Real Estate Glossary

Land and/or buildings situated on the land; other improvements to the land (landscaping, fruit trees, or vegetable garden) belong as part of the immovable.

The authority an agent is assumed to have because of a course of conduct, or which is inferred from the fact that he has been authorized to perform certain acts.

An addition made to property. Generally refers to buildings, but may include any permanent structure such as streets, sidewalks, utilities, etc.

Pertaining to property. Used to designate legal proceedings against the property.

The lack of legal qualifications making a person incapable of performing some act. Mental deficients, minors, etc. lack capacity to perform certain acts.

Incomplete; not perfected.

Intangible; without physical existence.

Not capable of being annulled or voided.

An entrance to property which does not trespass over the property rights of others.

A writ or order issued under the seal of a court to restrain one or more parties from performing an act which is deemed to be inequitable or unjust in regard to the rights of some other party.

A contract which provides for payment of a purchase price in installments.

A written legal document.

The act of making willfully inaccurate statements about a property or withholding essential information concerning it.

During one's life; from one living person to another.

The charge for the use of money over a period of time. Can be understood as the "rent" paid for the use of borrowed money.

The clause in a promissory note which pushes the note's interest rate to the maximum amount allowed by law in the event of the borrower's default.

The percentage charged to use a sum of money.

A short-term loan obtained to cover financing of the construction of a building.

A person who dies without a will, or with one which is defective in form.

A lien imposed against property without consent of an owner; e.g., taxes, special assessments, federal income tax liens, etc.

Incapable of being recalled or revoked; unchangeable.