Real Estate Glossary

The indemnity recoverable by an injured party to compensate him for the loss suffered through an act or default of another.

Giving by the debtor and receiving by the creditor of something besides money for the payment of a debt. This is directly from the French which means "a gift in payment".

A note or bond given as evidence of a debt; an unsecured note.

The amount needed for payment of principal and interest on an amortized debt.

To make known openly and in definite terms; that which along with the by-laws, defines the rules by which a condominium will exist.

An appropriation of land by its owner for some public use, and acceptance for such use by authorized public officials on behalf of the public. In certain cases, five years of uninterrupted public use will be considered an acceptance.

An instrument in writing, duly executed and delivered by the grantor that conveys to the grantee some right, title or interest in or to real estate.

Clauses in a deed specifying the limitations to which the grantee's property may be subject, its permissible and impermissible uses, and the ways in which the premises are to be maintained.

Failure to meet an obligation or promise when due.

The clause in a mortgage that gives the mortgagor the right to redeem his property upon the payment of his obligation to the mortgagee, and declares the instrument null and void upon payment of debt when due.