Real Estate Words Glossary Archive
Use of property that is permitted to continue after a zoning ordinance prohibiting it has been passed.
Lease requiring the tenant to pay all the costs incurred in maintaining a property, including taxes, insurance, repairs, and other expenses normally required of the owner.
Agreement that allows real estate brokers to distribute information on the properties they have listed for sale to other members of a local real estate organization. Allows the widest possible marketing of those properties. Commissions are split by mutual agreement between the listing broker and the selling broker.
Party or person that borrows money, giving a lien on the property as security for the loan; the borrower.
Party or institution that lends money; the creditor.
Financial intermediary that offers mortgages to borrowers, and then resells them to various lending institutions, government agencies, or private investors.
Individual or company that brings borrowers and lenders together; a loan broker.
Legal document that creates a lien on property; it secures the repayment of a loan.
Date on which principal and interest on a mortgage or other loan must be paid in full.
Long-range, comprehensive guide for the physical growth or development of a community.
Document that converts a parcel of land into a condominium subdivision.
Good and clear title that is free from reasonable doubt as to who the owner is.
Generally accepted as the highest price that a ready, willing, and able buyer will pay and the lowest price a ready, willing, and able seller will accept for a property.
Actual selling price of a property.
Paid by a condominium unit owner to the owners' association for upkeep of the common areas.