Real Estate Glossary

Personal property which is tangible and movable.

A mortgage covering personal property.

Civil Law Term: In Louisiana, the system of law as distinct from the common law of other states; handed down from the French and Spanish settlers who established their system of laws before the Louisiana Purchase.

The principal to a real estate transaction who employs the agent.

The time when a transaction is consummated, or the actual signing over of the documents and delivery of the deed; the time after signing when the documents are recorded.

A statement of settlement made by a broker or an escrow company that reflects the financial position of the buyer and seller in that particular real estate transaction.

Any conditions revealed by a title search which may affect or impair the owner's title to property because of their apparent or probable validity.

The only method by which more than one party can own property in Louisiana. Involves undivided fractional interests of ownership, not necessary equal in proportion.

A supplement or addition to a will which adds to, subtracts from, alters, revokes or qualifies the provisions of a will.

A person with equal claim of inheritance; brothers and/or sisters from the same parents. This term is also used to indicate money or preferably real property pledged to guarantee the payment of a debt.