Terms with Category Real Estate
- Open Listing — Definition,
- A property that a number of brokers can market and sell for a commission.
- Owner Financing (OF, O/F, OWN) — Acronym,
- A transaction in which the seller lends all or part of the money to the buyer.
- Owner Occupant — Definition,
- A borrower who resides in the property used as security for the loan.
- 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.
- Possession — Definition,
- Something that is owned.
- The condition of having signed all the papers at closing and having received keys to the house.
- Pre-paid Expenses — Definition,
- also called prepaid items or prepaids -- Recurring costs such as taxes, insurance and interest that are paid at closing and which cannot be financed.
- Pre-sold Home — Definition,
- A house that is sold prior to construction as opposed to a house built on spec.
- Principle of Conformity — Definition,
- The notion that a house will fetch a fair price if it is situated among houses of similar size, style and condition.
- Principle of Progression — Definition,
- The notion that a smaller house's value will be enhanced if it is near larger, fancier houses.
- Principle of Regression — Definition,
- The notion that the value of a larger or fancier house will be reduced if it is near smaller, lower-priced houses.
- Probate Sale — Definition,
- Sale of property after the death of the owner, supervised by a court, with proceeds divided among creditors and heirs.
- Production Home — Definition,
- Homes that are mass produced as part of housing developments.
- Property Report — Definition,
- A legal document prepared by a surveyor that shows the locations of all visible public and private improvements relative to property boundaries.
- A legal disclosure that developers of timeshare properties are required to give to prospective buyers.
- Property Tax — Definition,
- A levy by a city on real estate and personal property whose amount varies depending on the property's value.
- Property Value — Definition,
- The worth of a piece of real estate, based on the price a buyer and seller would negotiate.
- Proprietor — Definition,
- The owner of a business or property.
- Province of Domicile — Definition,
- The province where an individual lives or intends to live permanently or for a long term, regardless of the individual's current location.
- Purchase Agreement — Definition,
- A written promise to pay a specific amount for a property at a specified time. The purchase agreement is a written statement of the offer, which both the borrower and the seller will sign if the offer is accepted.
- Purchase Option — Definition,
- An agreement where a portion of monthly rent can be credited toward the purchase of a property.
- The portion of a vehicle lease that determines how much a lessee pays the lessor at the end of the lease to buy the vehicle. The price is usually the residual value.
- Purchase Price — Definition,
- The total selling price of the home, including the cash down payment and the principal on the loan.
- Real Estate (RE) — Acronym, Very Important,
- A section of land including all the natural resources (above and below the surface) and any permanent buildings or structures located on it. Also known as "realty."
- Real Estate Agent — Definition,
- A person who is licensed to represent a buyer or seller of land and the buildings and other improvements on it.
- Real Estate Attorney — Definition,
- A lawyer who specializes in the transfer of land and buildings and property tax issues.
- 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.
- Real Property — Definition,
- Permanent, non-movable property, such as land and buildings.
- Realtor — Definition,
- A real estate broker or an associate holding active membership in a real estate board.
- Reliction — Definition,
- An increase in the amount of land that occurs when a river or sea permanently withdraws.
- Rent — Definition,
- When one party pays another for the use of an asset, service or property.
- Rent Loss Insurance — Definition,
- Hazard insurance that pays for a loss in rental value or rental income if damage causes the property to become unfit for habitation.
- Rent-to-Own (RTO) — Acronym,
- An agreement to purchase an asset after a series of rental payments.
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Open Listing -
Property Tax
Property Tax
