Ray Yenkana - The Hard Working Nice Guy RE/MAX Little Oak Realty
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Real Estate Terms and Definitions

  • Abandonment - The voluntary relinquishment of rights of ownership
    or another form of interest (an easement) by failure to use the property
    over an extended period of time.
  • Acceptance - Refers to a legal term denoting acceptance of
    an offer. A buyer offers to buy and the seller accepts the offer
  • Acre - A measure of land, equal to 160 sq. rods (43,560 sq.ft.).
    An acre is approximately 209' x 209'.
  • Addendum - Something added. A list or other items added to
    a document, letter, contract, escrow instructions, etc.
  • Agent - Acts on behalf of another, representing that person's
    interests and serving as an intermediary.
  • Agreement of Sale - Known by various names, such as contract
    of purchase, purchase agreement, or sales agreement according to location
    or jurisdiction. A contract in which a seller agrees to sell and a buyer
    agrees to buy, under certain specific terms and conditions spelled out
    in writing and signed by both parties.
  • Appraisal - An estimate of the value of property, made by
    a qualified professional called an "appraiser".
  • Assessed Value - Value placed on property by the tax assessor.
  • Assessment - The valuation of property for the purpose of levying
    a tax, or the amount of the tax levied.
  • Breach - Violation of an obligation in a contract
  • Broker, Real Estate - An agent licensed by the state to carry
    on the business of operating in real estate. He usually receives a commission
    for his services of bringing together buyers and sellers, owners and
    tenants, in exchange agreements.
  • Building Code - A set of stringent laws that control the construction
    of buildings, design, materials and other similar factors
  • Built-Ins - Items that are not movable, such a stoves, ovens,
    microwave ovens, dishwashers.
  • Buyers Market - A market condition which occurs in real estate
    where more homes are for sale than there are interested buyers
  • Capital Gains - A term used for income tax purposes which
    represents the gain realized from the sale of an asset less the purchase
    price and deductible expense.
  • Capitalization - An appraising term used in determining value
    by considering net operating income and a percentage of reasonable return
    on investment.
  • Client - One who employs another's services, as in an attorney,
    real estate agent, insurance agent, etc.
  • Closing - In the sale of real estate it is the final moment
    when all documents are executed and recorded and the sale is complete.
    Also a general selling term where a sales person is attempting to sell
    something and the buyer agrees to purchase
  • Closing Costs - Expenses (such as loan fees, title fees, appraisal
    fees, etc.), over and above the price of the property, incurred by buyers
    and sellers in transferring ownership. Also called "settlement costs".
    Closing costs may be paid by the buyer, the seller or shared by both.
    In some cases, all or a portion of these costs may be included in the
    financing amount.
  • Common Area - That area owned in common by owners of condominiums and planned sight development homes within a subdivision.
  • Conditional Sales Contract - A contract for the sale of property
    where the buyer has possession and use, but the seller retains title
    until the conditions of the contract have been fulfilled. Also known
    as a land contract.
  • Condominium - Individual ownership of a dwelling unit and an
    individual interest in the common areas and facilities which serve the
    multi- unit project.
  • Contingency - A condition that must be met before a contract
    is legally binding.
  • Contract - An agreement between tow or more parties, written
    or oral, to do or not to do certain things.
  • Conveyance - The transfer of the title to land from one to
  • Counter Offer - An offer in response to an offer. 'A' offers
    to by 'B's' house for $90,000 which is listed for $92,000. 'B' counter
    offers 'A's' offer by stating that he will sell the house to 'A" for
    $91,000. The $91,000 is the counter offer.
  • Deed - The legal document conveying title to a property.
  • Depreciation - Decline in value of a house due to wear and
    tear, adverse changes in the neighborhood, or any other reason.
  • Disclosure Report - Residential real property disclosure act.
    Is an act relating to disclosure by the seller of residential real property.
    The purpose of this report is to provide prospective buyers with information
    about material defects in the residential real property.
  • Dual Agency - Some states permit a real estate licensee to
    potentially act as a dual agent, that is, represent more than one party
    to the transaction. A licensee may legally act as a dual agent with
    the written disclosure and informed consent of a consumer in form required
    by law.
  • Down Payment - The part of the purchase price which the buyer
    pays in cash and does not finance with a loan.
  • Easement Rights - A right- of- way granted to a person or company
    authorizing access to or over the owner's land. An electric company
    obtaining a right- of- way across private property is a common example.
  • Encroachment - An obstruction, building, or part of a building
    that intrudes beyond a legal boundary onto neighboring private or public
    land, or a building extending beyond the building line.
  • Estate - The ownership interest of a person in real property.
    Is also used to refer to a deceased person's property. And often used
    to describe a large home with spacious grounds
  • Equity - The market value of a property minus the amount of
    any existing loans or liens.
  • Fair Market Value - That price a property will bring given
    that both buyer and seller are fully aware of market conditions and
    comparable properties.
  • Foreclosure - A legal term applied to any of the various methods
    of enforcing payment of the debt secured by a mortgage, or deed of trust,
    by taking and selling the mortgaged property, and depriving the mortgagor
    of possession.
  • Fixtures - Items affixed to buildings or land usually in such
    a way that they cannot be moved without damage to themselves or the
    property, such as plumbing, electrical fixtures, trees, etc.
  • Lease - A contract between the owner of real property, called
    the lessor, and another person referred to as the lessee, covering all
    conditions by which the lessee may occupy and use the property.
  • Lease With Option To Purchase - A lease where the lessee has
    the option to purchase the leased property. The terms of the purchase
    option must be set forth in the lease.
  • Legal Description - The geographical identification of a parcel
    of land
  • Listing - A contract between owner and broker to sell the owner's
  • Notary Public - One who is authorized by federal or local government
    to attest authentic signatures and administer oaths.
  • Offer - A presentation to form a contract or agreement.
  • Purchase Agreement - An agreement between buyer and seller
    denoting price and terms of the sale.
  • Real Estate Agent - a licensed person who works under the direction
    of a broker selling and renting real estate.
  • Real Estate Broker - A middle man or agent who buys and sells
    real estate for a company, firm, or individual on a commission basis.
    The broker does not have title to the property, but generally represents
    the owner.
  • Realtor - A real estate broker holding membership in a real
    estate board affiliated with the National Association Of Realtors or
    Canadian Real Estate Association.
  • Seller's Market - More buyers than sellers.
  • Survey - A drawing or map showing the precise legal boundaries
    of a property, the location of improvements, easements, rights of way,
    encroachments, and other physical features.
  • Tax - As applied to real estate, an enforced charge imposed
    on persons, property or income, to be used to support the State. The
    governing body in turn utilizes the funds in the best interest of the
    general public.
  • Title - A legal document evidencing a person's right to ownership
    of a property
  • Title Insurance - Insurance to protect the lender (lender's
    policy) or the buyer (owner's policy) against loss arising from disputes
    over ownership of property.
  • Waive - To relinquish, or abandon. To forego a right to enforce
    or require anything.

Commercial & Residential Real Estate Specialist - RE/MAX
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RAY YENKANA - The hard working nice guy
Commercial & Residential Real Estate Specialist
Toll Free: 1-866-206-0832
Web: www.rayyenkana.com

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