What Does Prima Facie Mean In Real Estate? Definition & Examples Prima facie, a Latin term meaning “at first sight,” holds significant importance in the world of real estate. It refers to a legal claim that has enough initial evidence to support its validity. When a plaintiff files a lawsuit in real estate, they must […]
What Is Express Agency In Real Estate? Definition & Examples Express agency in real estate refers to an agency relationship that is created and communicated between a principal (property owner) and an agent (real estate agent or broker) through a written or oral agreement. This agreement expresses the intentions of both parties to establish an […]
What is an Underlying Asset in Commercial Real Estate? Definition and Examples. An underlying asset in commercial real estate refers to the physical property or asset that generates income or value. The performance and valuation of commercial real estate investments depend on the underlying assets. Understanding these concepts is crucial for valuation, investment decisions, and […]
What Are Homeowners Association (HOA) Fees? Definition and Examples. Homeowners association (HOA) fees are recurring payments made by homeowners who live in areas governed by a homeowners association. HOA fees go towards maintaining and improving shared amenities and infrastructure in the community. As a homeowner, you may have heard the term “Homeowners Association (HOA) fees” […]
What Is a Condominium Fee in Real Estate? Definition and Examples. A condominium fee, also known as a condo fee, is a levy paid by every property owner in a condominium complex to cover ongoing maintenance costs. It is based on factors such as the size of the condo unit, the amenities offered, and any […]
What Does a Title Agency Do? Definition and Examples A title agency plays a crucial role in real estate transactions by verifying the legitimacy of property titles and providing title insurance protection. They ensure that the seller has the right to sell the property to the buyer and handle the closing process as a neutral […]
What Does Encroachment Mean in Real Estate? Definition and Examples. Encroachment in real estate refers to a situation where a property owner violates the rights of their neighbor by building or extending a structure onto their neighbor’s land without permission. It can occur intentionally or unintentionally, often due to a lack of clarity regarding property […]
Can You Deny Access to Landlocked Property? Definition and Examples No, you cannot legally deny all access to landlocked property. There are laws that prohibit landowners from blocking easements that provide necessary access to landlocked parcels. That said, the landlocked owner does not have an automatic right to access their property however they want. They […]
What Does Landlocked Mean In Real Estate? Definition and Examples. In real estate, a landlocked property refers to a piece of land that is surrounded by other lots owned by different individuals or entities and does not have legal access to a public road. This type of property can be challenging to access and may […]
Who is a Guarantor in Real Estate? Definition & Example A guarantor in real estate is an individual who promises to pay a borrower’s debt if the borrower defaults on their loan obligation. The guarantor acts as a financial safety net for the lender, pledging their own assets as collateral against the loan. They are […]