Terms with Category Real Estate

  • Seller Broker Definition,
    • One who earns a commission from the seller of a property in exchange for finding a buyer and assisting in negotiation.
  • Timeshare Definition,
    • A form of multiple ownership of a piece of property in which each owner has access to the property for a period during the year. Most timeshares are vacation homes in resort areas.
  • Sales Contract Definition,
    • A legal written document that details the agreed upon conditions between a seller and a buyer regarding the sale of a specific property. Also called an "Agreement of Sale."
  • Square Footage Definition,
    • The area within a building, calculated by measuring the rooms by length and width.
  • Valuation Definition,
    • The estimation of a property's price value through an appraisal.
    • The process of finding the worth of an asset or business.
  • Mint Condition Definition,
    • A term describing a building or item that's just like new.
  • Real Estate Broker Definition,
    • An individual who is licensed to represent a buyer or a seller of real estate and collects commissions for the work. Most brokers have agents working for them and they collect a portion of those commissions in exchange for providing office space, marketing, and other overhead.
  • Metes and Bounds Definition,
    • A surveyor's legal description of a parcel of land, defined by measurements and angles.
  • Acceptance Definition,
    • A property seller's formal, written approval of a buyer's offer.
  • Amenities Definition,
    • Amenities are features such as green space, playgrounds, community centres, shopping malls, or swimming pools that make a neighbourhood or community more desirable for living.
  • Step Down Lease Definition,
    • A lease providing for decreases in rental payment at specified dates.
  • Dual Agent Definition,
    • A real estate agent who acts for both parties in a property sale.
  • Type 'B' Property Definition,
    • Property that may not be centrally heated or may only be seasonally accessible.
  • Exchange Definition,
    • A trade of property for other property or services. Like-kind property exchanges are a popular tax-deferral strategy.
  • Lessor Definition,
    • The person who grants a lease.
  • Rent Definition,
    • When one party pays another for the use of an asset, service or property.
  • Lease Extension Definition,
    • The continuation of an existing lease, at the original monthly payment, usually on a month-by-month basis.
  • Lease Option Definition,
    • A written agreement in which an owner allows an individual to use a property in exchange for rent, and also gives that individual the right to buy the property for a specified price within a specified period
  • Architect Definition,
    • One who designs buildings.
  • Agent (agt) Abbreviation,
    • A person who acts on behalf of another. In real estate, an agent is a person who conducts transactions on behalf of sellers and sometimes buyers.
  • Plat Definition,
    • A map that shows a parcel of land and how it is subdivided into individual lots. Plat maps also show the locations of streets and easements.
  • Detached (det, detd) Abbreviation,
    • Something that is not affixed to a property.
    As in detached garage.
  • Property Tax Definition,
    • A levy by a city on real estate and personal property whose amount varies depending on the property's value.
  • Homeowners Insurance Definition,
    • A policy that includes hazard coverage, covering loss or damage to property and/or assets located within, as well as coverage for personal liability and theft.
  • Survey (srvy) Abbreviation,
    • A map executed by a licensed surveyor, which sets down precisely the boundaries of a given property as well as improvements, references to known landmarks, and the property's notable features.
    As in surveyed land.
  • Legal Description (lgdc) Abbreviation,
    • A way of identifying a piece of property in writing that is acceptable to a court.
  • Cooperating Broker Definition,
    • A real-estate broker who finds a buyer for a property and initiates a negotiation and shares in a commission.
  • Arpent Definition,
    • An area equal to about 0.845 acres, traditionally used in France, Quebec and Louisiana. Nowadays, hectares and acres are more commonly used measurements of area.
  • Pre-sold Home Definition,
    • A house that is sold prior to construction as opposed to a house built on spec.
  • Buyer's Market Definition,
    • When market conditions favour the buyer.
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