Real Estate Dictionary
Common and not so common real estate words, terminology and phrases.
A B C D E F G H I J-K L M N O P Q R S T U V W X-Y-Z
Abstract of title
A condensed history or summary of all transactions affecting a particular parcel of real estate, including the original grant, all conveyances and encumbrances affecting the property, and the abstractor’s certification of the history’s accuracy. See More Real Estate Words Letter A
Back Ratio
The ratio of monthly housing costs (principal, insurance, taxes, and interest) plus regular monthly payments to gross monthly income, used by the lender to evaluate an applicant’s qualification for a loan; typical back ratios are between 32 – 45 percent. See More Real Estate Words Letter B
CC&R‘s
Covenants, Conditions and Restrictions; or the rights and obligations of individual owners of real property within a subdivision (or other tract of land where there is more than one owner of property) in relation to other owners, or to the organized association of owners, within the same subdivision, relative to the use and maintenance of the property commonly owned among them. See More Real Estate Words Letter C
Deed
A written document that conveys the ownership of real estate from one person or party to another. See More Real Estate Words Letter D
Earnest Money
A deposit made of a portion of the purchase price by the buyer to demonstrate his or her serious intent to purchase the property, usually accompanied by an agreement outlining the terms and conditions of the sale.See More Real Estate Words Letter E
Fair Credit Reporting Act
A federal law that regulates the disclosure of consumer credit reports by consumer/credit reporting agencies, and establishes procedures for rectifying errors on individuals’ credit records. See More Real Estate Words Letter F
General Warranty Deed
A deed in which the grantor warrants title against all claims, offering the greatest guarantee of protection of any type of deed, and which is used in most real estate deed transfers of title. See More Real Estate Words Letter G
Hazard insurance
Insurance protection for specified losses due to natural causes, such as fire, floods, earthquake, tornadoes, and other "acts of God". See More Real Estate Words Letter H
Impound, or Reserves
The portion of a borrower's monthly payments held by the lender to pay for taxes, hazard and mortgage insurance, lease payments, and other items that will come due. See More Real Estate Words Letter I
Joint Ownership Agreement
An agreement made between two or more owners of the same property, defining their rights and responsibilities (e.g. recommended in the case of married owners of property)
See Equity sharing. See More Real Estate Words Letter J-K
Land Contract
See Contract for deed. See More Real Estate Words Letter L
Majority
The age at which an individual is legally entitled to handle his or her own affairs. See More Real Estate Words Letter M
NATIONAL ASSOCIATION OF REALTORS® (NAR)
A real estate trade organization that sets the standards for integrity and honesty within the real estate profession nationwide. See More Real Estate Words Letter N
Open Listing
A contract under which the broker is commissioned to find a buyer before the property is sold by the seller or another competing broker. See More Real Estate Words Letter O
Partial Payment
A payment that is less than the agreed upon monthly payment on a loan. See More Real Estate Words Letter P
Quiet Title
A court action to remove a claims or objections of other parties on a title. See More Real Estate Words Letter Q
Radon
A radioactive gas that can cause health problems if present in sufficient concentration, found in some structures. See More Real Estate Words Letter R
Sales Comparison Approach
The method of evaluating a property's value by comparing it to actual sales prices and values of comparable properties. See More Real Estate Words Letter S
Tax Sale
A sale of real property ordered by the court in order to raise money to cover delinquent taxes. See More Real Estate Words Letter T
VA Guarantee
An insurance contract for which the Veterans Administration (VA) guarantees the lender's recovery of a designated percentage of the loan amount from the insurer in the event that the borrower defaults on the loan. See More Real Estate Words Letter V
Waiver
The relinquishing of a right. See More Real Estate Words Letter W
Zoning
Code regulation by local government of the use and development of private land. See More Real Estate Words Letter X-Y-Z
A B C D E F G H I J-K L M N O P Q R S T U V W X-Y-Z
A B C D E F G H I J-K L M N O P Q R S T U V W X-Y-Z
Abstract of title
A condensed history or summary of all transactions affecting a particular parcel of real estate, including the original grant, all conveyances and encumbrances affecting the property, and the abstractor’s certification of the history’s accuracy. See More Real Estate Words Letter A
Back Ratio
The ratio of monthly housing costs (principal, insurance, taxes, and interest) plus regular monthly payments to gross monthly income, used by the lender to evaluate an applicant’s qualification for a loan; typical back ratios are between 32 – 45 percent. See More Real Estate Words Letter B
CC&R‘s
Covenants, Conditions and Restrictions; or the rights and obligations of individual owners of real property within a subdivision (or other tract of land where there is more than one owner of property) in relation to other owners, or to the organized association of owners, within the same subdivision, relative to the use and maintenance of the property commonly owned among them. See More Real Estate Words Letter C
Deed
A written document that conveys the ownership of real estate from one person or party to another. See More Real Estate Words Letter D
Earnest Money
A deposit made of a portion of the purchase price by the buyer to demonstrate his or her serious intent to purchase the property, usually accompanied by an agreement outlining the terms and conditions of the sale.See More Real Estate Words Letter E
Fair Credit Reporting Act
A federal law that regulates the disclosure of consumer credit reports by consumer/credit reporting agencies, and establishes procedures for rectifying errors on individuals’ credit records. See More Real Estate Words Letter F
General Warranty Deed
A deed in which the grantor warrants title against all claims, offering the greatest guarantee of protection of any type of deed, and which is used in most real estate deed transfers of title. See More Real Estate Words Letter G
Hazard insurance
Insurance protection for specified losses due to natural causes, such as fire, floods, earthquake, tornadoes, and other "acts of God". See More Real Estate Words Letter H
Impound, or Reserves
The portion of a borrower's monthly payments held by the lender to pay for taxes, hazard and mortgage insurance, lease payments, and other items that will come due. See More Real Estate Words Letter I
Joint Ownership Agreement
An agreement made between two or more owners of the same property, defining their rights and responsibilities (e.g. recommended in the case of married owners of property)
See Equity sharing. See More Real Estate Words Letter J-K
Land Contract
See Contract for deed. See More Real Estate Words Letter L
Majority
The age at which an individual is legally entitled to handle his or her own affairs. See More Real Estate Words Letter M
NATIONAL ASSOCIATION OF REALTORS® (NAR)
A real estate trade organization that sets the standards for integrity and honesty within the real estate profession nationwide. See More Real Estate Words Letter N
Open Listing
A contract under which the broker is commissioned to find a buyer before the property is sold by the seller or another competing broker. See More Real Estate Words Letter O
Partial Payment
A payment that is less than the agreed upon monthly payment on a loan. See More Real Estate Words Letter P
Quiet Title
A court action to remove a claims or objections of other parties on a title. See More Real Estate Words Letter Q
Radon
A radioactive gas that can cause health problems if present in sufficient concentration, found in some structures. See More Real Estate Words Letter R
Sales Comparison Approach
The method of evaluating a property's value by comparing it to actual sales prices and values of comparable properties. See More Real Estate Words Letter S
Tax Sale
A sale of real property ordered by the court in order to raise money to cover delinquent taxes. See More Real Estate Words Letter T
VA Guarantee
An insurance contract for which the Veterans Administration (VA) guarantees the lender's recovery of a designated percentage of the loan amount from the insurer in the event that the borrower defaults on the loan. See More Real Estate Words Letter V
Waiver
The relinquishing of a right. See More Real Estate Words Letter W
Zoning
Code regulation by local government of the use and development of private land. See More Real Estate Words Letter X-Y-Z
A B C D E F G H I J-K L M N O P Q R S T U V W X-Y-Z
