Real Estate Glossary

Directing prospective buyers or tenants into or away from certain areas on illegal discrimination grounds.

A lease with fixed increases at stated intervals, or increases based upon periodic appraisals at stated times; graduated lease; graded lease.

The type of rental arrangement requiring rent payments of fixed amounts made at specific intervals through the lease's duration.

Setting aside or allowing a fixed sum of money each year to offset replacement or improvements when needed.

A note on which interest only is paid during the term of the loan. When the loan expires, the entire sum of principal is due.

One who purchases property for another to conceal the identity of the real purchaser; a dummy purchaser.

The process of apportioning a parcel of land into individual lots.

The governmental regulation of the ways in which subdivided property must be planned and completed.

A lease given by a lessee for a portion of the unexpired balance of his term, or one given for a portion of the leased premises.

A clause in a mortgage or lease stating that the rights of the holder shall be secondary or subordinate to a subsequent encumbrance.