Real Estate Glossary

A right that the nature of a debt gives to a creditor and entitles him to preference above other creditors.

An action of the court to determine the validity and legality of a last will and testament.

The cause of a series of events which leads to the consummation of a sale.

A written promise to pay a certain sum of money at a definite date in the future.

A business held by a person who has legal title or exclusive right thereto.

To divide or distribute proportionately; to divide monies, usually at the time of closing, proportionately between seller and buyer.

Zoning regulation the size and placement of buildings and other improvements on their land and the overall use of space within an area, having the end of putting land to its highest and best use.

A mortgage on property given by a buyer, either to the seller or to a third party in order to secure a portion of the purchase price.