| Term |
Definition |
| Abandonment |
The voluntary relinquishment of rights of ownership or another form of interest (an easement) by failure to use the property over an extended period of time. |
| Acceptance |
Refers to a legal term denoting acceptance of an offer. A buyer offers to buy and the seller accepts the offer. |
| Acre |
A measure of land, equal to 160 sq. rods (43,560 sq.ft.). An acre is approximately 209' x 209'. |
| Addendum |
Something added. A list or other items added to a document, letter, contract, escrow instructions, etc. |
| Agent |
Acts on behalf of another, representing that person's interests and serving as an intermediary. |
| Agreement of Sale |
Known by various names, such as contract of purchase, purchase agreement, or sales agreement according to location or jurisdiction. A contract in which a seller agrees to sell and a buyer agrees to buy, under certain specific terms and conditions spelled out in writing and signed by both parties. |
| Appraisal |
An estimate of the value of property, made by a qualified professional called an "appraiser". |
| Assessed Value |
Value placed on property by the tax assessor. |
| Assessment |
The valuation of property for the purpose of levying a tax, or the amount of the tax levied. |
| Breach |
Violation of an obligation in a contract. |
| Broker, Real Estate |
An agent licensed by the state to carry on the business of operating in real estate. He usually
receives a commission for his services of bringing together buyers and
sellers, owners and tenants, in exchange agreements. |
| Building Code |
A set of stringent laws that control the construction of buildings, design, materials and other
similar factors. |
| Built-Ins |
Items that are not movable, such a stoves, ovens, microwave ovens, dishwashers. |
| Buyers Market |
A market condition which occurs in real estate where more homes are for sale than there are
interested buyers. |
| Capital Gains |
A term used for income tax purposes which represents the gain realized from the sale of an asset
less the purchase price and deductible expense. |
| Capitalization |
An appraising term used in determining value by considering net operating income and a percentage
of reasonable return on investment. |
| Client |
One who employs another's services, as in an
attorney, real estate agent, insurance agent, etc. |
| Closing |
In the sale of real estate it is the final moment
when all documents are executed and recorded and the sale is complete.
Also a general selling term where a sales person is attempting to sell
something and the buyer agrees to purchase |
| Closing Costs |
Expenses (such as loan fees, title fees, appraisal fees, etc.), over and above the price of the
property, incurred by buyers and sellers in transferring ownership. Also
called "settlement costs". Closing costs may be paid by the
buyer, the seller or shared by both. In some cases, all or a portion of
these costs may be included in the financing amount. |
| Common Area |
That area owned in common by owners of condominiums and planned sight development homes within a subdivision. |
| Conditional Sales Contract |
A contract for the sale of property where the buyer has possession and use, but the seller retains
title until the conditions of the contract have been fulfilled. Also
known as a land contract. |
| Condominium |
Individual ownership of a dwelling unit and an individual interest in the common areas and facilities which serve
the multi- unit project. |
| Contingency |
A condition that must be met before a contract is legally binding. |
| Contract |
An agreement between tow or more parties, written or oral, to do or not to do certain things. |
| Conveyance |
The transfer of the title to land from one to another. |
| Counter Offer |
An offer in response to an offer. 'A' offers to by 'B's' house for $90,000 which is listed for
$92,000. 'B' counter offers 'A's' offer by stating that he will sell the house to 'A" for $91,000. The $91,000 is the counter offer. |
| Deed |
The legal document conveying title to a property. |
| Depreciation |
Decline in value of a house due to wear and tear, adverse changes in the neighborhood, or any other reason. |
| Disclosure Report |
Residential real property disclosure act. Is an act relating to disclosure by the seller of
residential real property. The purpose of this report is to provide prospective buyers with information about material defects in the
residential real property. |
| Dual Agency |
Some states permit a real estate licensee to potentially act as a dual agent, that is, represent more than one
party to the transaction. A licensee may legally act as a dual agent with the written disclosure and informed consent of a consumer in form
required by law. |
| Down Payment |
The part of the purchase price which the buyer pays in cash and does not finance with a loan. |
| Easement Rights |
A right- of- way granted to a person or company authorizing access to or over the owner's land.
An electric company obtaining a right- of- way across private property is a common example. |
| Encroachment |
An obstruction, building, or part of a building that intrudes beyond a legal boundary onto neighboring private
or public land, or a building extending beyond the building line. |
| Estate |
The ownership interest of a person in real property. Is also used to refer to a deceased person's property. And
often used to describe a large home with spacious grounds. |
| Equity |
The market value of a property minus the amount of any existing loans or liens. |
| Fair Market Value |
That price a property will bring given that both buyer and seller are fully aware of market
conditions and comparable properties. |
| Foreclosure |
A legal term applied to any of the various methods of enforcing payment of the debt secured by a mortgage, or deed
of trust, by taking and selling the mortgaged property, and depriving the mortgagor of possession. |
| Fixtures |
Items affixed to buildings or land usually in such a way that they cannot be moved without damage to themselves or
the property, such as plumbing, electrical fixtures, trees, etc. |
| Lease |
A contract between the owner of real property, called the lessor, and another person referred to as the lessee,
covering all conditions by which the lessee may occupy and use the property. |
| Lease With Option To Purchase |
A lease where the lessee has the option to purchase the leased property. The terms of the
purchase option must be set forth in the lease. |
| Legal Description |
The geographical identification of a parcel of land. |
| Listing |
A contract between owner and broker to sell the owner's property. |
| Notary Public |
One who is authorized by federal or local government to attest authentic signatures and
administer oaths. |
| Offer |
A presentation to form a contract or agreement. |
| Purchase Agreement |
An agreement between buyer and seller denoting price and terms of the sale. |
| Real Estate Agent |
a licensed person who works under the direction of a broker selling and renting real estate. |
| Real Estate Broker |
A middle man or agent who buys and sells real estate for a company, firm, or individual on a
commission basis. The broker does not have title to the property, but generally represents the owner. |
| Realtor |
A real estate broker holding membership in a real estate board affiliated with the National Association Of Realtors or
Canadian Real Estate Association. |
| Seller's Market |
More buyers than sellers. |
| Survey |
A drawing or map showing the precise legal boundaries of a property, the location of improvements, easements,
rights of way, encroachments, and other physical features. |
| Tax |
As applied to real estate, an enforced charge imposed on persons, property or income, to be used to support the State.
The governing body in turn utilizes the funds in the best interest of
the general public. |
| Title |
A legal document evidencing a person's right to ownership of a property. |
| Title Insurance |
Insurance to protect the lender (lender's policy) or the buyer (owner's policy) against loss
arising from disputes over ownership of property. |
| Waive |
To relinquish, or abandon. To forego a right to enforce or require anything. |
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