Are you thinking of buying a home next year? If so, it's a great time to consider it. 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 purchase new homes now's a great time to contact our Raleigh real estate team!
Below, you'll find terms and definitions that will help you work with a real estate team, when the time comes!
Raleigh Real Estate Terms to Know!
- Involuntary lien - forced on a property owner by the court, such as an IRS lien. An additional liens can also be classified as statutory and equitable
- General lien - A lien which attaches to all property owned by the debtor
- Fixture - Is personal property that has been converted to real property by being permanently affixed or attached to the land or building
- Escheat - Attempts to avoid property from becoming deserted or ownerless
- Equitable lien - Created as a result of common law, Court ordered
- Encroachment - The illegal extension of a building or some other improvement beyond the land of one owner and onto the land of an adjacent owner
- Eminent domain - The right of a government to take private property for public use upon the payment of just compensation
- Easement - A right, privilege or interest which one party has in the land of another
- Downzoning - Commercial or residential land re zoned for conservation purposes or changed from dense to less-dense usage
- Deed restriction - A form of private restriction that is written into deeds or leases that limits use of property
- Assessment - The appraisal of value for tax purposes by an assessor or an appraiser representing the municipality in which the property is located
- Ad valorem - Tax according to value
Be sure to visit back with us, soon to learn even more terms that will help you work with your real estate agent!
Roark Premier Team | Raleigh Real Estate
Also, if you’re considering selling your home, it's time to act now! Contact Roark Premier Team today and get started with the process of listing your home on the market. We guarantee to sell your home in 59 days or less! If we don’t, the listing fee is waived. So what are you waiting for? Call now! Our real estate agent is standing by to help you get your home sold during one of the busiest times of the year for real estate!
To learn more, be sure to visit with other blog posts containing terms to know, as well:
Real Estate Terms to Know Part 4
Real Estate Terms to Know Part 5
Real Estate Terms to Know Part 6
Real Estate Terms to Know Part 7