Real Estate Glossary

A clause in a sales contract entitling the broker to a commission for the sale of the property by the owner himself for an extended period of time after the contract has expired.

The sale and subsequent leasing back by the seller- lessee.

Similar to General Warranty Deed. Gives best guarantee of title.

Similar to Quitclaim Deed. Gives no guarantee of title.

A leasehold interest of a sublessor which lies between the primary lease (owner) and the operating lease (user).

An instrument used when a lien is paid off and satisfied on the records; also called satisfaction piece.

The marketplace for the sale and purchase of existing mortgages.

A section of land established by government survey containing 640 acres, or 1 square mile.

A deposit made to assure performance of an obligation, usually by a lessee.

Possession of real property by one entitled thereto; a warranty that at the time of delivery of a deed, the grantor actually has the right and capacity to convey good legal title.

Property owned by a husband or wife which is not community property; property acquired by either spouse prior to marriage or by gift or devise after marriage.

An estate of land over which an easement exists in favor of the dominant estate; servient tenement.

A servitude is the alienation of one of the elements of ownership of one estate in favor of another. An easement under the common law is not necessarily the same legal right as a servitude under Louisiana law. Servitudes may be lost through the failure to use them. There are two classes: personal and predial.

An ordinance prohibiting the erection of a building or structure between the curb or other established line and the setback line; the distance a house must be set back from the street in accordance with local zoning rules.

Sole or independent ownership.

Damages paid to an owner when his property has been partially taken by condemnation, thus reducing the highest and best use of the remaining property.

Interest computed upon the declining balance of a particular amount; as principal declines so does the interest payment.

The site, place, location or position occupied by real property.

A person who is authorized to perform only certain specified functions on behalf of his principal.

An assessment generally made against only those specific parcels of realty directly benefiting therefrom.

A deed in which the grantor warrants or guarantees title against defects arising during his ownership of the property only and not against defects existing before the time he owned it.

A lien which is applicable to one property in particular versus a general lien which applies to all property of the individual involved.

A remedy which the court will grant in certain cases, compelling the defendant to perform or carry out the terms of a valid, existing agreement or contract.

A zoning practice allowing certain portions of an area to be sued for purposes not generally permitted within that area.

A law established by an act of the legislature.

State law requires among other things that certain contracts relating to real estate must be in writing to be enforceable at law.

laws setting forth the period of time in which suit can be brought for a particular act.

The rights which prescribe the period of time after a foreclosure sale within which the borrower allowed to redeem his property by paying the debt in full.

Directing prospective buyers or tenants into or away from certain areas on illegal discrimination grounds.

A lease with fixed increases at stated intervals, or increases based upon periodic appraisals at stated times; graduated lease; graded lease.

The type of rental arrangement requiring rent payments of fixed amounts made at specific intervals through the lease's duration.

Setting aside or allowing a fixed sum of money each year to offset replacement or improvements when needed.

A note on which interest only is paid during the term of the loan. When the loan expires, the entire sum of principal is due.

One who purchases property for another to conceal the identity of the real purchaser; a dummy purchaser.

The process of apportioning a parcel of land into individual lots.

The governmental regulation of the ways in which subdivided property must be planned and completed.

A lease given by a lessee for a portion of the unexpired balance of his term, or one given for a portion of the leased premises.

A clause in a mortgage or lease stating that the rights of the holder shall be secondary or subordinate to a subsequent encumbrance.

The substitution of one person in place of another with reverence to a lawful claim, demand or right, so that he succeeds to such rights of the other.

A process whereby the landlord may terminate a lease for good reason and the tenant must appear and show cause why he would not be evicted. Also called Dispossess Proceeding or Unlawful Detainer.

One who becomes a guarantor for another.

The cancellation of a lease by an act of mutual consent of lessor and lessee.

The process by which a parcel of land is measured and its area ascertained.

Multiple ownership of an investment, usually in the form of a limited partnership.