Every industry has its lingo, and the Austin, Texas real estate industry is no exception to this rule. Whether you're buying a home for yourself or as a rental property, you’ve probably come across a term that you needed an explanation for from your Realtor, lender, etc.
It’s important for anyone interested in investing in Austin, Texas real estate to have a solid foundation and working knowledge of the basic concepts and definitions of terms related to the buying, selling, flipping, etc of homes in Austin!
Below we review the terms and phrases you might regularly hear as you dive more deeply into the real estate investment market here in Austin and expand your network within the industry.
Abandonment - The act of voluntarily surrendering or relinquishing possession of real property without vesting this interest in any other person. If your renter abandons your rental property in Austin, Texas the property code has very specific steps that must be taken when abandonment is suspected, and deviating from these steps can lead to trouble.
Additional insured - a person or organization not automatically included as an...