Harrisonblog

A

A is for ACRE, a unit of land measure equaling 43,560 square feet or a tract about 208.71 feet square or 4,840 square yards.

B

B is for BUILD-TO-SUIT, a contract whereby an owner of land offers to construct a building on his or her land as specified by a potential tenant and then to lease land and building to that party.

C

C is for CLOSING COSTS, the miscellaneous expenses buyers and sellers normally incur at settlement in the transfer of ownership of real property over and above the cost of the property such as recording fees, attorney fees, title insurance premium, etc.

D

D is for DEED, a written instrument which when properly executed (signed) and delivered (accepted) conveys title to real property from one party, the grantor, to another party, the grantee.

E

E is for ENCROACHMENT, an unlawful intrusion onto adjacent property of another by improvements to real property such as a patio built across a property line which reduces the value of the property intruded upon.

F

F is for FEE SIMPLE, a complete, unencumbered ownership right in a piece of property.

G

G is for GAP LOAN, a loan that fills the difference between the first loan and the full amount of the permanent loan.

H

H is for HOME WARRANTY, a service contract that covers repair and replacement costs of home appliances,such as heating/cooling systems, plumbing, electrical etc.

I

I is for IMPROVEMENT, a building or appurtenance that is erected or constructed upon the land to release its income-earning potential such as a building, garage or wall.

J

J is for JUNIOR LIEN, a lien on a different loan involving the same property that is placed after an earlier placed lien.

K

K is for KNOB-AND-TUBE WIRING, a method of electric wiring in very old buildings that is no longer used where the wires are attached to porcelain knobs and tubes as an insulating method.

L

L is for LAND, the material of the earth, whatever it may be such as soil, rock or other substance and it includes the free or unoccupied space for an indefinite distance upwards as well as downwards.

M

M is for MARKET VALUE, the highest price in terms of money which a property will bring in a competitive and open market and under all conditions required for a fair sale like the buyer and seller acting prudently with knowledge and neither being affected by undue pressures.

N

N is for NEGOTIATION, the bargaining process that precedes a successful contractual agreement and generally creates a win-win situation for all of the parties.

O

O is for OFFER, a presentation of a set of terms that is subject to another party’s acceptance that is essential to arrive at a meeting of the minds needed to result a valid contract.

P

P is for PERSONAL PROPERTY, any property that is not real property, and/or property that is movable or harvestable, i.e. securities, furniture, cars, promissory notes, clothing, intangibles, etc.

Q

Q is for QUIET TITLE, to free the title to a parcel of land from the claims of others by means of a court action called a quiet title action.

R

R is for RATIFICATION, the after-the-fact approval or adoption of an act performed by one party without the prior authorization of another party but on his or her behalf.

S

S is for SETTLEMENT, the process at the closing of a sale of real estate negotiated by a real estate broker whereby the broker accounts to his or her principal for the earnest money deposit and deducts commission and advances by use of a form of settlement statement.

T

T is for TITLE, evidence that the owner of land is in lawful possession thereof, evidence of ownership.

U

U is for UNILATERAL CONTRACT, a contract under which one party promises to do something in exchange for the completed act of another.

V

V is for VALUE, the present worth of future benefits arising out of ownership to a typical user or investor.

W

W is for WALK-THROUGH INSPECTION, a process whereby an appraiser examines a property in preparation for estimating its value. Also, the process of inspecting a property for any damage prior to that property being bought or sold.

X

X is for X-BRACING, the cross-bracing of a partition or floor joist.

Y

Y is for YIELD, the interest earned on an investment by an investor or by a bank on the money it has loaned which is also called a return.

Z

Z is for ZONING, the regulation of land by local government under its police powers in controlling things such as height, size and use of buildings and the use of land.

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Source: Real Estate Wiki Glossary of Terms