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Glossary of terms

Posted by Century 21 Bayside Properites on 2 October, 2023
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Real estate appraisal:

It is an official report that will tell how much your property is worth, fairly. It takes into account factors such as built meters, surface area, materials used, hydraulic and gas installation, access to basic services such as water and transportation and its location.

Notary Public:

He is in charge of providing legal certainty to both the selling and the buying parties. He/she will review the validity of the documents, obtain the Public Registry of Property, calculate the local and federal taxes of this transaction, generate a testimony of all this and collect the fees generated by drafting the deed.

Deed:

A document drawn up by a notary to recognize a certain person as the owner of a property. This process is carried out when you buy or inherit a house or land. In this way, the rights and obligations fall on you as the legal owner.

Home equity:

It is the positive difference between the price at which you bought your property and the subsequent price at which you will sell it. Its value may increase if there has been economic growth around it, such as street construction or store openings. 

Cadastral value:

It is a real estate valuation method used by the Cadastre of the Municipality or Federal Entity where you live. When you fulfill the dream of acquiring a property, you must consider all the responsibilities that come with it and the associated costs and taxes that must be paid. Once the cadastral appraisal of a property has been issued, you can define the amount you must pay in taxes and property taxes for the property you own.

Mortgage credit:

It is a loan of money for the purchase of a property that has the payment guaranteed with the value of the same property.

The main requirements to obtain a mortgage credit:

  • To gather the money for the down payment.
  • To prove seniority in your job.
  • Maintain a good credit history.

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