Real Estate Glossary

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.