Real Estate Glossary

A present right of title to realty, but with possession delayed to some uncertain time in the future.

To have no force or effect; that which is unenforceable.

That which is capable of being adjudged void, but is not void unless action is taken to make it so.

Any lien placed on property with the consent of, or as a result of, the voluntary act of the owner, e.g., a mortgage.

A deed in which the grantor fully warrants a good clear title to the property; a deed that contains covenants of title.

Willful destruction of any part of the land which would injure or prejudice the landlord's reversionary right.

A legal declaration of a person's wishes as to the disposition of his property after his death.

A wrap-around mortgage is a vehicle sometimes used to provide secondary or additional financing. It is a mortgage which includes within its lien an existing or prior mortgage. The wrap-around mortgage assumes the existing or prior mortgage, includes it with any additional financing being provided, creates a new mortgage for the total amount and therefore, advances to a primary position. The mortgagor then makes one payment for the total amount to the wrap-around mortgagee, who in turn maintains the debt service on the prior obligation.

A writ or court order authorizing and directing an officer of the court to carry out the judgment or decree of the court.

The return on an investment; the amount of profit made as a percentage of the amount invested.