Real Estate Glossary

The cost to replace the subject improvement with one having equivalent utility, but constructed with modern materials and according to current standards in workmanship, design and layout.

The cost, at today's prices, of constructing an exact replica of the subject improvement using the same or very similar materials.

To annul; cancel.

Acronym of the Real Estate Settlement Procedures Act, federal legislation passed to regulate disclosure of the buyer's settlement costs.

A clause in a deed or other written instrument limiting the use to which the property may be put.

The residue of an estate left to the grantor or his heirs after termination of all prior estates and interests; the right of a lessor to recover possession of leased property upon the termination of the lease, with all subsequent rights to use and enjoy the property.

A present right to future possession of an estate.

An addition, amendment or endorsement to a contract or other document.

The right to acquire the interest of a deceased joint owner; distinguishing feature of a joint tenancy.

An easement or right of passage over another's land.