Real Estate Glossary

The person who owns the right of abusus of the property.

A written instrument signed by its maker or drawer, containing an unconditional promise to pay a certain sum of money; can be passed freely from one person to another.

With reference to income producing property, the sum derived after a vacancy allowance and expenses have been deducted from the gross income; generally described as net income before depreciation, and usually defining the income a property will earn in a normal year's operation.

A lease in which the tenant pays rent for occupancy, plus maintenance and operation expenses, and usually including taxes and insurance.

A listing which provides that the agent may retain all sums received over and above a net price to the owner as compensation for his services.

A property's gross income minus vacancy and unpaid rent losses and all other operating expenses except those due to interest and depreciation.

A thing that can be enjoyed without altering its substance.

Unlike any other. When referring to land, each parcel is unlike any other, therefore non-homogeneous.

A use which is contrary to zoning laws, but which is permitted because the use was allowed before the zoning law came into effect; a grandfather clause.

A testament which is similar to a statutory testament which is usually typed and signed by the testator in the presence of a notary and witnesses.