Real Estate Glossary

The clause in a mortgage that gives the mortgagor the right to redeem his property upon the payment of his obligation to the mortgagee, and declares the instrument null and void upon payment of debt when due.

A judgment for the balance of a debt; issued when the difference between the indebtedness sued upon and the sale price obtained at the foreclosure sale is less than the debt.

The act or intent of transferring an instrument from one person to another in such a way that it cannot be recalled.

A conveyance of an estate to another for life, for years or at will; to lease.

Money given by one to another as evidence of his good faith; evidence or security for performance of a contract.

Loss of value brought about by physical deterioration or functional or economic obsolescence.

A statistical table that may be used to estimate the value of the added depth of a lot.

Land formed by water receding from a river or stream.

Children, grandchildren, and great grandchildren to the Nth generation living at the time of a person's death who have rights or claims on the property of the decedent.

A licensee named by a broker as the agent of a client.