Know the laws your rights
capital gains
The profit on the sale of a capital asset, such as stock or real estate. If you sell your primary residence, you can exclude $250,000 in profit from capital gains tax. A couple can exclude $500,000.
See Topic: Real Estate
Continue reading “capital gains”
mortgage
A loan in which the borrower puts up the title to real estate as security (collateral) for a loan. If the borrower doesn’t pay back the debt on time, the lender can foreclose on the real estate and have it sold to pay off the loan.
foreclosure
The forced sale of real estate to pay off a loan on which the owner of the property has defaulted.
See Topic: Real Estate Foreclosure Credit Repair & Debt
Continue reading “foreclosure”
bond
(1) A written agreement purchased from a bonding company that guarantees a person will properly carry out a specific act, such as managing funds, showing up in court, providing good title to a piece of real estate or completing a construction p
Continue reading “bond”
tenants in common
See tenancy in common.
See Topic: Wills & Estate Planning Real Estate Marriage & Living Together Divorce & Child Custody
Continue reading “tenants in common”
for sale by owner (FSBO)
Selling your house without a real estate broker. Doing so can save you a commission but requires that you devote time and energy not only to marketing and showing the house but also to learning and following the legal rules
Continue reading “for sale by owner FSBO”
bequest
The legal term for personal property (anything but real estate) left in a will.
See Topic: Wills & Estate Planning
Continue reading “bequest”
tenant
Anyone, including a corporation, who rents real property, with or without a house or structure, from the owner (called the landlord). The tenant may also be called the “”lessee.””
See Topic: Landlords & Property Management Real Estate Ren
Continue reading “tenant”