Down payment made by a purchaser of real estate as evidence
of good faith.
A right or interest in the real property of another The
right to use another's land for a specific purpose, as a right of way.
The period of time over which a property may be profitability
used. It is reduced to a percent in the capitalization process. Example
100% divided by 50 years equals 2% anticipated depreciation per year.
The right of a government to take private property for
public use upon the payment of just compensation. The legal proceeding
by which the government exercises this right is called "condemnation
The illegal intrusion of a structure, part of a building,
or obstruction over or upon a highway, sidewalk or the property of another.
Encumbrance A claim, lien, charge, or liability attached to and binding
upon real property, such as a judgment, mortgage, mechanics lien, lien
or unpaid taxes, right of way.
Writing one's name, either with or without additional
words, on a negotiable instrument or on an attachment thereto.
In real estate, the interest or value of the real estate
over and above amount of indebtedness thereon.
The revision of property to the state in the event the
owner of the property dies without leaving a will and has no blood heirs
or relatives to whom the property may pass by lawful decent.
In real estate, it is the state or condition of a deed
which is conditionally held by a third party, called the escrow agent,
pending the performance or fulfillment of some act or condition.
A written agreement between two or more parties whereby
the grantor, promisor or obligor delivers certain instruments or property
into the hands of a third party, the escrow agent, to be held by said
third party until the happening of a contingency or performance of a
condition, and then to be delivered to the grantee, promisee or obligee.
In real estate, it refers to the degree, quantity, nature
and extent of interest which a person has in real property; such as
a fee simple absolute estate, an estate for years.
Dispossession by process of law; the act of depriving
a person of the possession of lands, in pursuance of the judgment of
Exclusive Right to Sell Listing
A listing whereby the owner appoints one real estate
broker as his sole agent for a specified period of time. No matter who
sells the property, including the owner himself, the broker is entitled
to a commission.