Oconee County Real Estate
Real Estate Terms | A
Real Estate Agent
A licensed person who works under the direction of a
broker selling and renting real estate.
Real Estate Broker
A middle man or agent who buys and sells real estate
for a company, firm, or individual on a commission basis.
The broker does not have title to the property, but
generally represents the owner.
Realtor
A real estate broker holding membership in a real estate
board affiliated with the National Association Of Realtors.
Refinancing
The process of the same mortgagor paying off one loan
with the proceeds from another loan.
Restrictive Covenants
Private restrictions limiting the use of real property.
Restrictive covenants are created by deed and may "run
with the land," binding all subsequent purchasers of
the land, or may be "personal" and binding only between
the original seller and buyer. The determination whether
a covenant runs with the land or is personal is governed
by the language of the covenant, the intent of the parties,
and the law in the State where the land is situated.
Restrictive covenants that run with the land are encumbrances
and may affect the value and marketability of title.
Restrictive covenants may limit the density of buildings
per acre, regulate size, style or price range of buildings
to be erected, or prevent particular businesses from
operating or minority groups from owning or occupying
homes in a given area. (This latter discriminatory covenant
is unconstitutional and has been declared unenforceable
by the U.S. Supreme Court.)
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