FIND THE DEFINITION FOR ANY REAL ESTATE
Click on the letters above for terms beginning with that
letter, and then click on the term below.
Dont see a term here?
Feel free to ask us. (Unfortunately, however, we cannot give you
real estate or legal advice.)
MORTGAGE A loan which applies to both real and personal
property, for example if someone buys a house and furnishings
and puts both on the same loan.
PEDDLING The illegal practice of vigorously soliciting
listings in an area using scare tactics based on some protected
group of individuals (race, religion, etc.).
lot, a distinct tract of land.
PAROL EVIDENCE RULE
A legal principle that says that the written terms of a contract
cannot be changed orally or through an irrelevant written document.
FLOOR A hardwood floor made of individual pieces of
wood laid out in patterns.
A wall shared by two owners, such as in a townhouse or condominium.
Neither party may damage the structural integrity of
the wall, because the other party has the right for the wall
to be there.
party to whom a payment is made, for example, the lender in
a real estate loan who is receiving payments from a borrower.
A lease in which the tenant pays a percentage of their gross
sales, or a percentage of sales over a certain dollar amount.
This could be done on a monthly, quarterly or yearly
basis. This would probably
be paid in addition to a fixed rent and some operating expenses.
Common in shopping malls and other retail centers.
PERK) TEST A test of the soil on a property to determine
how easily the land can absorb liquid. Normally required on properties that will require
the construction or installation of a septic system.
Also called PERIODIC TENANCY, a lease of an indefinite duration,
that can end at the completion of a specific period.
The period will be spelled out in the lease, as in year-to-year,
month-to-month, week-to-week or day-to-day.
For example, if a month-to-month lease starts on the
first day of the month, it will on the last day of some month
in the future, but the specific month in which the lease ends
will not be known at the beginning of the lease.
TENANCY (See PERIOD-TO-PERIOD LEASE)
Principal, Interest, Taxes, Insurance. The four elements common in most real estate
UNIT DEVELOPMENT (PUD) A community created through
a comprehensive plan, containing multiple property uses, coordinated
to meet the needs of the community.
OF ATTORNEY A document giving another party the authority
to act on someones behalf for a single transaction or a range
PUD (See PLANNED
MONEY MORTGAGE Seller financing.
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