Real Estate Glossary

An agent authorized to handle specified matters for his principal.

A lien attaching claim to all property of a person, both real and personal.

All partners are general partners, having the powers, rights, and obligations of partners, unless specified otherwise in the articles of partnership; a partner "in commendam" cannot be a general partner but may become liable as one under certain circumstances.

A deed in which the grantor certifies that the title conveyed is free of defects which may have arisen before or during the time he owned the property.

The principal that all parties entering into a contract must do so of their own free will and choice.

Promises of intangibles (such as love and affection made to fulfill one requirement of a binding contract.

A federal agency which provides special assistance for federally aided housing programs; active in the secondary money market for government subsidized housing programs; "Ginnie Mae".

A lease with fixed increases at stated intervals, or increases based upon periodic appraisals at stated times; also called a step-up lease.

A loan featuring an unlevel, amortized repayment schedule in which payments start small and become larger as the loan is repaid; graduated payment mortgage.

The purchaser; the person to whom an interest in realty is conveyed.

The part of a deed expressing the grantor's intention to transfer his interest in his property to the grantor.

The seller; the person who conveys an interest in realty by deed.

A donation or contract made without consideration.

Total income derived from a business or income property before expenses are deducted.

A lease of property in which the lessor meets all property charges incurred through ownership.

A number which is used to determine the approximate selling price for income property by multiplying the gross income times this number. (Income X Multiplier = Selling Price).

A lease for the use of the land, usually providing for improvements to be placed on the land by the user.

The net rent paid for a parcel of unimproved land; that portion of the total rental is considered to represent a return upon the land only.