by John Reilly | Jul 28, 2021 | Language of Real Estate
Specific performance vs. Liquidated damages With respect to remedies upon breach of contract, specific performance is a legal action brought in a court of equity to compel a party to carry out the terms of a contract, whereas liquidated damages is an amount... by John Reilly | Jul 25, 2021 | Language of Real Estate
Covenants vs. Conditions A covenant is a promise to do something (as in a covenant of quiet enjoyment in a deed), whereas a condition is a contingency that must be met, otherwise a particular property right could be gained or lost. A covenant is an agreement or... by John Reilly | Jul 24, 2021 | Language of Real Estate
Adverse possession vs. Trespass Adverse possession is the acquiring of title to real property owned by someone else by means of open, notorious, hostile and continuous possession for a statutory period of time; whereas trespass is any wrongful, unauthorized invasion... by John Reilly | Jul 21, 2021 | Language of Real Estate
Capitalization rate vs. Recapture rate The capitalization (cap) rate is the rate of return the investor wants on a property; it consists of the return on the investment plus the recapture (through depreciation) of the investment. Capitalization (CAP) rate — The... by John Reilly | Jul 17, 2021 | Language of Real Estate
Purchase-money mortgage vs. Contract for deed Both types of financing involve seller carryback financing; the difference is that legal title remains with the seller in a contract for deed. Purchase-money mortgage — A mortgage given as part of the buyer’s... by John Reilly | Jul 15, 2021 | Language of Real Estate
Mark Twain once said: The difference between the right word and the almost right word is the difference between lightning and a lightning bug. Here’s a few words we commonly see misused in real estate parlance: Selling agent vs. Seller’s agent — The...