Real property; the surface of the earth and that which
is affixed to it permanently, that which is below it, and the space
above it; synonymous with "real property", "realty", and "real estate"
Sometimes used to mean only the unimproved surface of the earth.
An agreement under which a tenant receives the possession
and use of real property for a certain period of time and the landlord
receives the payment to rent and/or the performance or other conditions.
A description recognized by law which is sufficient to
locate and identify the property without oral testimony.
The party who possesses a right or estate in realty,
holding under a lease; also commonly referred to as the tenant.
The party who conveyed a right or estate in realty to
the lessee under a lease; commonly referred to as the landlord.
A right given by law to a creditor to have a debt or
charge satisfied out of the real or personal property belonging to the
A public notice, filed against specific lands, that an
action at law is pending that may affect the title to the land.
An agreement or contract of employment, either oral or
written, whereby the owner authorizes the real estate broker to sell,
exchange or lease real estate.
Amount charged by a lender to increase the loan yield.
Usually a percentage such as 1% of the loan, which would equal one point.
Loan to Value (LTV) Ratio
Loan amount divided by the fair market value of the collateral,
generally the appraisal value. For instance, a lender considering an
80% LTV on a home appraised at $250,000 would consider a loan request
of $200,000. When considering a home equity loan, the lender will consider
the combined LTV, assuming full disbursement of the equity loan. For
instance, if a lender will consider a 90 percent combined LTV in the
same example, he would consider a home equity loan request of $25,000
for combined debt that equals 90 percent of the appraisal value.