Real Estate Terms
We are committed to making the purchase or sale of your home as simple and easy as possible. During this process, you may encounter real estate terminology that is new to you. Following is a guideline of real estate terms, as well as financial and architectural terms to help you during the purchase or sale of your home.
Unencumbered property is property that is free of any lien.
Read MoreUnity of interest occurs when co-owners all have the same percentage of ownership in a property.
Read MoreUnity of possession occurs when all co-owners have the right to possess any and all portions of the property owned, without physical division.
Read MoreUnity of time occurs when co-owners receive title at the same time in same conveyance.
Read MoreUnity of title occurs when co-owners have the same type of ownership in a property.
Read MoreA special federal tax levied on investment income generated from property held in a pension plan in which there is a mortgage. The property ownership is allocated between the cash investment and the mortgage, and all gain allocable to the mortgage portion is subject to UBTI tax.
Read MoreShares of stock in a cooperative corporation transferred to the sponsor at the completion of the conversion process. The sponsor normally gets special rights to rent and/or sell these shares (representing special apartments) without board approval.
Read MoreUse variance is the permission to use the land for a purpose which, under the current zoning restrictions, is prohibited.
Read MoreUseful life is the period of time that a property is expected to be economically useful.
Read MoreA VA guaranteed loan is a mortgage loan in which the loan payment is guaranteed to the lender by the Department of Veteran Affairs.
Read MoreThe vacancy rate is the projected rate of the percentage of rental units that will be vacant in a given year.
Read MoreValue in use is the present worth of the future benefits of ownership.
Read MoreA vendor’s affidavit is a document signed under oath by the seller stating that the seller has not encumbered title to real estate without full disclosure to the purchaser.
Read MoreVesting options are choices buyers have in how to acquire property.
Read MoreVicarious liability is one person being responsible for the actions of another.
Read MoreThe walk-through inspection of a property occurs right before a closing to ensure that the property is being delivered as stipulated in the contract of sale.
Read MoreA walk-up building is a building that does not have an elevator and are usually four or five stories.
Read MoreWords of conveyance is a stipulation in a deed demonstrating the definite intent to convey a specific title to real property to a named grantee.
Read MoreA wraparound mortgage is a junior mortgage in an amount exceeding a first mortgage against the property.
Read MoreA writ of attachment is a court order preventing any transfer of attached property during litigation.
Read MoreZoning ordinance is a statement settling forth the type of use permitted under each zoning classification and specific requirements for compliance.
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