Real Estate Glossary

Our glossary is the largest dictionary of real estate and construction terms on the Internet with almost 10,000 definitions.
Real Estate Glossary
Our glossary is the largest dictionary of real estate and construction terms on the Internet with almost 10,000 definitions.



 
Ea - Ed - Ele - En - Ep - Es - Ex - Exp - Ext


Latin for an act occurring after the fact.

Title company review of public records and other documents to determine the chain of ownership of a property.

To dig. To make a hole or cavity.

Preparing for a foundation to be laid by clearing trees and removing dirt and topsoil. Digging.

Line placed on a building site, which marks off the area to be excavated.

Waiver of a requirement in an agreement. Alternately, a right or portion of property reserved to the grantor in a conveyance by deed.

Damages to a building, which exceed that of normal wear and tear.

Taking more property in a condemnation proceeding that than amount that is required.

Costs taken over and above what one is entitled to and can occur either by claiming depreciation costs exceeding the actual depreciable value or by depreciating items that cannot be depreciated.

Rental income, received from property, which exceeds the costs of owning and maintaining the property.

Reciprocal transfer of property from one entity to another. Alternately, a market for securities, such as the New York Stock Exchange (NYSE).

Property zoning which has the net effect, intended or not, of excluding the poor and minority groups from living in a particular area. Large property size requirements are often responsible exclusionary zoning.

Employment of a particular broker. If a sale by another broker is accepted, both are entitled to commissions.

An agent or company, which works exclusively for buyers. They do not represent sellers or list properties.

Exclusive Listing
Contract which gives one agent the exclusive right to market a particular property for a set period of time.

Contract with a real estate agent that pays a commission to the agent even if the property is sold to a buyer found by the owner.

A provision in a mortgage, which allows the borrower to surrender the property to the lender without personal liability for the loan.

To sign, complete, perform and carryout all the terms of a contract including signing the contract and delivering it to the proper party.

A contract, whose terms and provisions have been completely fulfilled and satisfied, by all involved parties.

Conducting a transaction such as the purchase and sale of real estate or the signing and delivering of a contract.

Someone appointed to carryout instructions left in a will. If no executor is named in the will, one is named by probate court.

A deed to convey property, which is done by the executor of a will, once it is authorized by the probate court.

Unfulfilled action where something remains to be done in order to be completed.

A contract under which one or more parties has not yet performed.

Cost excluded from the minimum lease payments to be made by the lessee in a capital lease. The lessee reimburses the lessor for the lessor's expense payments.

Real estate that is not subject to property tax such as that owned by nonprofit entities including charitable, governmental, and religious institutions.

An amount provided by law that reduces taxable income or taxable value. Alternately, removal of property from the tax base, partially or completely.

Air leakage from the interior of a building into the environment.

Check for leaks in a buried water line by filling a manhole, by the part of the line in question, with water and watching it to find a sign of leakage.

Physical weathering or chemical action creating a peeling off of some surface stone or masonry. Moisture freezing in surface cracks causes expansion, creating exfoliation.

Ventilating device to remove smoke, undesired odors, stale or hot air or water vapor. Venting is normally done to the outside.

Grade at an excavation site prior to commencement of work.

Passageway out of a building.

Crossbar on the interior of a door, which is pushed to retract the latch, which allows the door to open.

Chemical change in which there is a liberation of heat, as in combustion. Reaction that gives off heat.

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