J – Land Contract: Also known as an installment sale, a land contract is a transaction in which the sale is paid in multiple installments over a number of years. This type of contract is a owner financed option. Other names for a land contract include: land sales contract, bond for title, and articles of agreement for warranty deed.
L – Littoral Rights: This is an interesting term referring to a landowner’s claim to use water in navigable lakes and other large bodies of water adjacent to their property. Typically the rights of use are dictated by the high-water mark.
M – Mixed Use: A mixed use property is one that accommodates more than one use, an example being a house that is living in and also used as a barber shop business. This property is utilized both in a residential and commercial way.
N – Nonconforming Use: Another type of property use is nonconforming. This is the use of a property that is allowed to continue after a zoning ordinance prohibiting it has been put in place. Nonconforming use typically ends when the improvement is torn down, destroyed, or the current use is abandoned.
O – Owner Financing: In this financing option the seller is the primary lender. Historically the buyer takes possession of the property and the seller keeps legal title until the balance of the sale is paid in full. In some states the legal title is transferred prior to full payment,
P – Personal Property: An item, also known as a chattel, is a movable object and is not included in the definition of real property. Personal property is not included in the sale unless otherwise noted in the purchase agreement. Examples might include: basketball goals, hot tubs, outdoor grills, furniture and vehicles.
Q – Quitclaim Deed: One of the several types of deeds, the quitclaim provides the least protection of any deed. The quitclaim deed carries no covenants or warranties and usually conveys only interest in the property.
R – Recording: This is a vital step in home buying, during the recording process the documents are entered into permanent record. Until the deed is recorded the mortgage or deed is not effective against subsequent buyers. This is the final confirmation for the new buyer completed after closing.
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