Real Estate Term of the Day: Conditions, Covenants & Restrictions

Real Estate Term of the Day: Conditions, Covenants & Restrictions CONDITIONS, COVENANTS & RESTRICTIONS (aka: CCRs) – often found in a condominium or a subdivision, these are rules, written into the deeds or bylaws, that define how property may be used.  They prevent property owners from making changes to their individual properties that could result … More Real Estate Term of the Day: Conditions, Covenants & Restrictions

Real Estate Term of the Day: Conditional Offer

Real Estate Term of the Day: Conditional Offer CONDITIONAL OFFER (aka: Contingency Offer) – purchase contract tendered to the seller that stipulates one or more requirement to be satisfied before the purchaser is obligated to buy (Barron’s Dictionary of Real Estate Terms) The most common form of contingency offer is referred to an offer that … More Real Estate Term of the Day: Conditional Offer

Real Estate Term of the Day: Concessions

Real Estate Term of the Day: Concessions CONCESSIONS (aka: Seller Concessions) – reduction in price (could be credit for closing costs), or other benefit provided to a buyer as an inducement to buy (Barron’s Dictionary of Real Estate Terms) Requests for seller concessions in the form of closing costs are a common negotiating point between … More Real Estate Term of the Day: Concessions