Real Estate Glossary

Permanent or long-term financing of individual condominium units for their respective buyers.

A deed for property sold by a government unit for non-payment of assessed taxes.

A claim against real property going into effect when taxes are assessed against that property.

A sale of property, usually at auction, for non-payment of assessed taxes.

A charge or burden to support government, levied upon persons or property by legislative authority.

A state of ownership.

A tenancy arising when the tenant wrongfully holds over after the expiration of his term. The landlord has the choice of evicting the tenant or accepting him for a similar term and under the conditions of the previous holding.

Possession and occupancy of land terminable at the will of either party.

A tenancy held by husband and wife giving each the equal right to possession and enjoyment during their joint lives, along with the right to sole ownership upon the death of either partner.

Leasing of a property for a fixed period of time.