Real Estate Glossary

Delay or negligence in asserting one's legal rights.

A monument or object used to establish the boundary line of a property.

A contract whereby the lawful owner of the property transfers his rights of use and possession to another for a specified term.

An estate or right in real property held under a lease.

A gift of personal property, usually money, by will.

A requirement of parties entering into a valid contract is that they be legally competent and duly authorized.

A description, recognized by law, that will definitely locate and identify the property.

One, generally in direct line of descendancy, who receives any property through the will of a deceased person.

A situation that exists when a sale of immovable property has been made for less than half of its market value.

One who rents property under a lease contract.