Real Estate Glossary

The transfer of the title of land from one to another; an instrument which carries from one person to another an interest in land.

Ownership that usually takes the form of shares of stock in a corporation owning the entire building and a proprietary lease giving the stockholder/tenant the right to occupy a unit for which he pays a proportionate share of the maintenance and operating expenses.

A vehicle used to carry on business with its owners having liability only to the extent of their stock ownership considered to be an individual or separate entity.

Pertaining to a right or group of rights of a visible and tangible nature.

A system for compensating inaccuracies in the Government Rectangular Survey System which are caused by the curvature of the earth. Every fourth township line, at 24 mile intervals, is used as a correction line on which the intervals between the north and south range lines are re-measured and corrected to a full six miles.

An agreement to re-convey property where the property has been sold with the intention that it shall serve as security only.

Created by the rejection of an original offer, the counteroffer invalidates the original offer and in effect constitutes a new offer.

An agreement written into deeds and other instruments which promises or guarantees that something shall or shall not be done; an agreement stipulating certain uses or non-uses of property.

A means of estimating a building's value based on the cubic foot construction cost of comparable buildings.

A passage way or street with only one outlet; a blind alley.