Earnest Money Deposit
A deposit made by the potential home buyer to show that he or she is serious about buying the house.
A right of way giving persons other than the owner access to or over a property.
An easement that is attached to and runs with the land, it cannot exist apart from the particular land to which it is attached.
Easement in Gross
An easement which encumbers the land, and is usually given to a quasi-public corporation, such as the electric or phone company.
Easement by Prescription
A method of acquiring a right to a portion of property by lapse of time, in the manner of adverse possession.
The period of time over which a property may be profitably used.
A form of action to regain possession of real property, with damages for the unlawful retention; generally used when there is no landlord/tenant relationship.
Trees or crops that are cultivated annually; the rights of a tenant to harvest the annual crop even after their tenancy has ended.
The right of a government to take private property for public use upon the payment of just compensation.
A building or fixture, which intrudes partly or wholly upon the property of another.
A claim, lien, charge or liability attached to and binding upon real property which affects or limits the title or use thereof, e.g., mortgage, lien, easement.
The placing of one’s signature on a document, to make it negotiable or transferable.
Equal Credit Opportunity Act (ECOA)
A federal law that requires lenders and other creditors to make credit equally available without discrimination based on race, color, religion, national origin, age, sex, marital status, or receipt of income from public assistance programs.
Title of a purchaser under a contract of sale, or agreement of sale.
The interest or value which an owner has in real estate over and above the debts against it, e.g., you buy a house for $80,000 with $20,000 cash plus a $60,000 mortgage. The house later appreciates to $100,000 so your equity is now at least $40,000. Branch of remedial justice by and through which relief is afforded to parties in courts of equity.
Equity of Redemption
The right of an owner to reclaim property before it is sold through foreclosure proceedings by payment of the debt, interest and cost.
The gradual wearing away of land due to natural causes of wind and water.
A clause in a contract permitting an adjustment of certain payments up or down to cover certain contingencies; mostly found in agreements of sale, mortgages and leases.
The reverting of property to the state when heirs capable of inheriting are lacking; or the property is abandoned.
The deposit of instruments and funds with instructions to a third neutral party to carry out the provisions of an agreement or contract.
The one who receives a deed or other item from a grantor to be delivered to the grantee upon the performance of a condition or the occurrence of a contingency.
The degree, quantity, nature, and extent of interest a person has in real property.
Estate for Years
A lease; an interest in land by virtue of contract for the possession for a definite and limited period of time.
A doctrine which bars one from asserting rights which are inconsistent with a previous position or representation. e.g. the seller of an apartment building may ask the tenants to sign lease estoppel agreements stating the amount of rent and security deposits.
Latin for “and others.”
Latin for “and wife.”
A legal proceeding by a landlord to recover possession of leased premises from a tenant due to some breach of lease contract.
A method of conveying real property by trading with another property.
A person who operates an exchange program in time sharing projects.
A written instrument giving one agent the right to sell property for a specified time, but reserving the right of the owner to sell the property by them self without the payment of a commission.
Exclusive Right to Sell
A written agreement between owner and agent giving the agent the right to collect a commission if the property is sold by anyone during the term of their agreement.
To complete, to perform, to make, to do, to follow out; to execute a deed, to make a deed, including especially signing; to execute a contract, to perform the contract, to follow out to the end, to complete.
A contract that is fully performed.
A person named in a will to carry out its provisions as to the disposition of the estate of a deceased person; a personal representative.
A contract not yet fully performed
Clearly stated duties of an agent as set forth by his principal.
Loss in value due to factors outside of the property (such as near an airport).