Vocabulary Lesson 9

vocabulary property guiding


 Lesson 9

Association Dues and more…we all get to a closing to see a bunch of fees, however we never seem to really understand what they are or what we are paying for. This should assist in that process.

  1. Association Dues/Fees

– An amount of money that must be paid monthly/quarterly or annually by owners of certain types of residential property to an organization that assists with maintaining and improving that property and others in the same group.

2. Estoppel

– A legal theory under which a person is stopped or barred from asserting or denying a fact because of the person’s previous actions or words.

3. Capital Contribution

– The cash or property contributed to a company by its owners.

4. Capital Reserve

– Condominium associations  fund a reserve account for certain capital expenditures and deferred maintenance, there is a  statute that requires this for them.

5. Transfer Fee

– A payment that must be made when you buy property from someone else.

6. Consent to Transfer

– The right or consent to transfer ownership of a property within an association. A document is usually prepared and given for such.

7. Association Application

–A document that must be filled out and given to an association for approval to transfer or purchase property.

8. Association Approval

– A grant or reservation of the right of use, occupancy and ownership for the life of an individual.

Wow, that was a lot to take in…have one you need a definition for? Call me…239-415-6574

Look for lesson 10 coming soon to a blog near you…!!

Title Junction is a full service real estate title company serving the area of Fort Myers, Cape Coral and the entire state of Florida since 2005. The company handles a number of real estate title services for both commercial and residential properties. Employees of Title Junction can also act as a witness in courtesy closings as well as an escrow agent or a notary public.

Please contact Jennifer Ferri of Title Junction, LLC for further information @ 239-415-6574 or www.title-junction.com

Posted on May 24, 2013, in Title and tagged , , , , , , , , , , , , , , , , , , , . Bookmark the permalink. Leave a comment.

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