by John Reilly | Jul 13, 2021 | Language of Real Estate
Exclusive right to sell vs. Exclusive agency The exclusive right to sell gives the broker a commission no matter who sells the property (the owner or the brokers), whereas under an exclusive agency, no commission is due if the seller finds the buyer. Exclusive agency... by John Reilly | Jul 10, 2021 | Language of Real Estate
Assemblage vs. Plottage Assemblage is the process of joining several parcels to form a larger parcel; the resulting increase in value is called plottage. Assemblage — The combining of two or more adjoining lots into one large tract. This is usually done to... by John Reilly | Jul 8, 2021 | Language of Real Estate
Statute of frauds vs. Statute of limitations The statute of frauds requires that certain contracts be in writing to be enforceable, whereas the statute of limitations sets time limits on the ability to file a lawsuit to enforce a right. Statute of frauds — State... by John Reilly | Jun 24, 2021 | Language of Real Estate
Functional obsolescence vs. External obsolescence Obsolescence is a cause of depreciation in a property. A loss in value resulting from some internal (i.e., functional) factor (e.g., poor design, outdated equipment) as opposed to an external factor (e.g., neighborhood... by John Reilly | Jun 20, 2021 | Language of Real Estate
Eminent Domain vs Police Power When property is taken under eminent domain, there must be payment of just compensation, whereas a taking under the police power (such as zoning) does not require compensation. Eminent Domain – The right of government (both state... by John Reilly | Jun 17, 2021 | Language of Real Estate
Riparian Rights vs. Littoral Rights Riparian rights are those rights and obligations that are incidental to ownership of land adjacent to or abutting watercourses such as navigable streams and rivers, whereas littoral rights are a landowner’s claim to use of the...