Real Estate Glossary

Imaginary lines used by surveyors in locating and describing land under the rectangular survey method. The north-south line is the meridian, the east-west line is the baseline.

The land between a riverbank and the waters edge when the water level is low than normal. In Louisiana, the term applies to certain portions of the Mississippi River bed that are uncovered at the time of low water, but covered at the time of ordinary high water.

A permanent reference mark or point established for use in measuring differences in elevation.

A person who receives and benefits from the gifts or acts of another; or who receives the proceeds from a will, insurance policy or trust. Also, the term is used to describe the person who receives the proceeds or principal of a trust left in the will of another - a testamentary trust.

The giving of personal property by will.

Personal property given by a will.

Happening twice each year; semi-annual.

Happening once every two years.

A contract in which both parties have reciprocal obligations towards each other.

A written instrument which passes title of personal property from seller to buyer.