Real Estate Terms Part 7

We are back with one final blog posts featuring all the most commonly used North Raleigh real estate terms that you should know. There are quite a few, but learning them will help you work with you real estate agent while buying or selling a home!

North Raleigh Real Estate Terms to Know!

  • Voluntary lien - A lien that is created willingly by the property owner, such as a lien given to a lender to borrow money for the financing of a new home
  • Vendors lien - A lien that a vendor has on a purchaser for the unpaid purchase price of land
  • Time-share - Ownership of property for a specific period of time each year
  • Testamentary trust - A trust set up to take effect once the trustor has died
  • Tenancy in common - The form of real estate ownership automatically provided by law when two or more people own real estate together
  • Statutory lien - A lien that is created by statute. An IRS lien is involuntary as well as statutory
  • Spot zoning - The reclassification of one parcel of land for use that does not conform to the zoning of the rest of the area.
  • Situs - A person's choice or desire for a given area; area preference
  • Radon - An odorless radioactive gas produced by the decay of other radioactive materials in rock under the earths surface
  • Nonconforming use - A building or an improvement is deemed "what" when it does not follow current zoning laws in an area because it's use was in existence prior to the passage of a zoning ordinance and allowed to continue

We hope these terms, combined with the ones you'll find over several older blog posts, help you when working with your North Raleigh real estate team! Have any questions? Call our office today!

With the lower interest rates and increased sales, it's a great time for sellers to really consider selling their home before the end of this year.Contact our North Raleigh real estate team now for more information!

Thinking of buying a home, as well? Contact Roark Premier Team today and get started with the process of listing your home. We guarantee to sell your home in 59 days or less. If we don’t, the listing fee is waived! So what are you waiting for? Call now! Our real estate agent is standing by to help you get your home sold during one of the busiest times of the year for North Raleigh real estate!

To learn more, be sure to visit with other blog posts containing terms to know, as well:

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