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The right to have a sale rescinded or the price reduced due to a hidden defect which, had the buyer known of it, would have caused him or her to offer a lesser price or not act at all.

The unethical, sometimes illegal, practice of systematically refusing to make loans in certain neighborhoods.

Passed to enforce the Truth in Lending Law, Regulation Z establishes guidelines for disclosure of loan costs, the borrower's right of recission, and fair advertising practice regarding personal, agricultural and family loans.

A provision in escrow agreements allowing, in the event of thee seller's death, the closing date of the sale to "relate back" to the date the escrow agreement was made.

A clause in a blanket mortgage which gives the property owner the right to pay off a portion of the indebtedness, thereby freeing a portion of his property from the mortgage.

The instrument given by the mortgagee to the mortgagor indicating discharge of the mortgage, stating that the obligation has been fulfilled and the debt paid off.

Gradual recession of water from the usual watermark.

An estate created by single grant simultaneously with another which vests with a third party after termination of the prior estate; such as a life estate.

The one in whom an estate vests after termination of a prior estate.

The cost to replace the subject improvement with one having equivalent utility, but constructed with modern materials and according to current standards in workmanship, design and layout.

The cost, at today's prices, of constructing an exact replica of the subject improvement using the same or very similar materials.

To annul; cancel.

Acronym of the Real Estate Settlement Procedures Act, federal legislation passed to regulate disclosure of the buyer's settlement costs.

A clause in a deed or other written instrument limiting the use to which the property may be put.

The residue of an estate left to the grantor or his heirs after termination of all prior estates and interests; the right of a lessor to recover possession of leased property upon the termination of the lease, with all subsequent rights to use and enjoy the property.

A present right to future possession of an estate.

An addition, amendment or endorsement to a contract or other document.

The right to acquire the interest of a deceased joint owner; distinguishing feature of a joint tenancy.

An easement or right of passage over another's land.

The right of a landowner to the use of water on or adjacent to his land.

A covenant which extends beyond the original parties to an agreement and binds all subsequent parties.