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The terms and definitions utilized is this site are purchased P.L.R.
REAL ESTATE TERMS AND DEFINITIONS
SURVEY: THE PROCESS BY WHICH A PARCEL OF LAND IS MEASURED AND ITS BOUNDARIES AND CONTENTS ARE ASCERTAINED.
TAX CERTIFICATES: BONDS SOLD TO RECOUP UNPAID PROPERTY TAXES BY THE COUNTY IN WHICH THE PROPERTY IS LOCATED. WHEN THE PROPERTY IS AUCTIONED, THE CERTIFICATE HOLDERS MAY EITHER USE THE CERTIFICATES AS MONEY TO BID ON THE PROPERTY OR REDEEM THEM FOR FACE VALUE PLUS INTEREST.
TAX DEED: A DEED ON PROPERTY PURCHASED AT PUBLIC SALE FOR NON-PAYMENT OF TAXES.
TAX LIEN: A CLAIM AGAINST PROPERTY FOR THE AMOUNT OF ITS DUE AND UNPAID TAXES.
TAX ROLL: A LIST OR RECORD CONTAINING THE DESCRIPTIONS OF ALL LAND PARCELS LOCATED WITHIN THE COUNTY, THE NAMES, OWNERS, THE ASSESSED VALUES AND THE TAX AMOUNTS.
TAX SALE: SALE OF PROPERTY BY THE FEDERAL , STATE OR LOCAL GOVERNMENT TO SATISFY AN OUTSTANDING TAX DEBT.
TAX SHELTER: AN INCOME PROPERTY THAT GENERATES ARTIFICIAL PAPER LOSSES DUE TO DEPRECIATION OR COST RECOVERY THAT ARE IN EXCESS OF THE INCOME PRODUCED BY THE PROPERTY. THESE ARTIFICIAL LOSSES CAN BE USED TO OFFSET OTHER TAXABLE INCOME EARNED BY OWNERS. IN GENERAL A TAX SHELTER IS ANY DEFERRAL, REDUCTION OR ELIMINATION OF A TAX DUE.
TENANCY: A HOLDING OF REAL ESTATE UNDER ANY KIND OF RIGHT OF TITLE. USED ALONE, TENANCY IMPLIES A HOLDING UNDER A LEASE.
TENANCY AT WILL: A HOLDING OF REAL ESTATE THAT CAN BE TERMINATED AT THE WILL OF EITHER THE LESSOR OR THE LESSEE, USUALLY WITH NOTICE.
TENACY BY ENTIRETY: THE JOINT OWNERSHIP OF PROPERTY BY A HUSBAND AND WIFE WHERE BOTH ARE VIEWED AS ONE PERSON UNDER COMMON LAW THAT PROVIDES FOR THE RIGHT OF SURVIVORSHIP.
TENANCY IN COMMON: IN LAW, THE TYPE OF TENANCY OR ESTATE CREATED WHEN REAL OR PERSONAL PROPERTY IS GRANTED, DEVISED, OR BEQUEATHED TO TWO OR MORE PERSONS, IN THE ABSENCE OF EXPRESSED WORDS CREATING A JOINT TENANCY. THERE IS NO RIGHT OF SURVIVORSHIP.
TENANT: ONE WHO IS NOT THE OWNER OF, BUT OCCUPIES, REAL PROPERTY UNDER CONSENT OF THE OWNER AND IN SUBORDINATION TO THE OWNER’S TITLE. THE TENANT IS ENTITLED TO EXCLUSIVE POSSESSION, USE, AND ENJOYMENT OF THE PROPERTY, USUALLY FOR RENT SPECIFIED IN THE LEASE.
TENANT IMPROVEMENT (TI) ALLOWANCE OR WORK LETTER: DEFINES THE FIXED AMOUNT OF MONEY CONTRIBUTED BY THE LANDLORD TOWARDS TENANT IMPROVEMENTS.
TENANT IMPROVEMENTS: IMPROVEMENTS MADE TO THE LEASED PREMISES BY OR FOR A TENANT.
TENANTS BY THE ENTIRETY: GENERALLY, HUSBAND AND WIFE WHO OWN PROPERTY JOINTLY. AT THE DEATH OF ONE, THE SURVIVOR TAKES THE WHOLE ESTATE.
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REAL ESTATE TERMS AND DEFINITIONS
TENANTS IN COMMONS: TWO OR MORE PARTIES EACH OF WHOM HOLDS AN UNDIVIDED SHARE OF AN ENTIRE PROPERTY. AFTER DEATH OF ONE PARTY, THE SURVIVOR DOES NOT TAKE THE WHOLE ESTATE. THE DECEDENT’S WILL OR STATE LAW DETERMINES WHAT HAPPENS TO HE DECEDENT’S SHARE.
TENDER: AN OFFER TO PAY OR PERFORM.
TERMS: THE EXACT WAY IN WHICH PROPERTY WILL BE PURCHASED. TERMS SHOULD BE SPELLED OUT IN A WRITTEN CONTRACT.
TIME IS OF THE ESSENCE: A CLAUSE, WHICH IF INCLUDED IN A CONTRACT, MAKES FAILURE TO PERFORM BY A SPECIFIC DATE A MATERIAL BREACH OR VIOLATION OF THE CONTRACT.
TIMESHARE: A PIECE OF PROPERTY PURCHASED BY TWO OR MORE PARTIES WHO HAVE SET SPECIFIC TIMES WHEN EACH MAY USE OR OCCUPY THE PROPERTY.
TITLE: THE EVIDENCE OF THE RIGHT TO OR OWNERSHIP IN PROPERTY. IN THE CASE OF REAL ESTATE, THE DOCUMENTARY EVIDENCE OF OWNERSHIP IS THE TITLE DEED WHICH SPECIFIES IN WHOM THE LEGAL PROPERTY IS VESTED AND THE HISTORY OR OWNERSHIP AND TRANSFERS. TITLE MAY BE ACQUIRED THROUGH PURCHASE, INHERITANCE, DEVISE, GIFT OR THROUGH FORECLOSURE OF A MORTGAGE.
TITLE INSURANCE: A POLICY ISSUED BY A TITLE COMPANY AFTER SEARCHING THE TITLE AND WHICH INSURES AGAINST LOSS RESULTING FROM DEFECTS OF TITLE TO A SPECIFICALLY DESCRIED PARCEL OR REAL PROPERTY OR FROM THE ENFORCEMENT OF LIENS EXISTING AGAINST IT AT THE TIME THE POLICY IS ISSUED.
TITLE INSURANCE COMPANY: A BUSINESS THAT REPORTS ON THE STATUS FOR TITLE ON A SPECIFIC PROPERTY AND WHETHER OR NOT IT HAS ANY LIENS AGAINST IT. AFTER THIS TITLE SEARCH HAS BEEN COMPLETED, THE COMPANY WILL ISSUE A DEED TO BE SIGNED BY ALL THE OWNERS OF THE PROPERTY WHICH SHOULD BE NOTARIZED AND RECORDED IN THE PUBLIC RECORDS. IF A BUYER PURCHASED THE PROPERTY AND ALSO PAID FOR TITLE INSURANCE, THE BUYER WILL BE INDEMNIFIED BY THE TITLE COMPANY IF ANY OTHER CLAIMS ARISE TO CLOUD TITLE.
TITLE SEARCH: INVESTIGATION OF TITLE RECORDS TO DETERMINE THE PROPERTY’S PRIOR OWNER HISTORY AND TO ASCERTAIN IF ANY LIENS, ENCUMBRANCES OR OTHER OUTSTANDING CLAIMS EXIST THAT MAY PREVENT LEGAL CONVEYANCE OF TITLE TO A NEW BUYER.
THITLE THEORY STATES: STATES THAT ALLOW THE LENDER TO BECOME THE LEGAL OWNER AT THE TIME OF MAKING THE LOAN. THE BORROWER IN THESE STATES ONLY HAS POSSESSION OF THE HOUSE UNTIL THE MORTGAGE IS PAID IN FULL AND TITLE IS RELEASED TO THE BUYER.
TOWMSHIP: A UNIT OF MEASURE USED IN THE GOVERNMENT SURVEY METHOD (PLSS) OF LAND DESCRIPTION EQUAL TO 36 SECTION WHICH IS 36 SQUARE MILES OF LAND.
TRUST: AN ENTITY TO WHICH ASSETS RE TRANSFERRED FOR PROTECTION, MANAGEMENT, AND DISTRIBUTION TO OTHERS.
TRUST DEED: THE INSTRUMENT GIVEN BY A BORROWER (TRUSTOR) TO A TRUSTEE VESTING TITLE TO A PROPERTY IN THE TRUSTEE AS SECURITY FOR THE BORROWER’S FULFILLMENT OF AN OBLIGATION.
TRUSTEE: ONE WHO AS AGENT FOR OTHERS HANDLES MONEY OR HOLDS TITLE TO THEIR LAND.
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REAL ESTATE TERMS AND DEFINITIONS
TURNKEY: LANDLORD-PROVIDED TENANT IMPROVEMENTS, USUALLY INCLUDING EVERYTHING (WALLS, DOORS, FLOOR AND WINDOW COVERINGS, ELECTRICAL) EXCEPT TELECOMMUNICATIONS WIRING AND TENANT FURNITURE.
UNDER CONTRACT: A PROPERTY FOR WHICH THE SELLER HAS ACCEPTED A BUYERS OFFER TO PURCHASE IS SAID TO BE UNDER CONTRACT. DURING THE PERIOD OF TIME THE PROPERTY IS UNDER CONTRACT, THE SELLER IS PRECLUDED FROM ENTERTAINING OFFERS FROM OTHER BUYERS.
UNDERWRITER: A PERSON THAT REVIEWS AND MAKES A DECISION TO APPROVE OR DISAPPROVE A LOAN APPLICATION.
UNDERWRITTING: THE ANALYSIS AND MATCHING OF RISK TO AN APPROPRIATE RATE AND TERM. UNENCUMBERED PROPERTY: A PROPERTY THE TITLE TO WHICH IS FREE AND CLEAR.
UNILATERAL CONTRACT: A CONTRACT IN WHICH ONE PARTY IS BOUND BY ANOTHER TO DO SOMETHING. IF THE SECOND PARTY DECIDES TO EXERCISE THE CONTRACT, THE FIRST PARTY MUST PERFORM ANY CONTRACTUAL OBLIGATIONS IT MAY HAVE. IF THE SECOND PARTY CHOOSES NOT TO EXERCISE THE CONTRACT, THE FIRST PARTY IS RELEASED FROM ANY CONTRACTUAL OBLIGATIONS.
UNIMPROVED LAND: MOST COMMONLY REFERS TO LAND WITHOUT IMPROVEMENTS OR BUILDINGS BUT CAN ALSO MEAN LAND IN ITS NATURAL STATE.
UPS: UNINTERRUPTIBLE POWER SUPPLY. A SPECIAL POWER SOURCE WHICH TAKES OVER IN THE EVENT OF A FAILURE IN THE MAIN POWER SYSTEM.
USABLE SQUARE FEET: THAT SPACE MEASUREMENT ACTUALLY CONTAINED WITHIN THE DEMISED PREMISES. IF THE ENTIRE BUILDING IS OCCUPIED BY A SINGLE USER, THE RENTABLE AND USABLE SQUARE FOOT CALCULATIONS MAY BE THE SAME.
UNSECURE LINE OF CREDIT: A WAY TO BUILD A CREDIT HISTORY AND INCREASE A CREDIT SCORE IN WHICH AN INDIVIDUAL BORROWS SMALL AMOUNTS OF MONEY WHICH DO NOT REQUIRE COLLATERAL.
USURY: CHARGING MORE FOR THE USE OF MONEY THAN THE LAW ALLOWS.
VACANCY RATE: AN ESTIMATE OF THE AMOUNT OF TIME THE RENTAL PROPERTY WILL BE VACANT MULTIPLIED BY THE RENTAL RATE OF THE UNIT(S). THE AMOUNT IS USED IN ESTIMATING THE INVESTOR’S PURCHASE PRICE FOR AN INCOME PROPERTY SUCH AS APARTMENTS.
VCARIABLE RATE MORTGAGE: A MORTGAGE AGREEMENT THAT ALLOWS FOR ADJUSTMENT OF THE INTEREST RATE IN KEEPING WITH A FLUCTUATING MARKET AND TERMS AGREED UPON IN THE NOTE.
VARIANCE: AN EXCEPTION TO A ZONING ORDINANCE, USUALLY GRANTED BY A LOCAL GOVERNMENT. VENDEE: A BUYER.
VENDOR: A SELLER.
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REAL ESTATE TERMS AND DEFINITIONS
VIOLATION: AN ACT, DEED OR CREATION OF A CONDITION THAT VIOLATES THE LAW IN THE USE OF PROPERTY OR WHICH GOES AGAINST THE CONTRACTED TERMS FOR USE OF THAT PROPERTY.
VIRTUAL TOUR: ANY METHOD USED TO PROVIDE INTERNET USERS WITH A GRAPHICAL PRESENTATION OF A PROPERTY OR PROPERTIES.
VOID: HAVING NO LEGAL FORCE OR EFFECT.
WAIVER: THE INTENTIONAL OR VOLUNTARY RELINQUISHMENT OF A KNOWN CLAIM OR RIGHT.
WALK THROUGH: 1. BUYER’S ON-SITE INSPECTION OF THE PROPERTY BEING PURCHASED JUST PRIOR TO CLOSING. 2. A DETAILED INSPECTION OF A NEW CONSTRUCTION, IN WHICH A PUNCH LIST AND COSMETIC ITEMS ARE ADDRESSED PRIOR TO FINAL ACCEPTANCE.
WARRANTY: A CERTIFICATION THAT THE PROPERTY CONFORMS TO THE PLANS AND SPECIFICATIONS UPON WHICH THE VALUATION OF THE PROPERTY WAS BASED. TO GUARANTEE SOMETHING TO BE AS REPRESENTED.
WARRANTY DEED: A DEED IN WHICH THE GRANTOR OR SELLER WARRANTS A GUARANTEE THAT GOOD TITLE IS BEING CONVEYER, AS OPPOSED TO A QUITCLAIM DEED THAT CONTAINS NO REPRESENTATION OR WARRANTY AS TO THE QUALITY OF TITLE BEING CONVEYED.
WIN-WIN: A SOLUTION TO THE NEEDS OF BOTH THE BUYER AND THE SELLER OR BETWEEN ANY TWO PERSONS OR PARTIES.
WRAP-AROUND: A MORTGAGE WHICH SECURES A DEBT THAT INCLUDES THE BALANCE DUE ON AN EXISTING SENIOR MORTGAGE AND AN ADDITIONAL AMOUNT ADVANCED BY THE WRAP-AROUND MORTGAGEE. A MORTGAGE HELD BY THE SELLER-MORTGAGEE. THE BUYER-MORTGAGOR PAYS THE SELLER-MORTGAGE THE DEBT SERVICE ON THE WRAPAROUND MORTGAGE (THE AGREED UPON PAYMENT) AND THE SELLER-MORTGAGE CONTINUE TO PAY THE DEBT SERVICE ON THE UNDERLYING OR ORIGINAL 1ST POSITION MORTGAGE. (AN EXAMPLE IS WHEN A LANDOWNER HAS A MORTGAGE SECURING A DEBT WITH AN OUTSTANDING BALANCE OF $3,000. A LENDER NOW ADVANCES THE SAME MORTGAGOR ANOTHER $1,500 AND UNDERTAKES TO MAKE THE REMAINING PAYMENTS DUE ON THE $3,000 DEBT BY TAKING A $4,500 WRAP-AROUND JUNIOR MORTGAGE ON THE REAL ESTATE TO SECURE THE TOTAL INDEBTEDNESS.) THIS IS ONE WAY TO CREATE A SELLER FINANCING ON PROPERTIES SOLD BY OWNER.
WORK LETTER: A LIST OF THE BUILDING STANDARD ITEMS THAT THE LANDLORD WILL CONTRIBUTE AS PART OF THE TENANT IMPROVEMENTS.
YIELD: IN REAL ESTATE, THE EFFECTIVE ANNUAL AMOUNT OF INCOME WHICH IS BEING ACCRUED ON AN INVESTMENT. EXPRESSED AS A PERCENTAGE OF THE PRICE ORIGINALLY PAID.
YIELD TO MATURITY: A PERCENT RETURNED EACH YEAR TO THE LENDER ON ACTUAL FUNDS BORROWED CONSIDERING THAT THE LOAN WILL BE PAID IN FULL AT THE END OF MATURITY.
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ZONING: THE DIVIDING OF AN AREA BY LOCAL GOVERNMENT ORDINANCE DESIGNATING THE USE FOR WHICH PROPERTY CAN BE PUT. TYPICALLY SET FORTH IN A SERIES OF LETTERS DESIGNATING THE ZONING TYPE ALLOWED. ZONING CAN PLAY A BIG PART IN THE EVALUATION OF A PROPERTY. MANY INVESTORS SPECIALIZE IN BUYING ZONED FOR FARMLAND (RELATIVELY CHEAP PER ACRE) AND THEN GETTING IT REZONED AND RESOLD AS RESIDENTIAL.
ZONING ORDINANCES: A SET OF LAWS WHICH CONTROL THE SIZE, LOCATION AND USE OF BUILDINGS WITHIN THESE DIFFERENT AREAS.
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