Real Estate Glossary

The portion of a deed beginning "to have and to hold", which usually follows the granting clause, and explains or limits the estate granted.

The nontransferable real right of a natural person to dwell in the house of another. One of the three types of personal servitude, (others are usufruct and right of use).

One, generally in direct line of descendancy, who receives any property by action of law in intestate successions.

Louisiana descendants are required to inherit certain portions of their deceased parents' property.

That legal use, which at the time of an appraisal is most likely to produce the greatest net return over a given period of time.

A tenant who remains in possession of a property after expiration of the lease term.

Unwitnessed will hand-written by the person leaving the will.

The house and adjoining land of a family. In Louisiana, statutory exemptions against the right of general creditors is set at a maximum of $15,000. Property tax exemptions is $7,500 of assessed value.

The same or similar kind of structure; similar; as used in appraising, homogeneity tends to stabilize values in an area.

To pledge property as security; to mortgage.