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.

Trees or crops that are cultivated annually; the rights of a tenant to harvest the annual crop even after his tenancy has ended.

The right of a government to take private property for public use upon the payment of just compensation.

A building or fixture which intrudes partly or wholly upon the property of another.

A claim, line, charge, or liability attached to and binding upon real property which affects or limits the title thereof.

The placing of one's signature on a document, to make it negotiable or transferable.

A value used to adjust the market values of properties which have been assessed using differing assessment ratios.

The period of time between the point when the borrower goes into default and the actual foreclosure sale within which the borrower or another interested party can pay the current (or entire) indebtedness and redeem the property.

The right that exists in equity to obtain absolute ownership to property when title is held in another's name; an interest in title to land that may not amount to a fee simple estate but is nonetheless a right of which a court will take notice and seriously consider.

The interest or value which an owner has in real estate over and above the liens against it; branch or remedial justice by and through which relief is afforded to parties in courts of equity.

The gradual wearing away of land due to natural causes of wind and water.

The clause in a mortgage which permits the holder to increase or decrease the interest rate during the term of the mortgage.

The reverting of property to the state when heirs capable of inheriting are lacking, or the property is abandoned.

The deposit of instruments and funds with instructions to a third neutral party to carry out the provisions of an agreement or contract.

The degree, quantity, nature and extent of interest a person has in real property.

A lease; an interest in land by virtue of a contract for the possession for a definite and limited period of time.

A doctrine which bars one from asserting rights which are inconsistent with a previous position or representation.

An instrument executed by the mortgagor to the assignee upon the sale of the mortgage, setting forth the present status of the mortgage and attesting to its validity.

Latin for "and others".

Latin for "and wife".

A legal proceeding by a landlord to recover possession of leased premises from a tenant due to some breach of the lease contract.

A method of conveying real property by trading with another property.

A written instrument giving one agent the right to sell property for a specified time, but reserving the right of the owner to sell the property himself without the payment of a commission.

A written agreement between owner and agent giving the agent the right to collect a commission if the property is sold by anyone during the term of his agreement.

To complete, to perform, to make, to do, to follow out; to execute a deed, to make a deed, including especially signing; to execute a contract, to perform the contract, to follow out to the end, to complete.

A contract that is fully signed or performed.

A person named in a will to carry out its provisions as to the disposition of the estate of a deceased person.

A contract not yet fully performed.

Described as the fastest way to foreclose on a mortgage for nonpayment of debt; this method must be expressed in the mortgage contract and signed and agreed to by all parties.

Feminine of executor.

Clearly stated duties of an agent set forth by his principal.

A taking, as under eminent domain. Equivalent to the Common Law term condemnation.