Real Estate Glossary





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Real Estate Glossary > > > General Legal ADA Franchise Class Action Banking & Financial Business Corporate Employment Entertainment Intellectual Property Internet Litigation Glossary A \| B \| C \| D \| E \| F \| G \| H \| I \| J \| K \| L \| M \| N \| O \| P \| Q-R \| S \| T \| U-V \| W-Z \| A Abate: To do away with a problem, such as a public or private nuisance or some structure built contrary to public policy. Abatement: The removal of a problem which is against a public or private policy, or endangers others. Abstract of Title: The written report on a title search which shows the history of every chane of ownership on a piece of real estate, and any claims against the property. Abut: When two parcels of real property touch each other. Accretion: In real estate, the increase of the actual land on a stream, lake or sea by the action of water which deposits soil upon the shoreline. Ad Valorem: Latin for "based on value." Adverse Possession: A means to acquire title to land through obvious occupancy of the land. After-Acquired Title: Title to property acquired after the owner attempts to sell or transfer the title to another person before he or she actually has legal title. Alienation: The transfer of title to real property, voluntarily or unvoluntarily. Appraise: To professionally evaluate the value of property. Appraiser: A professional whom makes appraisals of the value of property. Appurtenant: Pertaining to something that attaches. Avulsion: The change in the border of two properties due to a sudden change in the natural course of a stream or river. Back to Top B Back to Top C Chain of Title: The succession of title ownership to real property from the present owner back to the original owner. Clear Title: Holding ownership of real property without any claims by others on the owner's title and no history of past claims which might affect the ownership. Closing: The final stpe in the sale and purchase of real estate in which a deed of title, financing documents, title insurance policies, and remaining funds are due are exchanged. Cloud on Title: An actual or apparent outstanding claim on the title to real property. Common Area: In condominium and some cooperative housing projects, the areas not owned by an individual owner, but shared by all owners. Condominium: Title to a unit of real property which, in reality, is the airspace which an apartment, office or store occupies. Constructive Eviction: When the landlord does not go through a legal eviction of a tenant but takes steps which keep the tenant from continuing to live on the premises. Constructive Possession: When a person does not have actual possession, but has the power to control an asset. Contingent Remainder: An interest, particularly in real estate property, which will go to a person or entity only upon a certain set of circumstances existing at the time the title holder dies. Convey: A title transfer to real property to another by a written deed. Conveyance: A generic term for any written document which transfers real property or real property interests from one party to another. Cooperative Housing: An arrangement in which an association or corporation owns a group of housing units and the common areas for the use of all residents. Cotenancy: The situation when more than one person has an interest in real property at the same time. Cotenant: One who holds an interest in real property together with one or more others. Covenant That Runs W/ The Land: A promise contained in a deed to land or real estate which is binding upon the current owner and all future owners. Covenants, Conditions and Restrictions: Commonly called "CC and Rs" these are written rules, limitations and restrictions on use. Back to Top D Deed: The written document which transfers title or an interest in real property to another person. Defective Title: An apparent title to real property which fails because a claimed prior holder of the title did not have title, or there is a faulty description of the property. Demise: An old-fashioned expression meaning to lease or transfer real property for years of life. Dominant Estate: In real estate law, the property retained when the owner splits off and conveys part of the property but retains some rights such as an easement for access. Back to Top E Easement: The rigth to use the real property of another for a specific purpose. Ejectment: A lawsuit brought to remove a party who is occupying real property. Emblements: Crops to which a tenant who cultivated the land is entitled by agreement with the owner. Enclosure: Land bounded by a fence, wall, hedge, ditch or other physical evidence of boundary. Encroach: To build a structure which is in whole or in part across the property line of another's real property. Encumbrance: A general term for any claim or lien on a parcel of real property. Enjoyment: To exercise a right, pleasure. Equity of Redemption: The right of a mortgager after commencement of foreclosure proceedings to "cure" his/her default by making delinquent payments. Escrow: A form of account held by an "escrow" officer into which is deposited the documents and funds in a transfer of real property, including money, a mortgage or deed of trust, etc. Escrow Agent: A person or entity holding documents and funds in a transfer of real property. Escrow Instructions: The written instructions by buyer and seller of real estate given to a title company. Eviction: A generic word for the act of expelling someone from real property either by legal action, a claim of supieror title to propert, or actions which prevent occupation. Back to Top F Fair Market Value: The amount for which property would sell on teh open market if put up for sale. Fixture: A piece of equipment which has been attached to real estate in such a way as to be part of the premises and its removal would do harm to the building or land. Foreclosure: The system by which a party who has loaned money secured by a mortgage or deed of trust on real property requires sales of the real property to recover the funds. Foreclosure Sale: The actual forced sale of real property at a public auction. Back to Top G Back to Top H Habitable: Referring to a residence that is safe and can be occupied in reasonable comfort. Holdover Tenancy: The situation when a tenant of real estate continues to occupy the premises without the owner's agreement after the original lease or rental agreement has expired. Hostile Possession: The situation when a tenant of real estate continues to occupy the premises. Back to Top I Improvement: Any permanent structure on real property, or any work on the property, which increases its value. In Fee Simple: Referring to holding clear title to real property. Back to Top J Back to Top K Back to Top L Land: Real property, real estate, and the right to minerals underneath it. Landlady: Female landlord or owner of real property. Landlocked: Referring to a parcel of real property which has no access or egress to a public street and cannot be reached except by crossing another's property. Back to Top M Back to Top N Back to Top O Back to Top P Back to Top Q-R Back to Top S Back to Top T Back to Top U-V Back to Top W-Z Back to Top

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