Terms with Category Real Estate

  • 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.
  • As is Where is Definition,
    • The buyer must examine the goods or property and buy at his or her own risk.
  • Asbestos (asb) Abbreviation,
    • A fire-resistant element that once was commonly used for insulation. It poses a lung hazard.
  • Asking Price Definition,
    • The amount of money the seller requests for the property or item.
  • Assessed Value (AV, ast) Acronym & Abbreviation,
    • A municipal or provincial government's determination of a property's worth for tax purposes.
  • Assessment Rolls Definition,
    • Lists of taxable property.
  • Assessments Definition,
    • Special and local taxes imposed upon property which benefits from an improvement that has been made in the vicinity.
  • Assignee Definition,
    • A person appointed to acquire (take) an item, such as a property.
    • In the insurance industry, an assignee is someone who is assigned ownership of another person's insurance policy.
  • Assignor Definition,
    • Assumability Definition,
      • The ability of a mortgage to be taken over from the original borrower by a new borrower.
    • Assumable Definition,
      • A loan or obligation that can be taken over by a new borrower.
    • Assumable Mortgage Definition, Very Important,
      • A mortgage that can be taken over or "assumed" by the buyer when a home is sold.
    • Assumption Clause Definition,
      • A provision in a mortgage contract that allows a buyer to take responsibility for the loan from the seller.
    • Assumption Fee Definition,
      • A lender's charge for updating records when a buyer takes responsibility for a mortgage from the seller.
    • Attached (att, attd) Abbreviation,
      • Something that is affixed to a property.
      As in attached garage.
    • Attached Structure Definition,
      • A building that is attached to another building.
    • Aviation Easement Definition,
      • An agreement that grants the right to fly airplanes over property, even if the practice causes damage, inconvenience, or loss of property value. Such an agreement usually restricts the property owner from building or growing anything over a specified height.
    • Back Title Letter Definition,
      • A document that a title insurance company gives to an attorney specifying condition of the title.
    • Backup Offer Definition,
      • A bid for a property that the owner will consider if the current transaction falls through.
    • Bargain Sale Definition,
      • Transfer of property or an item for less than market value.
    • Bedroom Community Definition,
      • A suburb in which most residents commute to the city to work.
    • Betterment Definition,
      • An improvement or replacement that increases a property's value.
    • Bidding War Definition,
      • Multiple, competing offers for a piece of property or item that escalate the price. Usually results in a happy seller.
    • Bilateral Contract Bank,
      • A legal agreement in which both parties promise to give each other something. A purchase agreement in which the buyer promises to give money and the seller promises to transfer property is a bilateral contract.
    • Bill of Sale (BS) Acronym, Important,
      • A written document that serves as evidence of the transfer of title to personal property.
    • Binder Definition,
      • An agreement to consider the purchase of real estate. The agreement is secured and backed by a cash deposit as evidence of good faith on the part of the purchaser.
    • Blighted Area Definition,
      • An ugly, run-down neighbourhood.
    • Blueprint (bprt) Abbreviation,
      • The drawing of a structure by an architect or designer, used for construction and getting permits.
    • Board Foot Definition,
      • A measurement of lumber equivalent to 1 inch thick, 1 foot long, 1 foot wide.
    • Bona Fide Definition,
      • In good faith. In real estate, a bona fide purchaser or seller has the legal right to give or receive title.
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