- A section of land, including the air above it and the ground below it, and any buildings or structures on it.
- Land with buildings and other improvements on it.
real property, immovable property, realty, property
Related Terms and Acronyms
- Building and Loan Association — Definition,
- A financial institution designed to help members finance real-estate transactions.
- Buyer's Market — Definition,
- When market conditions favour the buyer.
- Encumbrance — Definition,
- Anything that affects or limits the clear and free title to a property, such as mortgages, leases, easements, or restrictions.
- Estate — Definition,
- The ownership interest of an individual in real property.
- The total sum of all the real property and personal property owned by an individual at time of death.
- Fixed Assets (FA) — Acronym, Important,
- Assets like machinery, land, buildings, or property used in operating a business that will not be consumed or converted into cash during the current accounting period.
- Fixed Time — Definition,
- The time of year when the owner in a timeshare arrangement is scheduled to have occupancy.
- For Sale By Owner (FSBO) — Acronym, Very Important,
➥ Can save the seller money by forgoing realtor fees.
- An arrangement by which a house's owner tries to sell the house without hiring a real-estate agent. Owners do this to avoid paying a commission.
- Gross Living Area (GLA) — Acronym, Important,
➥ Above ground total floor area of a home excluding porches and balconies.
- The gross above ground, finished living area in a property.
- Joint Venture — Definition,
- A partnership between two or more parties for the purpose of purchasing, owning, and/or developing real estate for a specific purpose and duration.
- Jointly-owned Property — Definition,
- A property held in the name of more than one person.
- Land — Definition,
- The solid ground of the earth. This can include everything under it and over it. For example, Condominium Acts do divide land horizontally thereby limiting the vertical ownership.
- Land Transfer Tax (LTT) — Acronym,
- A provincial tax payable on any property that changes hands. First time buyers may be eligible for a rebate.
- Leasehold Mortgage — Definition, Important,
- A mortgage given by a lessee on the security of his leasehold interests in the land.
- Legal Description (lgdc) — Abbreviation,
- A way of identifying a piece of property in writing that is acceptable to a court.
- Legal Mortgage — Definition, Important,
- The written geographical description of a property as described in the land register.
- Lending Value — Definition,
- The property value for mortgage purposes. Usually the lesser of appraised value or sale price.
- Mortgage (mtg) — Abbreviation, Important,
- A mortgage is a contract stipulating a specific real property, typically a residence or building, as collateral for a loan. The mortgage incurs a rate of interest that varies according to term and other features.
- Property Value — Definition,
- The worth of a piece of real estate, based on the price a buyer and seller would negotiate.
- 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 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.
- Second Home — Definition,
- An additionally purchased property, often a vacation or a rental property.
- Seller's Market — Definition,
- Due to either low supply or high demand, the seller can expect to sell quickly with a high sale price.
- Square Footage — Definition,
- The area within a building, calculated by measuring the rooms by length and width.