Real Estate Glossary
earnest money deposit
A deposit made by a potential buyer to demonstrate how serious they are about purchasing the property.
A right of way that gives persons other than the owner access to or over a property. For example: An easement may be granted if you cannot reach your property without crossing through the property of a neighbor.
Buildings age at different rates depending on many variable conditions. The effective age is specific to the condition of the building, not its calendar age.
The right of a government to acquire private property for public use. The government must compensate the private owner for the fair market value of the property.
A development that intrudes into another property, effectively lowering the value of that property.
Anything that limits or affects the fee simple title to a property, such as an easement or a mortgage.
An owner’s financial interest in a property, which is the difference between the market value of the property and the debts on the property or other liens against it.
Money or an item of value that is given to a third party to be delivered when a condition is fulfilled. For example, it is common for a deposit to be put into escrow until the transaction is complete at which time it is given to the seller.
Lawful expulsion of an occupant from real property.
The administrator of an estate as named in a will. Female term is “executrix”.