“Real estate” is generally understood to refer to all property that a person owns and uses for residential, commercial or industrial purposes. This includes land and buildings as well as any improvements such as drainage systems, electricity grids, water or sewer systems which affect its value.
Real estate agents are licensed professionals who arrange and execute real estate transactions for those wishing to buy or sell properties. Additionally, the agent serves as a mediator between buyers and sellers during negotiations.
A legal relationship in which one person is trusted with managing the assets or money of another. As a fiduciary, you owe your principal certain duties such as loyalty; obedience; full disclosure; skill, care, and diligence in handling their affairs.
FEE SIMPLE – The greatest real property ownership one can possess; it entitles one to complete and absolute ownership that lasts indefinitely, is freely transferable and inheritable, and has no restrictions whatsoever.
REVERSION (legal terminology) – When a grantor conveys less than his full interest in real property, whether that be freehold or less-than-freehold, then they create an insurmountable future estate.
Tenancy for Years Less-the-Thrird – A leasehold estate where the tenant possesses property for a set period of time (typically 60 days or fractions thereof), up to one year and ten years.
CLOSING STATEMENT – A comprehensive cash accounting of the real estate transaction prepared by an escrow officer or other designated party, detailing all money received, charges made and payments made in the deal; also known as a settlement statement.