Real Estate Definitions

MILLAGE RATE: The millage rate is the amount per $1,000 used to calculate taxes on property. A mill is a thousandth of a dollar. So 1/10th of a penny. LET’S BREAK DOWN MILLAGE RATE! For example, if the tax rate is 50 mills , the annual tax is 5 cents per dollar of value; 5% […]

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EARNEST MONEY: Earnest money is a deposit you pay to show the buyer you’re serious about the transaction. Earnest money is what shows your good-faith intent in a real estate transaction. LET’S BREAK DOWN EARNEST MONEY! Like any buyer, they would think twice about withdrawing from the deal if they have made any deposit as […]

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Every Wednesday, I will be bringing a word or two that relates to real estate and investing.  Today’s word is… Adverse Possession (n) Adverse Possession allows a person who uses another’s property to gain ownership when the use is actual, open, notorious, exclusive, hostile, continuous, and long enough (time imposed by state law). In other […]

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