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.

A judgment for the balance of a debt; issued when the difference between the indebtedness sued upon and the sale price obtained at the foreclosure sale is less than the debt.

The act or intent of transferring an instrument from one person to another in such a way that it cannot be recalled.

A conveyance of an estate to another for life, for years or at will; to lease.

Money given by one to another as evidence of his good faith; evidence or security for performance of a contract.

Loss of value brought about by physical deterioration or functional or economic obsolescence.

A statistical table that may be used to estimate the value of the added depth of a lot.

Land formed by water receding from a river or stream.

Children, grandchildren, and great grandchildren to the Nth generation living at the time of a person's death who have rights or claims on the property of the decedent.

A licensee named by a broker as the agent of a client.

A gift of realty by will.

One who receives a gift of real estate by will.

One who gives realty by will.

A loan having a replacement schedule in which a declining amount of interest is deducted from a fixed payment amount. What remains of each payment is applied to the loan's outstanding principal.

A fee based on a percentage of a loan, charged by a lender, as a service charge, or as an amount needed to produce the same yield on an FHA or VA loan that he would receive in the conventional mortgage market; each point charged represents 1% of the loan amount and increases the interest rate by 1/8 of one percent.

The act of depriving a forced heir of the inheritance the law gives him.

That amount of a person's property which he may freely dispose of without affecting the legitime (forced heirship portion). Donations inter vivos or mortis cause cannot exceed 3/4 of the property of the disposer, if he leaves, at his decease, one child; and 1/2, if he leaves two or more children.

A state tax on the transfer of real property.

An estate attached to and benefitting from the servient estate, e.g., an easement runs over the servient estate and serves the dominant estate; also called dominant tenement.

A gift between living persons. A donation inter vivos is an act by which the owner (donor) divests himself of presently and irrevocably of a thing in favor of another (donee) who accepts it.

A gift made in contemplation of death. A donation mortis causa is an act to take effect when the donor has died and by which he disposes of all or part of his property. The act is revocable.

A person to whom a gift is made.

A person who makes a gift.

The legal rights that a widow possesses to her husband's estate.

Designates a broker's unethical acting for both buyer and seller in the same transaction without the consent or knowledge of both parties.

The clause which allows the mortgagee the option of calling the mortgage's unpaid balance immediately due if the mortgagor sells or otherwise alienates the mortgage property. Also called the alienation clause. DURESS - Unlawful constraint or action against a person forcing him to perform some act against his will.