“As Is Condition:   The owner is selling the home in its current condition, and will make no repairs or improvements (or give the buyer any credits to fund these fix-its).
Abstract of Title:  An abstract is a complete summary of all recorded documents affecting the title to a property. These documents include all conveyances, such as deeds or wills, and all legal proceedings relating to ownership of the property. Abstracts are arranged to show the history of ownership, describe the land and improvements, and give the name(s) of past and present owner(s).
Acceleration Clause: A condition in a mortgage note or loan contract that allows the lender to demand immediate repayment of the entire balance if the contract is breached or other repayment conditions occur.
Accrued: The gain or loss due to all causes.
Acquisition Cost: The cost used in accounting to represent the purchase price of an asset. If installation and other associated costs are included, the term “total acquisition cost” should be used.
Acre: A land measure equal to 43,560 square feet, or 160 square rods.
Acreage: Unsubdivided land that is customarily measured in terms of acres rather than front feet or square feet.
Ad Valorem: According to value.
Ad Valorem Tax: A tax levied on the basis of the value of the object taxed. most often refers to taxes levied by municipalities and counties against real property and personal property.
Addendum: A list or additional material added to a letter, document, contractual agreement, or the like.
Agent: A person (or business entity) who enters a legal, fiduciary, and confidential arrangement with a second party (the principal) and is authorized to act on behalf of that party. see also fiduciary; leasing agent; managing agent.
Amendment: A change correcting an error or altering part of an agreement without changing the principal idea.
Amenities: Tangible and intangible features that enhance and add to a property’s desirability and perceived value. amenities at an apartment building might include a swimming pool or a fitness center. an office building might offer indoor parking, a conference room, or a cafeteria. such amenities can result in higher rents than those at comparable properties and thus also increase property value.
Amortization: Gradual reduction of a debt by periodic payments which include interest and a portion of the principal over the term of the loan.
Amortize: The process of repaying a loan or recovering a capital investment by means of a series of scheduled payments; typically includes interest charges and principal repayment in each of the scheduled payments.
Appraisal: An opinion or estimate of the value of a property at a specific point in time. an estimate of value that is (usually) prepared by a certified or accredited appraiser and submitted as a written report. a real estate appraisal is based on information that includes data about competitive properties, market conditions, the national and local economies, and observed economic trends as well as an in-depth analysis of the property being appraised. four methods of appraisal are common—the cost approach, based on the estimated value of the land plus the estimated cost of replacing the improvements on it less depreciation; the market approach, based on a comparison to similar properties in the market that have been sold recently; the income capitalization approach, based on the net operating income of the property; and the discounted cash flow method, which discounts all future fiscal benefits of an investment property over a predetermined holding period. all four are used to estimate value if sufficient information is gathered in each approach to do so.
Appraised Value: An evaluation of a property's value based on a given point in time that is performed by a professional appraiser during the mortgage origination process. The appraiser is usually chosen by the lender, but the appraisal is paid for by the borrower.
Arbitration: A process of dispute resolution in which a neutral third party (arbitrator) renders a decision after a hearing at which both parties have an opportunity to be heard, often employed as a means of avoiding litigation. arbitration provisions are common in collective bargaining (union) agreements and often required in commercial contracts. when arbitration is voluntary, the parties to the dispute select the arbitrator who has the power to render a decision, called an award, that is binding on the parties. compare mediation.
Asking Price: The amount a home seller wants a buyer to pay to purchase his home. The asking price is generally part of the property listing and is not the final price paid by the borrower.
Assessed Value: The value of real property established by the local authority as the basis for taxation. the tax rate is applied to the assessed value to determine the amount of real estate tax.
Assessment: The imposition of a tax, charge, or levy, usually according to established rates; used in referring to local (municipal) taxes. in common interest real estate (e.g., condominium), an amount charged against each owner to fund its operation. see also special assessment.
Asset: Any owned physical object (tangible) or right (intangible) having value; a source of wealth, expressed in terms of its cost, depreciated cost or, less frequently, some other value.
Balloon Mortgage: A mortgage not fully amortized at maturity and requiring a lump sum (or balloon) payment.
Basement: Portion of a building where the majority of the wall area between the floor and the ceiling is below ground.
Before-Tax Cash Flow: Amount of income remaining after deducting for operating expenses and debt service, but before income tax on operations is deducted.
Breach of Contract: The failure to perform any term of a contract, written or oral, without a legitimate legal excuse. This may include not completing a job, not paying in full or on time, failure to deliver all the goods, substituting inferior or significantly different goods, not providing a bond when required, being late without excuse, or any act which shows the party will not complete the work ("anticipatory breach"). Breach of contract is one of the most common causes of lawsuits for damages and/or court-ordered "specific performance" of the contract.
Building: Structure, including a manufactured home, having a roof supported by columns or walls built for the support, shelter or enclosure of persons, animals, chattels or property of any kind. The word building does not include a tent or temporary manufactured home. The word building includes structure.
Buyer’s Market: A situation in which supply exceeds demand, giving purchasers an advantage over sellers in price negotiations. The term "buyer's market" is commonly used to describe real estate markets, but it applies to any type of market in which there is more product available than there are people who want to buy it. The opposite of a buyer's market is a seller's market, a situation in which demand exceeds supply and owners have an advantage over buyers in price negotiations.
Capital: (1) A stock of wealth. (2) A stock of wealth other than land. (3) A stock of wealth set aside for the production of additional wealth. (4) The assets of a business, both tangible and intangible. (5) The total equity of the owners in the assets of a business. (6) That portion of the equity of the owners in the assets of a business concern that represents the money or money’s worth invested by the owners with the express intention that it should remain permanently in the business (preferably “capital stock” if a corporation). Note: This term should not be used without qualification unless it be defined or its meaning made clear by the context.
Capital Gain: The profit realized through the sale of a property if the sale price of that property exceeds the cost of acquisition and of any improvements the seller has added.
Cash Flow: The amount of spendable income from a real estate investment. the amount of cash available after all payments have been made for operating expenses, debt service (mortgage principal and interest), and capital reserve funds; also called pre-tax cash flow to indicate that income taxes have not been deducted.
Cash-on-Cash Return: An investment performance measurement that compares the cash received in each period against the original cash invested. It can be further separated into before-tax and after-tax returns.
Caveat Emptor: ”Let the buyer beware.” A common maxim stating that the buyer purchases at his or her own risk.
Certificate of Occupancy: A document issued by an appropriate governmental agency certifying that the premises (new construction, rehabilitation, alterations) complies with local building codes and/or zoning ordinances. some jurisdictions require a certificate of occupancy for apartments based on inspection of units between each tenancy.
Certificate of Sale: A certificate, issued to the buyer at a judicial sale, that entitles the buyer to a deed upon confirmation of the sale by the court or if the property is not redeemed within a specified time.
Certificate of Title: A state or municipal-issued document that identifies the owner or owners of personal or real property. A certificate of title provides documentary evidence of the right of ownership. When issued for real property (such as land or a house) by a title insurance company, the certificate of title is a statement of opinion on the status of the title, based on a thorough examination of specified public record.
Chain of Title: The official ownership record of a property or asset. Chain of ownership gets its name from its sequential nature; a chain of title traces historical title transfers from the current owner back to the original owner. Due to their critical importance in establishing ownership of a property or asset, rigorous and accurate title records are generally maintained by a centralized registry or system.
Chattel: Tangible personal property.
Clear Title: A title without any kind of lien or levy from creditors or other parties and poses no question as to legal ownership. For example, an owner of a car with a clear title is the sole undisputed owner, and no other party can make any kind of legal claim to its ownership.
Closing: The act of finalizing a real estate transaction that executes and delivers mortgage or property title documents.
Commercial Property: Real property developed or acquired for investment and designed for use by business entities such as retail, wholesale, office, industrial, hotel, or service users, as differentiated from residential property or housing. (technically, all income-producing property is commercial property; however, residential rental property is not usually referred to in this category.) also, real property used for the conduct of business that invites public patronage, as by advertising, merchandising, and display of signs.
Commission: The fee charged to the seller by the auctioneer for providing services, usually a percentage of the gross selling price of the property established by contract (the listing agreement) prior to the auction.
Common Area: A space on a piece of property which is owned by all owners on the property on a percentage basis, or to spaces owned by an overall management structure which charges each tenant for maintenance and upkeep. Most frequently, the designation of common area is applied to spaces in condominium and cooperative housing projects. These spaces include areas such as parking lots, laundry facilities, fences and all parts of the property which are available to use for all residents.
Comparable Sales: (1) Recently sold properties that are similar in important respects to a property being appraised. The sale price and the physical, functional, and locational characteristics of each of the properties are compared to those of the property being appraised in order to arrive at an estimate of value. (2) By extension, the term “comparables” is sometimes used to refer to properties with rent or income patterns comparable to those of a property being appraised.
Comparative Market Analysis: An examination of the prices at which similar properties in the same area recently sold. Real estate agents perform a comparative market analysis for their clients to help them determine a price to list when selling a home or a price to offer when buying a home. Since no two properties are identical, agents make adjustments for the differences between the sold properties and the one that is about to be purchased or listed to determine a fair offer or sale price. Essentially, a comparative market analysis is a less-sophisticated version of a formal, professional appraisal.
Competition: (1) The attempt by two or more buyers or sellers to buy or sell similar commodities in the same market. (2) Principle of value that states that when the amount of a property of a certain type offered for sale is large in relation to demand, prices will fall; prices will rise when the opposite situation prevails.
Condemnation: (1) The exercise of the right of eminent domain to secure legal title to private property required for a public use. (2) A declaration by a constituted authority to the effect that a structure is unfit for occupancy or dangerous to persons or other property, often accompanied by exercise of the police power to limit or prohibit occupancy or to require demolition of the structure. Note: The term “expropriation” is also used to convey the first of these meanings.
Condominium: A multiple-unit structure in which the units and pro rata shares of the common areas are owned individually; a unit in a condominium property. also, the absolute ownership of an apartment or unit, generally in a multi-unit building, which is defined by a legal description of the air space the unit actually occupies plus an undivided interest in the common elements that are owned jointly with the other condominium unit owners. in mobile home parks or manufactured housing communities, outright ownership of an individual lot (including pad, utility connection, parking space, etc.) within a multiple lot park or community along with a prorated shared ownership of the common areas and common facilities.
Conforming Loan: A mortgage loan is a "conforming loan" if it satisfies government loan guidelines that make it eligible to be purchased by Fannie Mae or Freddie Mac. Because lenders know they can sell a conforming loan on the secondary mortgage market to Fannie Mae and Freddie Mac, lenders are usually willing to offer lower interest rates and lower fees on conforming loans.
Construction Cost: The sum of direct costs of materials and labor plus contractor’s indirect costs to build an improvement.
Construction Loan: A short-term, usually interest-only loan made to finance the cost of new construction or rehabilitation (as opposed to permanent financing on a completed building), that may be funded by one or more commercial banks or other sources of capital (e.g., institutional investors such as insurance companies) or by the permanent lender. money is normally released to the builder or borrower in stages as costs are incurred during construction.

Consulting: The act or process of providing information, analysis of real estate data, and recommendations or conclusions on diversified problems in real estate, other than an estimate of value.
Contingency: An event that may or may not occur within a designated time period or at all. in construction estimating, a contingency factor is commonly included to cover unexpected costs that arise as the job is in progress.
Contract: An agreement entered into by two or more persons which creates an obligation to do (or not do) a particular thing. the document that serves as proof of such an obligation. the essentials of a contract are legally competent parties, the obligation created between them, consideration or compensation (e.g., a fee), and mutuality of agreement. examples in real estate management include management agreements, leases, and maintenance service agreements related to building systems and equipment.
Contractor: An individual or company providing materials and/or service. Also a separate business entity that provides specialized skills and or products that agrees to furnish materials or perform services at a specified price.
Conventional Loan: A real estate bank loan that is not insured (FHA) or guaranteed (VA) by a governmental agency.
Conveyance: The instrument or document by which a transfer is made or title passed from one person to another.
Counteroffer: A proposal that is made as a result of an undesirable offer. A counteroffer revises the initial offer and makes it more desirable for the person making the new offer. This type of offer permits a person to decline a previous offer and allows offer negotiations to continue.
Deed: A document (or written legal instrument) which, when executed and delivered, conveys an interest in or legal title to a property.
Deed In Lieu of Forclosure: A potential option taken by a mortgagor (a borrower) to avoid foreclosure under which the mortgagor deeds the collateral property (the home) back to the mortgagee (the lender) in exchange for the release of all obligations under the mortgage. Both sides must enter into the agreement voluntarily and in good faith.
Default: Failure to fulfill an obligation (as a mortgage or other contracted payment) when it is due. the nonperformance of a duty, such as those required in a lease or other contract. sometimes called breach of contract.
Delinquency: Failure to make payment on a debt or obligation when due. a state of being overdue. a debt on which payment is in arrears, as of mortgage principal or interest or rent under a lease.
Depreciation: Loss of value. In real estate, decline in value of a property resulting from physical deterioration (ordinary wear and tear), functional obsolescence (out-of-date systems and/or equipment), and/or economic obsolescence (market changes). In accounting, the gradual process of converting a fixed asset into an expense. also, the tax deduction that allows for recovery of the investment in certain types of property by allocation of the cost over the estimated useful life of the property; also called cost recovery. In real estate, depreciation (and cost recovery) applies to the cost of improvements to land; the land itself is not depreciated.
Development: Tract of land developed, or proposed to be developed, as a unit under single ownership or unified control which is to be used for any business or industrial purpose or is to contain more than one residential dwelling unit. For purposes of the floodplain management ordinance, the term development means any manmade change to improved or unimproved real estate, including, but not limited to, buildings or other structures, mining, dredging, filling, grading, paving, excavation or drilling operations or storage of equipment or materials.
Development Planned: One or more contiguous lots zoned as a conditional use planned development or one or more contiguous lots under single ownership or unified control, planned as a whole for development in a single or scheduled series of phases, in accordance with an approved master plan, which may include multiple land uses.
Distressed Property: Income property that is in foreclosure or for which foreclosure is imminent due to a lack of sufficient income. also, real estate that yields an insufficient return.
Dual Agency: A situation in which a single agent, with disclosure to each party, represents both parties to a transaction (e.g., buyer and seller in real estate sales).
Due Diligence: The process of gathering information about the condition and legal status of assets to be sold.
Due-On-Sale Clause: Provision in a mortgage contract that requires the mortgage to be repaid in full upon a sale or conveyance of partial or full interest in the property that secures the mortgage. This provision as also sometimes referred to as an acceleration clause. Mortgages with a due-on-sale clause are not assumable. This clause helps protect lenders against below-market interest rates.
Dwelling: Building or portion thereof which provides complete independent permanent facilities for living, sleeping, eating and sanitation and is designed for or used exclusively as living quarters by 1 family, but not including a tent, cabin, travel trailer or room in a hotel or motel. A manufactured home or temporary family health care unit shall not be considered a dwelling or dwelling unit.
Earnest Money: A deposit made to a seller indicating the buyer's good faith in an arrangement. Often used in real estate transactions, earnest money allows the buyer additional time when seeking financing. Earnest money is typically held jointly by the seller and buyer in a trust or escrow account.
Easement: An interest in or right to land that is owned by another person. a legal right to use land owned by another person or business for a specific purpose. an easement may be granted by a deed or created as a result of actual use that was not prohibited (easement by prescription). see also adverse possession.
Eminent Domain: The right of a government or municipal quasi-public body to acquire private property for public use through a court action called condemnation in which the court determines that the use is a public use and determines the price or compensation to be paid to the owner. (the owner of the property must be fairly compensated, usually based on an appraisal of the fair market value.) see also condemnation.
Encroachment: The unauthorized trespassing of an improvement on the domain of another person’s land.
Encumbrance: Any limitation that affects property rights and value.
Equity: The value of real property in excess of debt. the interest or value that an owner has in real estate over and above the mortgage and other financial liens against it; outright ownership. in accounting, the excess of a firm’s assets over its liabilities. see also balance sheet.
Escalation Clause: A clause in an agreement that allows for an increase.
Escrow: An agreement that something (a deed or bond, money) should be held in trust by a third party until certain conditions are met. the transfer is effected by one party to a contract, and the money or other item in escrow is returned upon fulfillment of the specified conditions. also, the process of handling these types of agreements.
Estate: (1) The interest which a person possesses in a single concrete article of property. (2) The aggregate interests of any person in articles of property of all descriptions. (3) The aggregate property of all descriptions left by a decedent.
Eviction: A legal process to reclaim real estate from a tenant or someone holding a mortgage who has not performed under the agreed-upon terms of the lease or mortgage.
Exclusive Agency: an agreement between a seller and a real estate firm or agent granting the firm or agent the right to be the only firm or agent to market and sell a property, except the seller retains the right to market and sell the home to a buyer without having to pay a commission to the listing agent, if the seller finds the buyer independently of the agent or firm.
Exclusive Listing: A real estate sale transaction in which a specified real estate agent stands to gain a commission if a property sells within a specified number of months, no matter how a buyer is found. The purpose of an exclusive listing is to motivate the agent to sell the property quickly and at the highest price possible. However, if a homeowner signed an exclusive listing agreement with an agent and also placed an ad for the property, and if the buyer found out about the property from the ad, the real estate agent would still earn a commission unless the seller has also established exclusive agency (the right of the seller to sell the property himself and avoid paying a commission despite the exclusive listing agreement).
Exclusive Right to Sell: The appointment of a broker as the exclusive agent for the sale of a property for a specified period of time. the broker receives a commission whether the property is sold by the owner, the broker, or any other agent during the specific period. the management contract for a rental property may guarantee the managing agent the exclusive right to sell, but a separate listing agreement should always be used when the property is placed on the market.
Fair Market Value: The price paid, or one that might be anticipated as necessarily payable, by a willing and informed buyer to a willing and informed seller (neither of whom is under any compulsion to act), if the object sold has been reasonably exposed to the market. in real estate, the price at which a property is sold to a willing buyer by a willing seller.
Fee Simple: In land ownership, complete interest in a property, subject only to governmental powers such as eminent domain. Also fee simple absolute.
Fiduciary: One charged with a relationship of trust and confidence, as between a principal and agent, trustee and beneficiary, or attorney and client, when one party is legally empowered to act on behalf of another.
Fixtures: All things that are attached to property, such as ceiling lights, awnings, window shades and doorknobs. Fixtures are automatically included in a sale, unless specifically mentioned in the contract as going to the seller.
Foreclosure: A court action initiated by the mortgagee, or a lienor, for the purpose of having the court order the debtor’s real estate sold to pay the mortgage or lien (e.g., a mechanic’s lien or court judgment).
Grantee: A grantee is the recipient of a grant, scholarship, or some type of property. In real estate, the grantee is the one taking title to a purchased property. The grantee is named in the legal document used to transfer the real estate. The person who is relinquishing the property is called the grantor. Recipients of stock options may also be referred to as grantees.
Grantor: One who voluntarily conveys property, whether by sale, gift, lease, or otherwise.
Guarantor: One who acts as a surety or gives security, as for payment of a debt. in real estate management, one who agrees to assume responsibility for a financial obligation of another in the event the other person cannot perform (e.g., payment of rent under a lease).
Inspection: An inspection is a thorough investigation of a home by a licensed inspector. Once an offer is accepted (mutual acceptance), the buyer's agent will usually provide the buyer with a list of recommended inspectors and then facilitate scheduling the inspection. A thorough inspection is necessary to discover any material defects or necessary repairs before buying the home. The inspector may also recommend an additional inspection of the roof, sewage system, or other part of the house by a specialist.
Interest Only Loan: an adjustable-rate mortgage that allows the borrower to pay just the interest rate for the first few years. That's often a low "teaser" rate. The payment rises and falls with the Libor rate. Libor stands for the London Interbank Offering Rate. It's the rate banks charge each other for short-term loans.
Interest Rate: The percentage of an amount of money charged for its use, as of a loan. also, the rate of return on an investment, as of capital.
Joint Tenancy: A state of tenancy involving two or more persons owning undivided possessory interests which have arisen out of a single conveyance, no one of the tenants being free to create interests in the estate without the consent of the others, and the surviving tenants acquiring the interest of any tenant who may die.
Land: (1) In economics, the surface of the earth and all the natural resources and natural productive powers over which possession of the earth’s surface gives man control. (2) In law, a portion of the earth’s surface, together with the earth below it, the space above it, and all things annexed thereto by nature or by man.
Landlord: One who owns real property that is leased to a tenant; see also lessor.
Lease:  A written contract by which the lessor (owner) transfers the rights to occupy and use real or personal property to another (lessee) for a specified time in return for a specified payment (rent).
Legal Description: The description of real property by metes and bounds, lot and block numbers of a recorded plat, or government survey, including any easement or reservation, used to locate and identify a particular parcel of land in legal instruments (e.g., leases, sale/purchase contracts, management agreements).
License: Permission granted by a government or other authority to engage in a business, profession, or other activity that is regulated by law. freedom to act or express oneself. also, the revocable permission for a temporary use (a personal right that cannot be sold).
Lien: A claim against property by a creditor under which the property becomes security for the debt owed to the creditor. the legal right of a creditor to have his/her debt paid out of the property of the debtor. mortgages, mechanic’s liens, and tax liens are monetary liens against a property for the satisfaction of debt. see also mechanic’s lien.
Lis Pendens: "A suit pending," a written notice that a lawsuit has been filed which concerns the title to real property or some interest in that real property. Thelis pendens (or notice of pending action) is filed with the clerk of the court, certified that it has been filed, and then recorded with the county recorder. This gives notice to the defendant who owns real estate that there is a claim on the property, and the recording informs the general public (and particularly anyone interested in buying or financing the property) that there is this potential claim against it. The lis pendens must include a legal description of the real property, and the lawsuit must involve the property. Otherwise, if there is a petition to remove the lis pendens from real property not involved in the lawsuit, the plaintiff who originally recorded a false lis pendens will be subject to payment of attorneys fees as a penalty.
Market: (1) The topical area of common interest in which buyers and sellers interact. (2) The collective body of buyers and sellers for a particular product.
Market Analysis: A study of real estate market conditions for a specific type of property.
Market Price: The price a particular buyer and seller agree to in a particular transaction; the amount actually paid.
Market Value: The highest price in terms of money which a property will bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus.
Mortgage: An interest in land or real property conveyed by a written instrument as security for the payment of a debt. often used in referring to the loan itself, the debt instrument usually creates a lien against the property until the debt has been paid in full. a conditional transfer or pledge of real property as security for the payment of a debt; see also collateral. the document used to create a mortgage loan.
Mortgagee: The person who lends money in a mortgage transaction.
Mortgagor: The person who borrows money in a mortgage transaction.
Multiple Listing Service (MLS): A computerized database subscription service used by real estate brokers and agents to share information about properties for sale. Hundreds of systems are located throughout the U.S. and Canada to serve local market areas.
National Association of Realtors (NAR): America's largest trade association, representing 1.3 million members, including NAR's institutes, societies, and councils, involved in all aspects of the residential and commercial real estate industries. Membership is composed of residential and commercial brokers, salespeople, property managers, appraisers, counselors, and others engaged in the real estate industry. Members belong to one or more of approximately 1,200 local associations/boards and 54 state and territory associations of REALTORS®.
Note: An agreement acknowledging and promising to repay a debt.
Occupancy: The act of taking or holding possession of property.
Parcel: A contiguous area of land described in a single legal description or as one of a number of lots on a plat; separately owned, either publicly or privately; and capable of being separately conveyed.
Personal Property: Movable property belonging to an individual, family, or other entity that is not permanently affixed to real property, such as clothing, fixtures, and furnishings; distinguished from real property; also called personalty or chattel. in real estate, the furniture, blinds and drapes, office equipment, appliances, and other items that belong to the property owner apart from the land and the improvements to it. also, the items owned outright by the tenant in leased premises. in states in which mobile homes are considered personal property, no property taxes are levied on individual mobile homes (only the land they stand on).
Plat: A survey plan or map and descriptions of a tract of land showing property lines, easements, and other appropriate features.
Possession: Physical control of personal or real property.
Potential Gross Income (PGI): The sum of potential gross rent and miscellaneous income, that is, the income from rent and other sources that a property could generate with normal management, before allowing for vacancies, collection losses, and normal operating expenses.
Premises: The term premises includes a lot, parcel, tract or plot of land, together with all buildings and structures thereon.
Principal: In real estate, one who owns property. in real estate management, the property owner who contracts for the services of an agent. in finance, the amount of money that is borrowed in a loan as distinct from the interest on such loan; the original amount or remaining balance of a loan. also, the original amount of capital invested. in law, the individual being represented in a business transaction by an agent authorized to do so.
Private Encumbrances: Private hindrances that affect value and sale price such as easements, condominium controls, and deed or subdivision restrictions.
Property: (1) An aggregate of things or rights to things. These rights are protected by law. There are two basic types of property: real and personal. (2) The legal interest of an owner in a parcel or thing.
Property Line: The boundary line that defines a parcel of land.
Property Tax: A tax levied on various kinds of real and personal property by state and local governments based on the nature of improvements to the land, fair market value, and assessed valuation.
Quitclaim Deed: A deed in which the grantor conveys or relinquishes all interests that he or she may have in a property, without warrant as to the extent or validity of such interests.
Real Estate: The physical parcel of land and all improvements permanently attached.
Real Property: Consists of the interests, benefits, and rights inherent in the ownership of land plus anything permanently attached to the land or legally defined as immovable; the bundle of rights with which ownership of real estate is endowed. To the extent that “real estate” commonly includes land and any permanent improvements, the two terms can be understood to have the same meaning. Also called “realty.”
REIT: Real estate investment trust; combines capital of many investors to acquire or finance real estate through formation of a corporation whose shares are traded in a market.
Sale Terms: The amount of down payment, the interest on the mortgage, and information on points and other fees involved in a real estate sale. Also called “terms of financing” or “financing terms.”
Seller: Entity that has legal possession, (ownership) of any interests, benefits or rights inherent to the real or personal property.
Seller Disclosure: A set of documents completed by the seller of a home, listing any known issues with the property and any remodel projects completed during the time they owned the home. In most states, the seller is required to provide this disclosure within a few days of mutual acceptance. In turn, the buyer has a certain number of days to review the disclosures. This information is useful but is no substitute for an inspection by a licensed inspector.
Site: The location of a person, thing, or event.
Site Development: Improvements made to a land site (for example, grading, utility installation, roadways, and curbs) before a building is constructed.
Site Plan: A less-formal document that is sometimes simply sketched by the project architect. It shows the proposed layout of the new building and the site improvements (the parking lot and landscaping). The site plan is often, but not always, based on a boundary survey (it can be prepared from the assessor’s map that is attached to the preliminary title report), and it is used for initial presentation to planning staffs, neighbors, and so on. Typically, site plans go through numerous revisions as comments are encountered. When the size, shape, and location of the buildings are finally agreed upon, the architect or civil engineer takes the site plan to use as the rough basis for the working drawings for site work. The term plot plan is a less frequently used synonym.
Structure: Anything constructed or erected which has a permanent location on the ground or which is attached to something having a permanent location on the ground. For purposes of the floodplain management ordinance, a walled and roofed building, including a gas or liquid storage tank, that is principally above ground, as well as a manufactured home.
Subdivision: A tract of land that has been divided into marketable building lots and such public and private ways as are required for access to those lots, and that is covered by a recorded plat.
Subject Property: The property being appraised. Everything used or useful to the ongoing economic operation of the business (property). Includes tangible and intangible property.
Survey: The use of linear and angular measures and applied principles of geometry and trigonometry to determine the size, shape, and location of a tract of land or a specific feature of land, such as a harbor or coastline. in marketing and market research, to conduct a generalized examination and study of the market, especially to identify characteristics of likely consumers of a product or service.
Tax Lien: A monetary lien placed by federal, state, or local tax authorities for unpaid taxes.
Tax Sale: Public sale of property at auction by governmental authority, due to nonpayment of property taxes.
Title: The union of all elements constituting proof of property ownership or the instrument that is evidence of ownership.
Title Insurance: A policy insuring an owner or mortgagee against loss by reason of defects in the title to a parcel of real estate, other than encumbrances, defects, and matters that are specifically excluded by the policy.
Trust: An agreement whereby the owner of property (the settlor) transfers legal title to a second party (the trustee), such property to be held, managed, or disposed of for the benefit of a third party (the beneficiary) or the settlor, or both, as set forth in the trust agreement.
Trustee: One who holds legal title to property under a trust agreement.
Warranty Deed: A deed that warrants or guarantees clear title to a property. see also general warranty deed.
Zoning: A public regulation to control the character and intensity of land use by areas or zones. a legal mechanism whereby local (municipal) governments regulate the use of privately owned real property to prevent conflicting land uses, promote orderly development, and regulate such conditions as noise, safety, and density. zoning regulations are specified in zoning ordinances. see also downzoning; rezoning. establishment of independently controlled sections within an hvac system such that the temperature and other conditions in each zone (space or group of spaces) are regulated by a separate control.
Zoning Approval: Includes conditional use, conditional use planned development, conditional zoning, variance, administrative variance, special exception, substantial accord, manufactured home permit and rezoning approvals.

Sources
“Glossary” www.nar.realtor/auction/glossary
“Financial Dictionary.” Investopedia, www.investopedia.com/dictionary/
“Asking Price Definition.” Bankrate, www.bankrate.com/glossary