Real Estate Glossary

Buying back one's property after default or a judicial sale.

The right to have a sale rescinded or the price reduced due to a hidden defect which, had the buyer known of it, would have caused him or her to offer a lesser price or not act at all.

The unethical, sometimes illegal, practice of systematically refusing to make loans in certain neighborhoods.

Passed to enforce the Truth in Lending Law, Regulation Z establishes guidelines for disclosure of loan costs, the borrower's right of recission, and fair advertising practice regarding personal, agricultural and family loans.

A provision in escrow agreements allowing, in the event of thee seller's death, the closing date of the sale to "relate back" to the date the escrow agreement was made.

A clause in a blanket mortgage which gives the property owner the right to pay off a portion of the indebtedness, thereby freeing a portion of his property from the mortgage.

The instrument given by the mortgagee to the mortgagor indicating discharge of the mortgage, stating that the obligation has been fulfilled and the debt paid off.

Gradual recession of water from the usual watermark.

An estate created by single grant simultaneously with another which vests with a third party after termination of the prior estate; such as a life estate.

The one in whom an estate vests after termination of a prior estate.