Term
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Definition
| Breach of the covenant warranting quiet enjoyment in a lease; when a landlord performs an act depriving the tenant of quiet enjoyment of the premises thereby causing the tenant to move |
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Term
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Definition
| Notice given by the public records; legal presumption of notice given by the public records. Also called legal notice. |
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Term
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Definition
| To bring a completion, perfection, or fulfillment |
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Term
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Definition
| In close proximity, adjoining |
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Term
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Definition
| Dependent upon an uncertain future event |
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Term
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Definition
| An update of a title search, covering the period from the preliminary title report to the time of the recording of the documents |
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Term
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Definition
| A legal agreement between competent parties for a consideration to perform or refrain from performing certain acts. |
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Term
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Definition
| A mortgage that is not FHA insured or VA guaranteed. |
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Term
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Definition
| Transforming an apartment building into a condo. |
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Term
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Definition
| The transfer of the title of land from one to another; an instrument that carries from one person to another an interest in land. |
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Term
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Definition
| Tax paid by seller upon transfer of deed. |
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Term
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Definition
| A broker who joins with another broker in the sale of real property; usually, one who represents the buyer of property listed with another broker; the selling broker. |
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Term
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Definition
| Ownership that usually takes the form of shares of stock in a corporation owning the entire building and a proprietary lease giving the stockholder/tenant the right to occupy a unit for which he pays a proportionate share of the maintenance and operating expenses. |
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Term
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Definition
| A vehicle used to carry on business with its owners having liability only to the extent of their stock ownership; considered to be an individual or separate entity. |
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Term
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Definition
| That which pertains to a right or rights of a visible and tangible nature. |
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Term
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Definition
| A Deed used to correct a prior erroneous deed; a deed of confirmation; a reformation deed. |
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Term
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Definition
| An offer in response to the original offer, can be from a seller back to a buyer, or a buyer in response to the seller's response. |
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Term
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Definition
| The practice of sharing commissions with cooperating brokers; also, where a selling owner states he will give a commission to the buyer's broker. |
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Term
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Definition
| An agreement written into deeds and other instruments which promises or guarantees that something shall or shall not be done; an agreement stipulating certain uses or non-uses of property. |
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Term
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Definition
| The acknowledgement of payment in a closing statement; the opposite of a charge or debit |
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Term
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Definition
| Certificate of Reasonable Value (VA) |
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Term
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Definition
| Certificate of Reasonable Value (VA) |
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Term
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Definition
| A passageway or street with only one outlet; a blind alley; a turn-around |
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Term
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Definition
| The right that a husband may have in his wife's estate at her death |
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Term
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Definition
| A reserve account with escrow, generally holding two months advance payment for taxes and insurance; Impound account. |
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Term
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Definition
| A note or bond given as evidence of a debt; an unsecured note; that is, there is no collateral security |
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Term
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Definition
| A charge on a closing statement; opposite of a credit. |
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Term
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Definition
| The amount needed for payment of principal and interest on an amortized debt. |
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Term
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Definition
| To make known openly and in definite terms; that which along with by-laws, defines the rules by which a condominium will exist. |
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Term
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Definition
| To make known openly and in definite terms; that which, along with by-laws, defines the rules by which a condominium will exist. |
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Term
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Definition
| An instrument in writing, duly executed and delivered by the grantor that conveys to the grantee some right or interest in or to real estate. |
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Term
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Definition
| Similar to a mortgage but title is transferred to a trustee pending payment of the debt. |
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Term
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Definition
| The clause in a mortgage that gives the mortgagor the right to redeem his property upon the payment of his obligation to the mortgagee, and declares the instrument null and void upon payment of debt when due; also found in leases. |
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Term
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Definition
| A fee estate subject to being divested or voided. |
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Term
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Definition
| A judgment for the balance of a debt; issued when the net proceeds from the foreclosure sale are less than the indebtedness sued upon. |
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Term
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Definition
| The act or intent of transferring an instrument from one person to another in such a way that it cannot be recalled. |
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Term
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Definition
| A conveyance of an estate to another for life, for years, or at will; to lease; "the demised premises." |
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Term
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Definition
| Ownership transferred by means of inheritance. |
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Term
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Definition
| A gift of realty by will. |
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Term
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Definition
| One who receives a gift of real estate by will. |
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Term
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Definition
| A fee based on a percentage of a loan, charged by a lender, as a service charge, or as an amount needed to produce the same yield on a VA loan that the lender would receive in the conventional mortgage market; each point charged represents 1 percent of the loan amount and increases the interest rate by 1/8 of one percent. |
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Term
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Definition
| A legal process by a landlord to remove a tenant and regain possession of real property due to some breach of lease agreeement by the tenant. |
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Term
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Definition
| The right of a landlord to seize and hold possessions of a tenant, for rent in arrears, pursuant to a court order. |
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Term
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Definition
| An estate attached to and benefiting from the servient estate, eig., an easement runs over the servient estate and serves the dominants estate; also called dominant tenement. |
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Term
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Definition
| The one-third interest a wife may have in the property of her husband acquired prior to July 1, 1977; a life estate in 1/3 of the land the husband owns during the continuance of the marriage relationship and an absolute interest in 1/2 personal property. |
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Term
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Definition
| The completed dower; the right a wife may have in her husband's property upon his death. |
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Term
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Definition
| The right of wife may have in her husband's property during his life. |
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Term
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Definition
| A mortgage clause permitting acceleration of the loan if the mortgagor attempts to transfer title or interest to the secured property. |
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Term
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Definition
| Unlawful constraint or action against a person forcing him to perform some act against his will. |
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Term
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Definition
| The amount of cash paid by a buyer which, added to the mortgage amount, equals the total sales price. At the time of closing this is referred to as equity. |
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Term
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Definition
| Initial payment made by a purchaser of real estate as evidence of good faith. |
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Term
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Definition
| A right, privilege or interest which one party has in the land of another. |
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Term
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Definition
| An easement that is attached to and runs with the land, it cannot exist apart from the particular land to which it is attached. |
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Term
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Definition
| An easement which encumbers the land, and is usually given to a quasi-public corporation, such as the electric or phone company. |
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Term
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Definition
| A method of acquiring a right to a portion of property by lapse of time, in the manner of adverse possession. |
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Term
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Definition
| The period of time over which a property may be profitably used. |
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Term
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Definition
| Trees or crops that are cultivated annually; the right of a tenant to harvest the annual crop even after his tenancy has ended. |
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Term
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Definition
| A claim, lien, charge or liability attached to and binding upon real property that affects or limit the title or use thereof, e.g., mortgage, lien, easement. |
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Term
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Definition
| Title of a purchaser under a contract of sale, or agreement of sale. |
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Term
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Definition
| The right of an owner to reclaim property before it is sold through foreclosure proceedings by payment of the debt, interest and cost. |
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Term
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Definition
| A clause in a contract permitting an adjustment of certain payments up or down to cover certain contingencies; mostly found in agreements of sale, mortgages and leases. |
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Term
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Definition
| The reverting of property to the state when heirs capable of inheriting are lacking; or the property is abandoned. |
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Term
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Definition
| The degree, quantity, nature, and extent of interest a person has in real property. |
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Term
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Definition
| A lease; an interest in land by virtue of a contract for the possession for a definite and limited period of time. |
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Term
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Definition
| A doctrine that bars one from asserting rights that are inconsistent with a previous position or representation e.g. the seller of an apartment building may ask the tenants to sign lease estoppel agreements stating the amount of rent and security deposits. |
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Term
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Definition
| A person who operates an exchange program in timesharing projects. |
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Term
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Definition
| A written instrument giving one agent the right to sell property for a specified time, but reserving the right of the owner to sell the property himself without the payment of a commission. |
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Term
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Definition
| A written agreement between owner and agent giving agent the right to collect a commission if the property is sold by anyone during the term of his agreement. |
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Term
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Definition
| A person named in a will to carry out its provisions as to the disposition of the estate of a deceased person; a personal representative. |
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Term
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Definition
| A contract not yet fully performed; e.g., DROA, vs a Executed Contract which is fully performed. |
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Term
| Federal Home Loan Mortgage Corporation (FHLMC) |
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Definition
| A Federal agency which buys mortgages in the secondary money market from commercial banks and federally insured savings and loan associations; "Feddie Mac" |
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Term
| Federal Housing Administration (FHA) |
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Definition
| An agency of the Federal Government that insures certain real estate loans. |
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Term
| Federal National Mortgage Association (FNMA) |
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Definition
| An agency formerly of the Federal Government that buys and sells mortgages in the secondary money market: "Fannie Mae" |
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Term
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Definition
| An estate granted absolutely but only so long as a specified event occurs or does not occur. |
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Term
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Definition
| An estate in real property, by which the owner has the greatest power over the title which it is possible to have, being an absolute estate; an estate of inheritance belonging to the owner, that he may dispose of, trade, or will, as he chooses. |
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Term
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Definition
| An estate that is inheritable by particular lineal heirs. Upon lack of such heirs the estate reverts back to the grantor or his heirs. |
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Term
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Definition
| Federal Investment Real Property Tax Act. An amount withheld from the sale of Hawaii property when the seller is a foreigner. |
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Term
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Definition
| Financial Institutions Reform, Recovery and Endorsement Act. An act requiring appraisers be certified or licensed. |
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Term
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Definition
| A right, usually given by an owner to a lessee, which gives the lessee the first chance to buy the property if the owner decides to sell. The owner must have a legitimate offer that the lessee can then match or refuse. |
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Term
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Definition
| An article of personal property which has been installed in or attached to land or a building thereon, in such a manner, that it is now considered to be a part of the real estate. |
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Term
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Definition
| An estate in real property for an indefinite and uncertain time, such as a fee simple or a life estate. |
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Term
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Definition
| Any loan filling the deficiency created when the permanent financing and the equity are unable to cover the total cost of a project. |
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Term
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Definition
| A lien that attaches to all property owned by the debtor. |
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Term
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Definition
| Requires Escrow to clear all funds and checks before closing. |
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Term
| Government National Mortgage Association (GNMA) |
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Definition
| A federal agency that provides special assistance for federally-aided housing programs; active in the secondary money market for government subsidized housing programs; "Ginnie Mae" |
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Term
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Definition
| A lease that provides for periodic increases of rent at regular intervals. |
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Term
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Definition
| One where monthly payments start low and increase later. An FHA245 is one of these. |
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Term
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Definition
| A transfer of real property. |
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Term
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Definition
| The Purchaser; the person to whom an interest in realty is conveyed. |
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Term
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Definition
| The seller; the person who conveys an interest in realty by deed. |
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Term
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Definition
| Books found in Bureau of Conveyance showing respective grantor to grantee; or grantee to grantor by year, alphabetically. |
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Term
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Definition
| The professional designation of Graduate, Realtors Institute, earned by completion of prescribed courses of study conducted by state boards of Realtors. |
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Term
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Definition
| A lease for the use of the land, usually providing for improvements to be placed on the land by the user. |
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Term
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Definition
| A lease of property in which the lessor meets all property charges incurred through ownership. |
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Term
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Definition
| The net rent paid for a parcel of unimproved land; that portion of the total rental is considered to represent a return upon the land only. |
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Term
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Definition
| The portion of a deed beginning "to have and to hold", which usually follows the granting clause, and explains or limits the estate granted. |
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Term
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Definition
| Hawaii Real Property Tax. An amount withheld from sale of Hawaii property belonging to a non-resident seller |
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Term
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Definition
| Every sort of inheritable property, whether corporeal, incorporeal, real, personal or mixed. |
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Term
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Definition
| That use of land, which at the time of an appraisal is most likely to produce the greatest net return over a given period of time. |
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Term
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Definition
| A will written in hand by the person leaving the will and not witnessed. |
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Term
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Definition
| A right given to a householder or head of a family to designate real estate as his homestead and said homestead is exempt, up to a stated amount, from execution by his creditors; a tract of land whose ownership has been established under the provisions of the Homestead Act. |
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Term
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Definition
| The same or similar kind, as used in appraising; homogeneity tends to stabilize values in an area. |
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Term
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Definition
| To place property as security; to mortgage. |
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Term
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Definition
| The authority an agent is assumed to have because of a course of conduct, or which is inferred from the fact that he has been authorized to perform certain acts. |
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Term
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Definition
| A reserve account required by lenders, usually equal to two months taxes and hazard insurance, to cover future payments of taxes, insurance or cover any increases in these amounts; Also, reserve account; or customer trust fund |
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Term
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Definition
| All real estate except land. Includes buildings, fixtures, fences, curbs, sewers, etc. |
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Term
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Definition
| Incomplete; not perfected. |
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Term
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Definition
| Intangible; without physical existence. |
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Term
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Definition
| Not capable of being annulled or voided; irrevocable |
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