Real Estate Glossary

The placing of one's signature on a document, to make it negotiable or transferable.

A value used to adjust the market values of properties which have been assessed using differing assessment ratios.

The period of time between the point when the borrower goes into default and the actual foreclosure sale within which the borrower or another interested party can pay the current (or entire) indebtedness and redeem the property.

The right that exists in equity to obtain absolute ownership to property when title is held in another's name; an interest in title to land that may not amount to a fee simple estate but is nonetheless a right of which a court will take notice and seriously consider.

The interest or value which an owner has in real estate over and above the liens against it; branch or remedial justice by and through which relief is afforded to parties in courts of equity.

The gradual wearing away of land due to natural causes of wind and water.

The clause in a mortgage which permits the holder to increase or decrease the interest rate during the term of the mortgage.

The reverting of property to the state when heirs capable of inheriting are lacking, or the property is abandoned.

The deposit of instruments and funds with instructions to a third neutral party to carry out the provisions of an agreement or contract.

The degree, quantity, nature and extent of interest a person has in real property.