Buying Home In Las Vegas
Buying Home In Las Vegas
Buying Home In Las Vegas

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Real Estate Terms of the Day for Buying Home In Las Vegas



TITLE SEARCH
An examination of the public records to determine what, if any, defects there are in the chain of title.

INSPECTION
A visit to and review of the premises. A prudent purchaser of property always inspects the premises before closing.

NOVATION
The substitution of a new obligation for an old one; substitution of new parties to an existing obligation, as where the parties to an agreement accept a new debtor in place of an old one.

TAX LIEN
Claim against a property for unpaid taxes.

SUBJECT TO MORTGAGE
A grantee taking title to real property "subject to mortgage" is not personally liable to the mortgagee for payment of the mortgage note. In the event the grantor-mortgagor defaults in paying the note, the grantee could, however, lose property, and thus his equity, in a foreclosure sale.

BUSINESS OPPORTUNITIES
Any type of business which is for sale.

COMPARABLES
Recently sold properties which are similar to a particular property being evaluated, and which are used to indicate a reasonable fair market value for the subject property.

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