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Real estate law provides for certain terminologies, which may be a little “indigestible” and, in any case, difficult to understand if not even ambiguous for those approaching the sector for the first time and / or for foreign investors. Here are some of the terms most commonly used in real estate.

Appraisal:

Estimate, evaluation of the value of a property, which is carried out by a third party not involved in the real estate transaction. Usually, this is done by comparing the sale price with the value of similar properties located in the same area. As a rule, banks or lenders apply for an “appraisal” before making a mortgage. You can choose the Lawyerspain services for the same.

Assessment

Improvement contribution following interventions carried out by the municipality which increase the value of the properties located in the area. The construction of sidewalks and roads are typical examples of improvements that turn into “assessment”. The owners of the properties, who receive an economic benefit from the improvements made, as a rule, contribute with a proportional share of the costs for the execution of the works in question.

Broker

Real estate agent duly registered in the professional register provided by each State of the Confederation. The agent must be registered in the register in the State in which he operates.

Closing

Deed, represents the final phase of the procedure envisaged for the sale and purchase of a property. At the deed, the transfer of ownership of the property from the seller to the buyer is perfected, following the payment of the purchase price, the property taxes, the fees of the lawyers and the fees provided for any real estate agents involved in the operation.

Condominium

Condominium or even “condo” is a typical form of real estate property, very similar to what we are used to in Italy. It occurs when in a building, with multiple real estate units, more people are each owners of part of them exclusively and the corresponding share of the common area.

Deed 

It is a private legal act, characterized by a series of formal requirements, including the written form, which is used for the transfer of real estate rights.

Foreclosure

  • Process of expropriation of a real estate property following the non-payment of the mortgage.

Mortgage Loan

The rules governing mortgage loans vary from state to state.

Survey

Topographical survey aimed at determining the boundaries of a given terrain and the possible presence of improvements and / or easements.

Title Insurance 

Title insurance (i.e., insurance against defects related to title ownership of real estate) is, in essence, an insurance policy that protects the owners of real estate, for residential and commercial use, from the damages suffered in relation to problems concerning the title of ownership. Policy signing is not mandatory in New York. It is important to remember that title insurance does not replace the legal advice that can be obtained when buying a property.

 

The importance of consulting a lawyer before buying or renting a property

Anyone who decides to buy or rent a property will face most, if not all, of the issues highlighted above. Each of these issues has complex aspects, which can differ from state to state and even from operation to operation. Studio Linares Associates PLLC offers complete assistance to its customers in the interpretation and analysis of all regulations, which can be applied during a real estate transaction.