More Choices For Holding Title

Tenancy by the entirety (entireties) A special joint tenancy between a lawfully married husband and wife, which places all title to property (real or personal) into the marital unit, with both spouses having an equal, undivided interest in the whole property. In...

Holding Title To Real Property

Holding Title To Real Property Scenario: The seller and the newlywed buyers have agreed to terms and signed the purchase agreement for the sale of the seller’s home. Inspections, financing, escrow, tons of paperwork, have finally culminated in the preparation of the...

What’s an Escrow?

Some real estate agents toss around the word “escrow” not realizing that to many sellers and buyers the concept of a deal being in escrow is a mystery. Just what is this strange place called escrow and what happens there? I recall a broker telling me about a rookie...

Foreclosure

Foreclosure — A legal procedure whereby property used as security for a debt is sold to satisfy the debt in the event of default in payment of the mortgage note or default of other terms in the mortgage document. The foreclosure procedure brings the rights of...

highest and best use

An appraisal term meaning that reasonable use, at the time of the property appraisal, that is most likely to produce the greatest net return to the land and/or the building over a given period of time. The use must be legal and in compliance with regulations and...

Hard Money Mortgage

Hard Money Mortgage Any mortgage loan given to a borrower in exchange for cash, as opposed to a mortgage given to finance a specific real estate purchase. Often, a hard money mortgage will take the form of a second mortgage given to a private mortgage company in...