real estate A-C
Terms
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- Avulsion 5-2
- Occurs in cases where there is a sudden loss of land through nature.
- Balloon Payment 10-1
- The remaining balance, at maturity, on a loan that has not been completely repaid through periodic payments. Once paid, the outstanding balance is zero. Partially amortized loan.
- Bundle of Rights 2-1
- The rights of an owner to possess, control, enjoy, sell, lease, mortgage, and dispose of the property.
- Benchmark 2-4
- A bronze disk permanently placed and precisely identified by government survey teams.
- Bargain and Sale Deed 5-7
- An instrument conveying title which recites a valuable consideration.
- Buffer Zone 18-2
- A means by which planners use space to separate two adjoining districts which have incompatible uses.
- Attachment
- The process of taking a person's property into legal custody. Property is frozen.
- Assignment 6-6
- (1) the means by which a person transfers contract rights;(2) occurs when the lessee parts with the entire estate, retaining no interest.
- Attestation 5-1
- The act of witnessing a person's signing of an instrument by a notary public.
- Assessed Value 14-1
- The value placed on property, by the tax assessor, for the purpose of determining the property tax.
- Attorney in Fact 6-4
- A person given the authority to act on behalf of another under a power of attorney.
- Capital Gains
- The tax profit realized from the sale of property.
- Caveat Emptor 16-2
- Means "Let the Buyer beware".
- Certificate of Eligibility 11-1
- Given to veterans bearing evidence of their qualifications for a VA mortgage loan.
- Capitalization Rate 13-2
- The rate of interest considered to be a reasonable return on investment - given the risk.
- Bad Title
- Title with defects making it unmarketable.
- Blockbusting 7-9
- Any activity which attempts to drive prices down for the purpose of causing transition from one ethnic group to another. This is a violation of Federal Fair Housing Laws. Also called "panic selling".
- Breach of Contract 6-7
- A failure to perform, as promised, at the time the performance was due.
- Bill of Sale 2-1
- A document used to transfer ownership of personal property.
- Bilateral Contract 6-1
- A contract in which a promise is given for the promise of another. It becomes binding when mutual promises are communicated. (A real estate contract).
- Capitalization
- Used in the income approach to value. To capitalize income means to convert future income into present (current) value.
- Attorney's Opinion of Title
- A statement issued by an attorney after analyzing an abstract as to quality of title.
- As is
- A phrase which disclaims any promises or warranties. A person purchasing real estate takes it in exactly the condition in which it is found. Seller cannot hide latent defects.
- Bounds 2-3
- Refers to boundaries; used with the word "metes" in the metes and bounds method of land description.
- Blanket Mortgage 11-5
- A mortgage which covers more than one piece of real estate. Often used by a developer in the financing of undeveloped lots. Contains a partial release clause.
- Block A
- Means of subdividing large tracts of land into smaller sections, each of which is numbered. For example, Lot 4, Block 8.
- Assemblage 13-2
- Bringing two or more lots together under one ownership.
- Building Codes 18-3
- Ordinances passed by local governments with special minimum standards of construction for new buildings. They also apply to major additions to old construction.
- Bylaws 4-5
- Legal documentation in a condominium regime which provides the establishment of the home-owner's association; provides the powers and authority given to the board of directors; and indicates various rights and responsibilities of the unit owners.