Welcome back! We are here with more terms that you should know if you're planning to buy or sell a home in the near future. Sometimes, lingo can get confusing and it's important to know what's being said by your North Raleigh real estate agents!
Real Estate Terms | North Raleigh Real Estate Agents
- Trade Fixture - A fixture placed for business purposes, or the production of income.
- Surface rights - The soil and land itself
- Subsurface rights - Ownership of the oil and gas beneath the surface
- Situs - Value due to location.
- Severance - Real property can be converted to personal property by this process.
- Scarcity - Usable land is scarce.
- Riparian right - Ownership of land that borders on a river or stream carries with it the right to use that river or stream.
- Real Property - Includes land, improvements, and the interests, benefits, and rights inherent in the ownership
- Real Estate - The land at, above, and below the earth's surface; as well as any improvements made on the land
- Personal property - A mobile home or manufactured housing is known as.
- Personal property (Chattels) - movable objects that do not fit into the definition of real property.
- Permanence of investment - Improvements affect the value long term.
- Metes and bounds - Begins at a point of beginning and proceeds to define boundaries specifying its shape
- Littoral right - Ownership of land that borders on a lake or sea carries with it the right to use that lake or stream.
- Liens - A charge against property that provides security for a debt.
- Laws of descent and distribution - Laws decide distribution
- Land - The earth's surface and extends from the center core of the earth upwards to the heavens above
- Improvements - Anything man made affixed to the land with the intent of being permanent
- Improvements - Affects lands value
- Fructus naturales - Trees, perennial shrubbery, and grass that do not require annual cultivation.
- Encumbrances - A charge, claim or liability that attaches to and is binding on real estate
- Encumbrance - Any right anyone has other than the owner of the property, a lien.
- Emblements - Farm crops and other plants that are grown and harvested annually. (Fructus industriales)
- Easement - by necessity Court ordered.
- Dower Wife's- right in husbands property
- Datum - An accepted starting point (level) to measure from. (As in Sea level)
- Curtesy - Husbands right in wife's property
- Bundle of legal rights - Right of possession.
- Bill of sale - Sale of Personal property document.
- Benchmarks - Established markers that surveyors may use to measure from.
- Air rights - (Vertical ownership) The right to build a structure in the air above your land.
- Accession - The law that allows the transfer of a trade fixture is known as this.
Be sure to visit back with us soon for more real estate terms that will help you work with your North Raleigh real estate agents without issues or confusion!
With the lower interest rates and increased sales, it's a great time for buyers to really consider purchasing a home before the end of this year. With time left to search, as well as sell current homes, now's a great time to contact our North Raleigh real estate agents!
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