost mortgage

A no cost mortgage is a type of refinancing in which the lender pays the borrower’s loan settlement costs and extends a new loan usually in exchange for the borrower paying higher interest rates.

The mortgage lender then sells the mortgage to a secondary mortgage market for a higher price because of the high interest rate.
 
Note rate

The note rate is the interest rate stated on a mortgage note. It is also commonly referred to as the nominal rate or face interest rate.
 
Original principal balance

The original principal balance is the amount owed on a mortgage before the first payment has been made.
 
Origination fee

The fee a borrower pays a lender to cover the costs of processing their loan application.
 
Owner financing

Owner financing (also known as seller financing) takes place when a borrower finances the purchase of a home through the seller, bypassing conventional mortgage lenders and financial institutions.
 
Pending

A sales is considered “pending” if all contingencies have been met and the buyer and seller are moving toward closing. At this point, it’s unlikely the sale will fall through, and the buyer or seller risk losing the earnest money if they walk out on the deal at this point.
 
Per Diem

Per diem or “per day” fees are charged if a loan isn’t approved by the date the loan was scheduled to be completed. These charges are payable to the lender during closing.
 
PITI

PITI stands for principal, interest, taxes, and insurance, and refers to the sum of each of these charges, typically quoted on a monthly basis.

These costs are calculated and compared to the borrower’s monthly gross income when approving a mortgage loan. A borrowers PITI should generally be less than or equal to 28% of their gross monthly income.
 
Planned unit development

A planned unit development (PUD) is a housing community made up of single family residences, townhomes, and condominiums as well as commercial units.

PUDs offer many common areas owned by the HOA and amenities beyond what normal apartment buildings or townhomes offer, including tennis courts and outdoor playgrounds.
 
Pre approval

Before submitting an offer on a home (or even engaging with a real estate agent) you’ll likely be required to get pre approved. This means a lender has checked your credit, verified your information, and approved you for up to a specific loan amount for a period of up to 90 days.
 
Pre qualification

Unlike pre approval, pre qualification is more of an estimate of how much you can afford to spend on a home.
 
Prime interest rate

The prime interest rate is typically awarded to a U.S. bank’s best customers. It’s the best available loan rate and is usually three points above the federal funds rate: the rate banks charge each other for overnight loans.
 
Principal

The principal of a loan is the amount of money owed on that loan. As you make monthly mortgage payments, your principal in theory goes down.

The amount of interest you pay on a monthly loan will affect how much of your monthly mortgage payment goes to paying down the principal. A high interest rate means you’ll pay less on the principal, meaning you’ll pay more on your loan over time.
 
Purchase agreement

A purchase agreement demonstrates a buyer’s intent to purchase a piece of property and a seller’s intent to sell that property. The document outlines the terms and conditions of a sale and holds each party legally accountable to meeting their agreement.
 
Purchase money mortgage

A purchase money mortgage, also known as owner or seller financing, is issued to the buyer by the seller of a home during the purchase transaction.

It is done to bypass a typical mortgage broker or lending channel and allows the buyer to assume the seller’s mortgage.
 
Quitclaim deed

A quitclaim deed is a document transferring ownership of property from one party to another. It transfers the title of the property but only transfers what the seller actually owns.

If two people own a home jointly, one person could only transfer their half of the property via quitclaim. This type of transaction is commonly used when property is being transferred between family members not using traditional real estate channels.
 
Rate lock

A rate lock allows borrowers to lock in an advantageous interest rate before a real estate transaction closes. A rate lock allows the borrower to lock in that interest rate for a specific period of time protecting them from market fluctuations.
 
Real estate agent

A real estate agent is licensed to negotiate and coordinate the buying and selling of real estate transactions. Most real estate agents must work for a realtor or broker with additional training and certification.
 
Real estate owned

Real estate owned (REO) refers to property owned by a bank, government agency, or other lender. Homes typically become real estate owned after an unsuccessful foreclosure auction or short sale.
 
Real Estate Settlement Procedures

The Real Estate Settlement Procedures requires lenders to provide disclosures to borrowers informing them of real estate transactions, settlement services, and relevant consumer protection laws.

Its goal is to regulate settlement costs, prohibit specific practices such as kickbacks, and limits the use of escrow accounts.
 
Refinance

Refinancing replaces an existing loan with a new one. Debt is not eliminated when a borrower refinances. Instead, it typically offers better terms, including a lower interest rate, lower monthly mortgage payments, or a faster loan term.
 
Right of first refusal

If a third party buyer offers to buy or lease a property owner's asset, the right of first refusal ensures the property holder is allowed a chance to buy or lease the asset under the same terms offered by the third party before the property owner accepts the third party offer.
 
Right of ingress or egress

The right of egress is a person’s legal right to exit a property. The right of ingress is the right to enter a property. It is generally used in rental or easement situations in which the tenant or person to which easement has been granted needs access to a shared driveway, a private road to the property, etc.
 
Right of survivorship

The right of survivorship is employed most often when there is joint ownership or tenancy of a property. It ensures that the surviving owner automatically receives the deceased owner’s share of the property becoming the sole owner of the property.
 
Sale leaseback

A sale leaseback occurs when a buyer closes on a home and then leases back tenancy to the seller. This usually occurs when the seller needs more time to vacate the home, in which case, the buyer becomes a sort of landlord and receives payment from the seller for every day they remain in the home.
 
Second mortgage

A second mortgage is when a property owner borrows against the value of their home. They are also commonly referred to as HELOCs and draw on the market value of the home to provide the borrower with funds to use however they wish. They are granted in a lump sum or a line of credit that can be paid back using rate choices that help plan payments.
 
Secured loan

A secured loan is backed by the borrower's assets, including cars, a second home, or other large items that can be used as payment to a lender if the borrower is unable to pay back the loan.
 
Seller carry back

A seller carry back is financing in which the seller acts as a bank or financial institution financing some or all of the transaction. The buyer will sign a promissory note agreeing to pay a specific amount (like a mortgage) to the seller, and the seller transfers the title to the new owner.

If the buyer is unable to make their monthly payments at any time, the seller can legally foreclose and take back the property.
 
Servicer

A mortgage servicer manages the daily administrative work around a loan, including processing loan payments, responding to borrower inquiries, and tracking principal and interest paid.
 
Short sale

A short sale occurs when a homeowner sells their property for less than what’s owed on the mortgage. A short sale allows the lender to recoup some of the loan that's owed to them but must be approved by the lender before the seller moves forward.
 
Title

A home’s title represents the rights to the property. Those rights are transferred from the seller to the buyer during a real estate transaction and give the buyer legal rights to the property upon closing.
 
Transfer of ownership

In real estate, transfer of ownership refers to transfer of a property’s deed and title from the seller to the buyer at closing.
 
Transfer tax

Transfer tax is a transaction fee charged upon the transfer of a property’s title. It is imposed by the state, county, and municipal authority where the transaction is taking place and is based on the property’s value and classification.

Typically, the seller is responsible for paying real estate transfer tax, unless otherwise agreed upon during the transaction.
 
Treasury index

The treasury index is published by the Federal Reserve Board and based on the average yield of Treasury securities. Financial institutions often use this index as the basis for mortgage notes.
 
Under contract

A home is “under contract” when a seller has accepted an offer from a buyer but the transaction has not yet closed.


OTHER PAGES
DOWNLOAD A FREE TENANCY AGREEMENT TEMPLATE. - Here below is a basic sample tenancy agreement and at the end is a download link of the same in word format, but please note that specific details might need to be tailored based on your local laws and regulations. It's also recommended to consult legal professionals to ensure the document meets all the necessary legal requirements. Here's a simple template: TENANCY AGREEMENT This Tenancy Agreement ("Agreement") is entered into on [Date], between: Landlord:[Landlord's Full Name] [Land ....


COMMISION AGREEMENT TEMPLATE - A real estate commission agreement is a legally binding document that outlines the terms and conditions between a real estate agent and a seller for the sale or purchase of a property.   It establishes the commission rate, the duration of the agreement, and the responsibilities of both parties. To help real estate agents and sellers draft a commission agreement, we are providing a free to download sample real estate commission agreement template.   This template can be customized t ....


CONDOMINIUM PROPERTY ACT OF 2001 - Condominiums, or condos, are buildings divided into individually owned units surrounded by jointly owned common areas. In Uganda, condo ownership is regulated by the Condominium Property Act of 2001 and Condominium Property Regulations of 2002 (amended in 2012). Here are key points to consider: Registration: Approval from local authorities is required before registering the condominium plan with the land registrar. Each unit receives a certificate of title, which holds the same legal weight ....


PURCHASE AND SALE AGREEMENT TEMPLATE - Thank you for your interest in our Purchase and Sales Agreement template! This document is a legally binding agreement between the buyer and seller for the purchase and sale of a property. The Purchase and Sales Agreement template includes all the essential details required for a real estate transaction, such as the purchase price, payment terms, closing date, and any contingencies that must be met before the sale can be finalized. It is crucial to have a written agreement in place ....


LAND TRANSFER FORM - Welcome to the land transfer form page. If you are looking to transfer ownership of a piece of land, you have come to the right place. To begin the process, you will need to download and complete the land transfer form. To download the form, please click on the link provided below. Once you have downloaded the form, you can print it out and fill it in by hand. Please make sure to read the instructions carefully before completing the form, and ensure that all the required information is pr ....


THE LANDLOARD AND TENANT ACT 2022 - THE LANDLORD AND TENANT ACT, 2022.   ARRANGEMENT OF SECTIONS PART I - PRELIMINARY Section Application Interpretation PART II - TENANCY AGREEMENTS Making of tenancy agreements. Tenancy agreement of twenty five currency points or more to be in writing. Landlord to give tenant copy of tenancy agreement PART III - TERMS AND CONDITIONS IN TENANCY Fitness for human habitation Implied term as to fitness for human habi Repairing obligations Duty to keep premises in repa ....


REAL ESTATE LINGO (PART 1) - Real estate is full of jargon (“DOM”, “HOA”, “pre qual”, etc), and it can add layers of confusion to an already convoluted process. Whether you’re buying or selling a home, we created this resource to help you learn the vocabulary. We’ve compiled an ever growing list of real estate terms you should know to help you better understand the process and plan your move. Commingling Commingling is the act of mixing funds together, and conversion refe ....


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