Real Estate Glossary

Those who are qualified or mentally competent to enter into a contract.

Interest paid both on the original principal and on interest accrued from the time it fell due.

The ownership of property by two or more people.

The process by which property of a private owner is taken for public use, with just compensation to the owner, under the right of eminent domain.

A sale which includes conditions.

The individual outright ownership of a single unit in a multi-unit property together with an interest in the common elements of that property.

A statement of acknowledgment of debt of principal, interest, and other costs. It is a mandatory statement in a collateral mortgage and the words "confess judgment" must appear in the terms of the mortgage.

The merging of ownership of both dominant and servient estates by the same person.

Valuable consideration, a promise or an act of legal value bargained for and received in return for a promise; good consideration, love and affection.

A short term loan for building or repairing properties allowing the disbursement of funds at designated intervals as the work progresses.