Real Estate Glossary

A strip of land six miles wide, determined by government survey, running north and south.

A person who is prepared, financially able, and willing to enter into a binding contract.

Land itself, the improvements thereon, and the rights, title and interest one has in it.

A court appointed custodian who holds property for the court, pending final disposition of the matter before the court.

The annulling, revocation, or repealing of a contract by mutual consent of the parties, or for cause by either party to the contract, and returning the parties to their original position (the "status quo").

A clause occasionally found in an agreement of sale which requires the seller to return all of the buyer's payments less costs and a fair rental value in the event the buyer defaults.

The act of writing or entering an instrument into a book of public records, which constitutes notice to all persons of the rights or claims contained in the instrument; often called constructive notice or legal notice.

The government system of land survey noted for accuracy, adapted to the measurement of extensive territory.

Buying back one's property after default or a judicial sale.

The right to have a sale rescinded or the price reduced due to a hidden defect which, had the buyer known of it, would have caused him or her to offer a lesser price or not act at all.