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.

ownership by two or more persons who hold undivided interest, without right of survivorship. Upon the death of one tenant, his interest goes to his heirs. Interest need not be equal, and each owner is possessed of the whole of an undivided part.

To offer; to present.

All rights in land which pass with conveyance of the land.

The written declaration of one's last will.

Leaving a will upon death.

One who leaves a will in force at his death.

In a contract, a requirement of punctual performance.

Evidence that an owner of land is in lawful possession thereof; an instrument evidencing such ownership.

A legal right or claim against a property registered on the title.

A policy of insurance which indemnifies the holder for loss sustained by reason of a defect in the title, provided the loss does not result from a defect excluded by the policy provisions.

The nature of the surface of land.

System of title recordation and protection provided by the laws of some states.

A negligent or intentional wrong; a wrongful act; violation of a legal right.

A structure whose common elements may be shared by two or more unit occupants.

A section of land established by government survey that is six miles long, six miles wide and containing 36 sections, each one mile square.

Articles of personal property annexed to real property, but which are necessary to the carrying on of a trade and are removable by the owner or tenant when he leaves.

To conduct business affairs; to carry out, perform or manage.

The tax required by a governmental agency when real property is transferred from one party to another.

Wrongful invasion of land by one having no lawful right to enter.

A deed given by borrower to trustee to be held pending fulfillment of an obligation.

One who holds property in trust for another to secure the performance of an obligation.

The borrower in a trust agreement.

A federal law designed to let borrowers know the exact cost of obtaining credit; a disclosure device.