Real Estate Glossary

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.