Real Estate Glossary

Initial payment made by purchaser of real estate as evidence of good faith.

A right, privilege or interest which one party has in the land of another.

An easement that is attached to and runs with the land; it cannot exist apart from the particular land to which it is attached.

A method of acquiring a right to a portion of property by lapse of time, in the manner of adverse possession.

An easement which does not attach to the land, and is usually given to a quasi-public corporation, such as the electric or phone company.

The period of time over which a property may be profitably used.

A loss in value caused by factors apart from the subject property itself but nonetheless affecting the subject property.

The apparent rather than the chronological age of a property.

Consumer desire for an item coupled with the consumers' financial ability to purchase that item.

Means of leaving property without trespassing the property rights of other surrounding owners.