The party that receives and holds an option. Bridging Loan. A tax levied according to value; generally used to refer to real estate tax. The listing broker and the selling broker may, of course, by the same person. A right granted by a property owner to a public utility company to erect and maintain poles, wires, and conduits on, across, or under her or his land for telephone, electric power, gas, water, or sewer installation. 2. The deed clause beginning “to have and to hold,” which defines or limits the extend of ownership in the state granted by the deed. One who holds or possesses lands or tenements by any kind of right of title. The donor is the devisor and the recipient is the devisee. 6.2. The Management Fees and Terms Global Comparison Study compares the fees and costs and, where applicable, total expense ratios (TERs) of non-listed real estate funds in Europe, Asia Pacific and the US. Real property consists of land, anything affixed to it so as to be regarded as a permanent part of the land, that which is appurtenant to the land, and that which is immovable by law, including all rights and interests. Property & Real-Estate – Vocabulary and colour associations First, match the terms with the correct definition. A title company’s review of the deed and the (potential) claims upon it. An easement allowed by law as necessary for the full enjoyment of a parcel of real estate. Real Estate Terms You Need to Know Whether you are buying or selling if you are planning on making a real estate transaction, you are going to run into a few real estate terms you are unfamiliar with. The right to use the open space above one’s property. The rate at which real property is taxed in a tax district or county. A type of deed that includes three basic warranties: (1) the owner warrants that she or he has the right to convey the property, (2) the owner warrants that the property is not encumbered other than with those encumbrances listed in the deed, and (3) the owner promises to convey any after-acquired title to the property. One who as agent for others handles money or holds title to their land. An easement that is not created for the benefit of any land owned by the owner of the easement but that attaches personally to the easement owner. A fee-simple estate in which the property automatically reverts to the grantor on the occurrence of a specified event or condition. Leases for more than one year also must be in writing. Appraisal. Federal Housing Administration (FHA): an agency of the U.S. Department of Housing and Urban Development (HUD). Use it as a study guide for taking the real estate exam. If you’re already a salesperson or broker, than this real estate glossary will help you brush up on phrases that you may not come in contact with on a day to day basis. By “squatting” on land for a certain statutory period under prescribed conditions, one may acquire title by limitations. Something of value that induces one to enter into a contract. The Indian Easements Act, 1882 6.4. A line fixed at a certain distance from the front and/or sides of a lot beyond which no structure can project; a setback line used to ensure a degree of uniformity in the appearance of buildings and unobstructed light, air, and view. A main party to a transaction – the person for whom the agent works. The basis for an equity court’s jurisdiction in breach of a real estate contract is that land is unique, and mere legal damages would not adequately compensate the buyer from the seller’s breach. A personal judgment levied against the mortgagor when a foreclosure sale does not produce sufficient funds to to pay the mortgage debt in full. A six-mile strip of land measured east and west from the meridian lines. This preview shows page 1 - 4 out of 8 pages. The cancellation of a lease by the action of either party. An exclusive listing (generally an exclusive right to sell) with the additional authority and obligation on the part of the listing broker to distribute the listing to other brokers in the multiple-listing organization. A federal law, effective in 1992, designed to eliminate discrimination against individuals with disabilities. A process by which the mortgagor can avoid foreclosure. Real Estate Center at Texas A&M University, helping Texans make better real estate decisions. Annual Percentage Rate (APR): The cost of Appraisal: A professional analysis used a loan or other financing as an annual rate. No obligation to purchase exists, but the seller is obligated to sell if the option holder exercises the right to purchase. In the real estate business, a surety bond generally is used to ensure that a particular project will be completed at a certain date or that a contract will be performed as stated. A horizontal plane from which heights and depths are measured. In the event that the buyer, for no valid or legal reason, backs out of the transaction, earnest money is sometimes used as liquidated damages. The federal law ensuring that the buyer and seller in a real estate transaction have knowledge of all the settlement costs when the purchase of a one to four-family residential dwelling is financed by a federally related mortgage loan. Real Estate Institute of Australia 16 Thesiger Court I PO Box 234, Deakin ACT 2600 Phone 02 6282 4277 I Fax 02 6285 2444 www.reia.com.au I reia@reia.com.au REIA Consumer Fact Sheet Glossary of Terms ABSENTEE LANDLORD - An owner or sub-lessor who does not reside in the place or area in which he/she owns real estate from which he/she derives rental income. Real Estate Terms and Definitions Acceleration clause. A tax or levy customarily imposed against only those specific parcels of real estate that will benefit from a proposed public improvement, such as a street or sewer. A contract for sale of real estate in which the consideration is paid wholly or partly in property. The interest or value that an owner has in a property over and above any mortgage indebtedness. ABATEMENT OF NUI SANCE The act of ending or … An instrument written and signed by the attorney who examines the title, stating her or his opinion as to whether a seller may convey good title. An agreement that may accompany an earnest money deposit for the purchase of real property as evidence of the purchaser’s good faith and intent to complete the transaction. The operation of the property of another for compensation. Grant deeds are popular in states that rely heavily on title insurance. An owner’s rights in land that borders flowing water, such as a stream or river. The payment made to a broker for services rendered, such as in the sale or purchase of real property; this is usually a percentage of the selling price of the property. The termination of a contract by mutual agreement of the parties. The Indian Contract Act, 1872 2 33. The business of providing people with expert advice on a subject, based on the counselor’s extensive, expert knowledge of the subject. Transfer of Property Act, 1882 6.3. Many real estate salespeople are independent contractors. FINA 232 Introduction to Basic Real Estate Terms and Concepts Summary of Topics 1. An instrument used to create a lien by which the mortgagor conveys her or his title to a trustee, who holds it as security for the benefit of the noteholder. 2. A lien on all real and personal property owned by a debtor. The right to tax real property in the United States rests exclusively with the states, not with the federal government. Learn the Lingo: Real Estate Terms, Realtor Designations & Acronyms. Documents such as deeds and purchase agreements must be delivered and accepted to be valid. A lease may be terminated by expiration of the term, surrender and acceptance, constructive eviction by lessor, or option, when provided in the lease for breach of covenants. The present worth of future benefits arising from the ownership of real property. A person to whom real estate is conveyed; the buyer. A lease requiring the tenant to pay not only rent but also costs incurred in maintaining the property, including taxes, insurance, utilities, repairs. In appraisal, a loss of value in property due to all causes, including physical deterioration, functional obsolescence, and economic obsolescence. The entity has continuous existence until dissolved according to legal procedures. A contract that complies with all the essential elements on a contract and is binding and enforceable on all parties to it. The impairment of functional capacity or efficiency; the inability of a structure to perform adequately the function for which it currently is employed. I hope you find this useful. This millage rate then is applied to the taxable value of each property in the district to determine individual taxes. If expenses exceed income, a negative cash flow is the result. The legal ability of persons to enter into a valid contract. Disclaimer This project is intended to provide information and insight to industry practitioners and does not constitute advice or recommendations. A correction line “corrects” for the curvature of the earth, and guide meridians slant to compensate for North Pole directional movement. Get for free. A property tax rate obtained by dividing the total assessed value of all the property in the tax district into the total amount of revenue needed by the taxing district. A property regarded by some as undesirable because of events that have occurred on the property, like murder or suicide, or present paranormal activities. The total amount of payments due over the life of the loan. This lexicon of real estate terms and acronyms will help you speak the language like a pro. A claim or encumbrance that may affect the title to land. Most states have abolished curtesy. Also called a cognovit. The gross income of the property minus vacancy, collection losses, and operating expenses (not including debt service). An individual working for a broker or salesperson who handles non-sales-related aspects of real estate transactions. 27. These persons are the beneficial owners of the trust or the shareholders of the corporation, each having a proprietary lease. A form of co-ownership by which each owner holds an undivided interest in real property as if he or she were the sole owner. Rent Concessions are allowances that permit discounted or free rent for a fixed period of time. This free online glossary of real estate terms includes selected terms commonly encountered by both tenants and home purchasers. The parts of a property that are necessary or convenient to the existence, maintenance, and safety of a condominium, or that are normally in common use by all of the condominium residents. However, if the personal assistant is licensed, then he or she can also handle the sales-related aspects of the transaction. Security interests in chattels are created by an instrument known as a security agreement. A period of time established by state law during which a property owner has the right to redeem her or his real estate from a foreclosure or tax sale by paying the sales price, interest, and costs. A written instrument authorizing a person (the attorney-in-fact) to act on behalf of the maker to the extent indicated in the instrument. Fees that are associated with a home purchase. Hidden gem/hidden potential: A diamond in the rough that is considered an opportunity for the right … The cost of construction at current prices of a building having utility equivalent to the building being appraised but built with modern materials and according to current standards, designs, and layout. The legal act of transferring ownership. Growing crops that are produced annually through the tenant’s own care and labor and that she or he is entitled to take away after the tenancy is ended. A novation releases liability. A mortgage loan that is granted for a term of 3 to 5 years and secured by a long-term mortgage of up to 30 years with the interest rate being renegotiated or adjusted each period. A charge against property created by the operation of law. A condition in a real estate financing instrument giving the lender the power to declare all sums owing lender immediately due and payable upon the happening of an event, such as sale of the property, or a delinquency in the repayment of the note. A provision that may be included in notes, leases, and contracts by which the debtor, lessee, or obligor authorizes any attorney to go into court to confess a judgment against him or her for a default in payment. An agent appoints a subagent to help the agent in a specified transaction and to act on the principal’s behalf. Learn the most important real estate vocabulary terms you need to know when buying or selling your home. Use this dictionary as a study guide for the real estate agent exam. The day on which all calculations of interest, tax adjustments and utility bill adjustments (if applicable) are made to either the buyer or seller. 3.7k. A legal action brought in a court of equity in special cases to compel a party to carry out the terms of a contract. Real Estate Glossary of Terms and Definitions. To relinquish an interest in or claim to a parcel of property. Those rights acquired through adverse possession. For purposes of appraisal analysis, it is most common and convenient to divide physical deterioration into curable and incurable components. A transfer of real estate by will or last testament. You will find some common and not so common terms used in real estate in Ontario, The degree, quantity, nature, and extent of interest that a persona has in real property. A certificate of sale does not convey title; generally, it is an instrument certifying that the holder may receive title to the property after the redemption period has passed and that the holder paid the property taxes for that interim period.

real estate terminology pdf

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