Real Estate Glossary

The substitution of one person in place of another with reverence to a lawful claim, demand or right, so that he succeeds to such rights of the other.

A process whereby the landlord may terminate a lease for good reason and the tenant must appear and show cause why he would not be evicted. Also called Dispossess Proceeding or Unlawful Detainer.

One who becomes a guarantor for another.

The cancellation of a lease by an act of mutual consent of lessor and lessee.

The process by which a parcel of land is measured and its area ascertained.

Multiple ownership of an investment, usually in the form of a limited partnership.

Permanent or long-term financing of individual condominium units for their respective buyers.

A deed for property sold by a government unit for non-payment of assessed taxes.

A claim against real property going into effect when taxes are assessed against that property.

A sale of property, usually at auction, for non-payment of assessed taxes.