Real estate glossary property terms and definitions in order to understand the real estate industry well, you need to read to know the various property terminologies regarding the industry. These same terms may have different meanings in another context. Real estate glossary, property terms and definitions. Heres a quick and easy glossary of property terms, covering all the weird and wonderful things everything you might hear.
This is a popular way of resolving property disputes where privacy and speed are. This glossary defines some of the more difficult terms used in property law. Tenant person or entity who is entitled to occupy a property under the terms of a tenancy agreement. The ultimate dictionary of real estate terms you should know. Tellurometer an instrument for measuring long distances in land surveying. A glossary of real estate terms unknown binding january 1, 1998 by ezra c levy author see all formats and editions hide other formats and editions. Any source of revenue derived from applying a property tax rate to the assessed value of property. Instead of having to come up with a 20% down payment, a buyer. For example, a real estate broker wishes to list as many properties a possible to built an inventory of future real estate sales. Refer to property councils glossary of terms to find out how the terms are.
Deed book a book among the public records in which deeds are. The home closing 101 real estate glossary provides simple definitions for. Take a look at our glossary of property terms for whenever youre not too sure on the meaning of a word when buying, renting, letting and selling a property. Appraisal a nonbinding verbal assessment of a property by a real estate sales person. Glossary of property terms term definition ad valorem property taxation.
Amortize to pay a debt in periodic amounts until the total amount, including any interest, is paid. Glossary of property terms c joscelyne chase 270815 laura marszalek this months selection of property terms. Amortise to repay a mortgage with regular payments that cover both principal and interest. In leasehold property ownership the lessee is the person who owns the property for a limited period of time and may be required to pay rent to the owner of the superior title lessor the person who owns the superior title and is entitled to the ground rent under the lease and possession of the property at the end of the lease term. Within this alphabetical list of common terms certain issues have been expanded and in other cases direct links are provided to help you get closer to the specific data you require. A tenant may request the landlord to provide written proof of the terms of the tenancy agreement if an oral or verbal tenancy agreement is used. Property glossary of terms there are many thousands of words and phrases associated with the property industry, some of which are very common and some of which are rarely used. A coowner in a joint tenancy cannot give away his or her share of the property in a will.
Real estate glossary terms coldwell banker ward real. The property market in england has been given the go ahead to return to some sort of normality amid the coronavirus pandemic. Theres enough to think about when looking for a new property without having to worry about what the weird and wonderful words and acronyms mean as well. This second edition remains the glossary for all in the landed professions and related endeavours. This is an extract from the more comprehensive glossary of property terms jointly published by the reia, property council of australia pca. Real estate exam glossary terms flashcards quizlet. The buyer is responsible for finding out the condition of the. Stratum area sua the area shown on a registered plan of subdivision as calculated by a registered surveyor. Browse through more than 121,000 verified real estate properties with accurate lowdown on amenities, neighborhoods and cities, and genuine pictures.
Lease rates and terms of properties similar in size, construction quality, age, use, and typically located within the same submarket and used as comparison properties to determine the fair market lease rate for another property with similar characteristics. Appreciation an increase in the value of a property over a period of time. Deed book a book among the public records in which deeds are recorded. The amount payable by the seller for the work done on marketing and selling a property. A few notes about the glossary of real estate terms. Parcel map a map of a given area, designed, drawn, and labeled for the purposes of identifying parcels and distinguishing them from one another in a given area. Book value the current value for accounting purposes of an asset. The value placed on a property by the public tax assessor for purposes of taxation.
Keep current ft property company news ft global property news property week global property investor europe real estate defined blog. It has been expanded to include recent additions to the property vocabulary and existing terms have been revised and amended where necessary to reflect correct common useage. Like a blue book for homes, the chain of title is the documentation of all past ownership of a property. Buy to let where a property is bought with the intention of letting it out on a commercial basis. The ratio of the tax requirement to the assessed valuation. Many words, idioms, and phrases are based on the law, while others are more common words that have a certain meaning when used in relation to land and property records, either current or historical. The person who carries out a structural survey of a property, examining the structure and general state of the house.
The glossary of property terms has helped define the property industry since its first publication in 1989. A self contained housing unit generally located within a building occupied by more than one household. View the century 21 real estate glossary to find definitions of the most commonly used real estate terms. There are mortgages specific to this type of purchase known as buy to let mortgages. We hope you find this list of commercial real estate leasing. Glossary of common probate words and terms probate. Nov 17, 2019 glossary of property law terms designing buildings wiki share your construction industry knowledge. Property legal terms, like most legal fields, has terms that may not be familiar to people outside of the field. Real estate terminology a course companion for studying for the real estate exam, for real estate home study courses, for real estate continuing education courses, for real estate statutory courses, and for any form of college real estate course.
Voluntary and permanent cessation of use or enjoyment with no intention to resume or reclaim ones possession or interest. Membership usually provides a monthly book andor computer service that provides realtors with detailed listings. An abatement pro rata is a proportionate reduction of the amount of each of a number of debts or claims as where a fund or estate is insufficient for repayment of all in full. Here is this months selection of commonly used terms and phrases in the property industry. A course companion for studying for the real estate exam, for. Definitions are intentionally general, nontechnical and short. It consists of an 80% 30 year first lien at market rates, a 10% 15 year second lien at a slightly higher interest rate, and a 10% down payment. A small section of a city or town enclosed but not divided by streets. Terms are defined as they are commonly used in the mortgage and real estate industry.
Contract the legal document that sets out the terms of the salepurchase of the property. There are many thousands of words and phrases associated with the property industry, some of which are very common and some of which are rarely used. In real estate terms, this is a tax levied on profit from the sale of an investment property not the family home. Glossary of property terms t joscelyne chase property. A listing contract, designated period of time to sell he specified property on the owners stated terms and agrees to pay the real estate professional a commission when the property is sold, whether by the real estate professional, the owner, or anther real estate professional. The land and property industry has its own language. The increase in the propertys value due to changes in market condition, inflation, or other causes. The very best real estate glossary online for realtors. Glossary of real estate terms sometimes agents throw around real estate jargon like its common knowledge to all, when in fact, a lot of buyers and sellers dont always know what were talking about. A fee form charged for services rendered from licensed sales brokers, loan officers, and. Make sure youre in the know by getting to grips with the basics.
If you are looking for information about thailand property, use this glossary to find. May 15, 2020 as a digital marketplace with an exhaustive range of property listings, we know it is easy to get lost. Tenants in common an optional method of shared home ownership not necessarily in equal shares. The maximum amount of any ad valorem tax on real property shall not exceed one percent 1% of the full cash value of such property. Glossary of real estate terms 801010 a type of blended mortgage loan which avoids private mortgage insurance pmi. The right of ingress to and egress from a property that abuts upon an. Condensed version of history of a title to a particular parcel of real estate as recorded in the county clerks records. This free online glossary of real estate terms includes selected terms commonly encountered by both tenants and home purchasers. Whether you are thinking about buying or selling a home, the glossary of real esate terms can provide you with an understanding of a number of common words and terms used in a typical real estate transaction. Gross floor space over all levels divided by the site area. The irs codes section 1031 makes it possible for a real. Property legal terms in thailand siam legal international.
Understanding this special terminology is essential for correctly interpreting the meaning and. Adjustable rate mortgage arm a mortgage that permits the lender to periodically adjust the interest rate to reflect fluctuations in the cost of money. Letter of offer the bank will issue the borrower a letter of. This is prepared in a draft form by the sellers solicitor and sent to the buyers solicitor. The glossary spells out words ranging from real estate buying, renting, financing, mortgages, disposal, development and management of properties for. For property tax purposes the rate is applied to assessed value to determine the amount of the tax. Mar 04, 2016 in real estate terms, this is a tax levied on profit from the sale of an investment property not the family home. Page 1 a abandonment failure to occupy and use property. Power of appointment a power given to an individual usually a beneficiary under the terms of a trust to appoint property to certain persons upon termination of that individuals interest in the trust or other specified circumstances. If youre not regularly involved or have little experience with the industry some of the terms used can be a little confusing but.
Submit the term you wish to see in the glossary here. The right of an individual to certain property only during their lifetime. A document or deed used to transfer ownership of an unregistered property from. This guide is intended to give you an overview of the most common words and phrases we use.
At, we guide home buyers right from the start of their home search to the very end. If you are looking for information about thailand property, use this glossary to find the meaning of any unfamiliar property terms. The terms agreed are known as a statement of terms. Any multifamily residential, office, industrial, or retail property that can be bought or sold in a real estate market. Leasehold agreements for residential property that are quite common include 99 years and 999 years. If youre not regularly involved or have little experience with the industry some of the terms used can be a little confusing but were here to help. As a digital marketplace with an exhaustive range of property listings, we know it is easy to get lost. The amount payable by the seller for the work done on. Succession a term used to describe the body of law relating to the passing of property on the death of a person. Glossary for property appraisal and assessment 1 return to table of contents numeric 4321 rulean empirical rule that ascribes 40 percent of the value of a standard lot see lot, standard to the quarter of the lot fronting on the street, 30 percent to the next quarter, 20 percent. When a purchaser pays the agreed upon price for a particular unit, he receives stock in the corporation personal property and a proprietary lease to a particular unit again, personal property. The individual given the power is usually referred to as a holder of the power.
The propertyshark glossary is intended to provide real estate professionals and home buyers with a basic understanding of various specialized terms. There are some commonly used, and often misunderstood, terms that you should know if you are investing in property. Glossary of property terms research property council of australia. Counter offer a new offer, made after a previous offer has been rejected by the.
Many terms in real estate are universal throughout the nation. Terms taken from the glossary of the psi test manual. Glossary of commercial real estate terms national association of. Analyzes the return on investment after taxes on an income producing property. Appraisal a qualified partys opinion of the value of a property. Letter of offer the bank will issue the borrower a letter of offer lo upon acceptance of the loan application. Tenants in common a type of joint tenancy in a property where two or more purchasers own a property in unequal shares. Agreement the written contract for the sale and purchase of property between the vendor and the buyer. We hope you find this list of commercial real estate. Glossary and definitions institutional real estate, inc. The glossary of property terms 2nd edition geoffrey parsons jon. Glossary of property law terms designing buildings wiki share your construction industry knowledge. Usually used for residential property and is very similar to gross internal area gia. Person or entity who is entitled to occupy a property under the terms of a tenancy agreement.
The borrower risks losing the property if the loan is not repaid according to the terms of the mortgage or deed of trust. A course companion for studying for the real estate exam. Thats why we put together a glossary of real estate terms for investors to use as a resource throughout the propertybuying process. Glossary of terms for estate planning administrator an individual appointed by the court to manage the estate of a person who died without leaving a will. Features that enhance the value or desirability of a property. You might also like to have a look at our list of industry acronyms. Understanding this special terminology is essential for correctly interpreting the meaning and purpose of any individual land transaction. Terms and conditions for buying a property ab apartment. Real estate glossary investing terms biggerpockets. A provision in a mortgage that gives the lender the right to demand payment of the entire outstanding balance if a monthly payment is missed. Tenancy when a person is holding a property by right or title, usually in the form of an arrangement lease or agreement for an agreed period or on a periodic basis tendering process to invite bids by tender, receiving, considering and usually accepting one.
Glossary of common land and property terms thoughtco. Property seekers have been using virtual tours to explore a massive variety of homes since lockdown began. Glossary of property law terms designing buildings wiki. Weve put together the ultimate real estate glossary to educate yourself on what these terms. Principal the property such as money, stock, and real estate contributed to or otherwise acquired by a trust to generate income and to be used for the benefit of trust beneficiaries according to the trusts terms. Comparative market analysis cma condominium insurance ho6 conforming loan. Buy the glossary of property terms 2 by geoffrey parsons isbn. Property24 has put together a comprehensive property glossary, for your complete home buying reference. The glossary contains terms commonly used in real estate by both tenants and home purchasers. Glossary for property appraisal and assessment 1 return to table of contents numeric 4321 rulean empirical rule that ascribes 40 percent of the value of a standard lot see lot, standard to the quarter of the lot. To secure a listing by a real estate agent for a certain parcel of property. An area devoted to agricultural use, recreational use, and open space use, or. Property professionals can often get caught up in their own lingo.
Buyer the person that is buying the property, sometimes also known as the purchaser. Tenancy when a person is holding a property by right or title, usually in the form of an arrangement lease or agreement for an agreed period or on a periodic basis. Leasehold stands for property tenure where you lease the land or building for just a certain, preagreed timeframe. Parcel a piece of real property described in legal terms, numbered for assessors uses.
Deed of trust one form of real estate security agreement granting a security interest in real estate which typically contains a power of sale allowing a. Measures the property managers performance from period to period by comparing income and expenses for a given property. May 16, 2020 property seekers have been using virtual tours to explore a massive variety of homes since lockdown began. The world of real estate and property terms can sometimes be a confusing one. It includes all floor area including internal walls, mezzanines, hallways, bathrooms but excludes common spaces, patios, balconies. Glossary of real estate terms adirondack country homes.