Real Estate Glossary

A thing which cannot be used without being consumed or its substance changed.

Dependent upon an uncertain future event.

A legal agreement between competent parties for a consideration to perform or refrain from performing certain acts.

One in which, from the conduct of the parties, their mutual promises are implied - consulting a doctor or dentist implies a promise to pay the price of an office visit though no fees are mentioned.

One in which only one party is obligated to do something.

A relatively null contract that is capable of being affirmed or rejected at the option of one of the parties but which is binding on the other.

A mortgage which is not FHA insured, or VA guaranteed.

By contract; voluntary. May be established by judicial act, prescription, or destination of the owner.

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.