REO Occupied refers to a real estate-owned (bank-owned) property that is still inhabited by tenants or former owners. This status affects the buying, selling, and possession process, often requiring eviction or lease negotiation.
Servicing released on a mortgage indicates that the responsibility for managing the loan payments and customer service has been transferred from the original lender to another entity. This change does not affect the terms of the loan but shifts who collects payments and handles inquiries.
A release of mortgage, also known as a mortgage discharge, is the legal document that removes a lender’s claim on a property after the loan has been fully repaid. It clears the lien from the title, allowing the owner to sell or refinance without restriction.
An estate sale occurs when a property’s owner has passed away or is otherwise unable to manage the assets, prompting the sale of the home and its contents. For prospective homebuyers, this designation influences price, condition, and the legal process of acquiring the property.
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Vesting in real estate refers to how a property is legally owned and titled. It determines the rights of owners, how a property passes on death, and the procedures required for transfer.
In real estate, EMV stands for Estimated Market Value. It represents the approximate price at which a property would sell in an open and competitive market based on current data.
In New York City real estate, pre-war refers to residential buildings constructed before World War II. These structures are renowned for their architectural details, solid construction, and spacious layouts. They represent a significant portion of Manhattan housing stock and are highly valued by buyers.
Unplatted refers to land that has not been formally mapped and recorded in a plat. Such parcels rely on alternative legal descriptions and may face additional regulatory steps before development.
The phrase “owner will carry” is commonly used in real‑estate and automotive contexts to indicate that the seller is offering financing or a warranty. It signifies that the owner assumes the role of a lender or guarantor, allowing the buyer to make payments directly to the seller.