HOME OWNERSHIP

A voluntary conveyance is a transfer of land ownership that is initiated by the owner of the land and is made with the owner’s consent. It is typically accomplished through a deed, which is a legal document that formally records the transfer of ownership. Key Elements of Voluntary Conveyance: Types of Voluntary Conveyances: Legal Requirements: […]

An Automated Valuation Model (AVM) is a software tool used to estimate the value of a property by analyzing various factors like location, size, condition, and other relevant data. It functions much like a traditional appraisal but utilizes algorithms instead of human judgment. Key Features: Benefits: Challenges: Overall: While not foolproof, AVMs offer a powerful […]

Amortization Schedule An amortization schedule is a financial statement that tracks the gradual reduction of a long-term asset’s cost over its useful life. It is used to account for the depreciation of assets that are not purchased for cash, such as equipment, vehicles, and intangible assets. Format of an Amortization Schedule: Amortization Schedule for [Asset […]

Tenancy by the entirety is a form of ownership in which two or more people own a single parcel of property jointly, as a single entity. Unlike joint tenancy, which allows each owner to dispose of their own interest separately, in a tenancy by the entirety, all owners have an undivided interest in the entire […]

A multiple listing service (MLS) is a platform that allows real estate agents to share property listings with other agents and clients. It is a centralized database that collates information about properties from various sources and makes it available to the public. Key Features of MLS: Benefits of MLS: Participating Members: MLS typically includes a […]

Conveyance refers to the process of transferring ownership or possession of property from one party to another. It involves the following key elements: 1. Transferor: The party who owns the property and is transferring it to another. 2. Transferee: The party who receives ownership or possession of the property. 3. Property: The tangible asset that […]

Sure, Housing Unit is a term used in the United States to describe a structure used as a living quarters, including single-family homes, apartments, duplexes, and other multi-family structures. Here’s a breakdown of the term: Housing Unit: Definition: A housing unit is a separate living quarters with its own kitchen, bathroom, and sleeping area. Type: […]

Comparative market analysis (CMA) is a real estate valuation technique that involves analyzing similar properties to determine the value of a particular property. It is commonly used by real estate agents, appraisers, and investors. Key Steps in CMA: 1. Identify Comparable Properties:– Select properties that are similar in size, location, condition, age, and other relevant […]

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Zero-Lot-Line House A zero-lot-line house is a type of single-family home that has no lot line between the house and the street. Instead of being set on a separate lot, the house is built directly on the street. Key Features: No lot line: The house is built directly on the street, eliminating the need for […]