Real Estate Glossary

Title to property owned by two or more persons, none of whom are entitled to claim or possess any specific part.

Taking any advantage of another by playing on his weaknesses or distress.

A document recorded by a subdivider to place restrictive covenants on all property within the subdivision.

A contract whereby only one party is obligated to perform his obligation to another.

The method of finding an improvement's replacement or reproduction cost new by itemizing the cost of each component part of the improvement, i.e., the cost of flooring, plastering, the electrical system, etc.

Necessities usually required in the formation of a joint tenancy or tenancy by the entirety; time, title interest and possession.

An agent authorized to handle all types of matters for his principal.

A title containing substantial defects which might cause a prospective purchaser to suffer title litigation and possible loss.

The right to the use and the fruits of a Louisiana ownership. It is a combination of two of the three bundles of rights in Louisiana, namely usus and fructus; the right of enjoying the use of property, and the income produced by the property, the substance of which is owned by another.

Charging a rate of interest on a loan greater than that permitted by law.