Real Estate Glossary

The final installment payment on a note which is greater than the preceding installment payments and pays the note in full.

A deed used to convey title to real property, which may or may not include warranties; if any, they are generally limited to an assertion by the grantor that he has possession of the property.

Imaginary lines used by surveyors in locating and describing land under the rectangular survey method. The north-south line is the meridian, the east-west line is the baseline.

The land between a riverbank and the waters edge when the water level is low than normal. In Louisiana, the term applies to certain portions of the Mississippi River bed that are uncovered at the time of low water, but covered at the time of ordinary high water.

A permanent reference mark or point established for use in measuring differences in elevation.

A person who receives and benefits from the gifts or acts of another; or who receives the proceeds from a will, insurance policy or trust. Also, the term is used to describe the person who receives the proceeds or principal of a trust left in the will of another - a testamentary trust.

The giving of personal property by will.

Personal property given by a will.

Happening twice each year; semi-annual.

Happening once every two years.

A contract in which both parties have reciprocal obligations towards each other.

A written instrument which passes title of personal property from seller to buyer.

An agreement to cover a down payment for the purchase of real estate as evidence of good faith on the part of the purchaser; shows the receipt of a deposit and outlines the basic terms of the transaction.

One mortgage covering two or more specific parcels of real estate.

The discriminatory practice of encouraging members of one race or creed to move into a neighborhood, and then exploiting the situation by persuading residents to sell their houses at deflated prices because of the alleged social deterioration of the neighborhood.

In good faith, without fraud; genuine; real.

An instrument used in conveying Louisiana properties whereby the seller retains title after execution until such time as a designated amount has been paid in by the buyer (deemed the bond) at which time title passes and the seller assumes the position of a mortgagee with a security interest and the buyer-mortgagor assumes title.

Violation of any of the terms or conditions of a contract; default; non-performance.

A licensed person who negotiates the purchase and sale of real estate for another.

A mortgage with payments that cover principal and interest, plus taxes, fire insurance, lease rent, etc.

Rules established by local governments to regulate construction standards.

A line at a certain distance from the front and/or sides of a lot, beyond which no building may project.

Limitations on the use of property or the size and location of improvements established by legislation or by covenants in deeds.

Ownership concept in real estate which embraces the rights of possession, use, enjoyment and disposition.