When buying or selling a residence, it always helps to have a basic understanding of San Antonio Real Estate terms. In this on going series of articles, we take a look at definitions starting with “condominium.”

1) Condominium – A type of ownership in real residence where all of the owners in a collection of buildings jointly own everything except the interior of each residence. Accordingly, the jointly area is run by a homeowner’s association, which can assess fees to the owners for improvements, etc.

2) Sales commitment, or commitment of Purchase and Sale – the agreement in between customer and seller. In most jurisdictions it must be in writing in order to be enforceable. It covers such things as the identity of the residence, the purchase cost, any conditions of the sale, the settlement date or escrow period, when the customer will occupy the residence, etc.

3) Deed – a written document which provides that Deed does not pass to the customer until the final payment has been made. In the event of default by the customer, the residence reverts to the seller. (One sees these occasionally. I’ve seen them when an owner was financing the sale of raw land for a customer.)

4) Deposit, or fantastic Faith Deposit – an amount of hard earned cash tendered by the customer at the time a commitment offer is made on real residence. The commitment spells out who holds it, and circumstances under which the seller gets it, and circumstances under which it’s returned to the customer. Typically, the seller gets it as portion of the purchase cost at settlement, or as liquidated damages if the customer defaults. The customer generally gets it back if a predicament of settlement is not achieved.

5) Deed – the written document which conveys title to real residence. Some states are “record” states and ownership is defined by the deed’s being recorded at the courthouse in which the residence lies.

6) Deed of Trust – the document which allows a third party to act for the lender should the lender want to forclose on real residence used as collateral for a loan.

As you can image, there are many San Antonio Real Estate terms for which you have a general understanding. In our next article, we continue with the terms starting with “Easement.” For more valid info on San Antonio Real Estate buildings, call us. We provide individuals with valuable ideas and pointers about investing low and earning high. When you are looking for San Antonio Realtors in your area please explore our web site today by simply clicking the backlink.