Oconee County Real Estate
Real Estate Terms | F
Fair Market Value
That price a property will bring given that both buyer
and seller are fully aware of market conditions and
comparable properties.
Foreclosure
A legal term applied to any of the various methods of
enforcing payment of the debt secured by a mortgage,
or deed of trust, by taking and selling the mortgaged
property, and depriving the mortgagor of possession.
Fee Simple
Ownership of title to property without any limitation,
which can be sold, left at will, or inherited.
Front Footage
The linear measurement along the front of a parcel.
That portion of the parcel which fronts the street or
walkway.
Functional Obsolescence
Loss in value due to out-of-date or poorly designed
equipment while newer equipment and structures have
been invented since its construction.
Fixtures
Items affixed to buildings or land usually in such a
way that they cannot be moved without damage to themselves
or the property, such as plumbing, electrical fixtures,
trees, etc.
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