Real Estate Glossary

A gift of realty by will.

One who receives a gift of real estate by will.

One who gives realty by will.

A loan having a replacement schedule in which a declining amount of interest is deducted from a fixed payment amount. What remains of each payment is applied to the loan's outstanding principal.

A fee based on a percentage of a loan, charged by a lender, as a service charge, or as an amount needed to produce the same yield on an FHA or VA loan that he would receive in the conventional mortgage market; each point charged represents 1% of the loan amount and increases the interest rate by 1/8 of one percent.

The act of depriving a forced heir of the inheritance the law gives him.

That amount of a person's property which he may freely dispose of without affecting the legitime (forced heirship portion). Donations inter vivos or mortis cause cannot exceed 3/4 of the property of the disposer, if he leaves, at his decease, one child; and 1/2, if he leaves two or more children.

A state tax on the transfer of real property.

An estate attached to and benefitting from the servient estate, e.g., an easement runs over the servient estate and serves the dominant estate; also called dominant tenement.

A gift between living persons. A donation inter vivos is an act by which the owner (donor) divests himself of presently and irrevocably of a thing in favor of another (donee) who accepts it.