Real Estate Glossary

The rights of ownership of all minerals appearing in solid state beneath the surface of land to which one has title and the exclusive right to explore and develop the property for the production of fugitive or liquid state minerals and to reduce them to possession, hence ownership. May be reserved for 10 years in Louisiana unless activity occurs.

A person who is under the legal age of competence; under 18 years of age.

A crime of lesser consequences than a felony which is subject to minor jail terms, fines, or both.

A false statement made with the intent to induce some action by another party.

Errors regarding the facts of a contract.

Errors regarding the legal implications of the facts of a contract.

A fixed object and point established by surveyors to establish land locations; includes not only artificial objects such as posts and fences, but natural objects such as trees, mountains and water courses.

An instrument in writing which, when recorded, creates a lien upon property pledged as security for the repayment of a debt or obligation.

A corporation or firm which makes, delivers, and services mortgage loans.

A person or firm which acts as an intermediary between borrower and lender.