Real Estate Glossary

An agreement to cover a down payment for the purchase of real estate as evidence of good faith on the part of the purchaser; shows the receipt of a deposit and outlines the basic terms of the transaction.

One mortgage covering two or more specific parcels of real estate.

The discriminatory practice of encouraging members of one race or creed to move into a neighborhood, and then exploiting the situation by persuading residents to sell their houses at deflated prices because of the alleged social deterioration of the neighborhood.

In good faith, without fraud; genuine; real.

An instrument used in conveying Louisiana properties whereby the seller retains title after execution until such time as a designated amount has been paid in by the buyer (deemed the bond) at which time title passes and the seller assumes the position of a mortgagee with a security interest and the buyer-mortgagor assumes title.

Violation of any of the terms or conditions of a contract; default; non-performance.

A licensed person who negotiates the purchase and sale of real estate for another.

A mortgage with payments that cover principal and interest, plus taxes, fire insurance, lease rent, etc.

Rules established by local governments to regulate construction standards.

A line at a certain distance from the front and/or sides of a lot, beyond which no building may project.