RISMedia » Real Estate Words Glossary

Zoning

Freelance — Mon, 17 Dec 2007 21:56:14 +0000

Procedure that classifies real property for a number of different uses: residential, commercial, industrial, etc. in accordance with a land-use plan.

Yield

Freelance — Mon, 17 Dec 2007 21:55:32 +0000

What an investment or property will return; the profit or income.

Write-off

Freelance — Mon, 17 Dec 2007 21:54:03 +0000

Depreciation or amortization an owner takes on a commercial property.

Warranty deed

Freelance — Mon, 17 Dec 2007 21:52:33 +0000

A deed in which the grantor guarantees that he or she is giving the grantee good title free of encumbrances. Considered to be the best deed a grantee can receive.

VA loan

Freelance — Mon, 17 Dec 2007 21:51:44 +0000

Veterans Administration-backed mortgage. The VA, a federal agency, operates a loan guarantee program for honorably discharged veterans and widows of veterans who died of a service-related injury. Mortgages call for low or no down payment. Sometimes referred to as GI loan.

Variance

Freelance — Mon, 17 Dec 2007 21:49:53 +0000

A permit granted as an exception to a zoning ordinance that allows a property owner to meet certain specified needs.

Variable rate mortgage

Freelance — Mon, 17 Dec 2007 21:48:45 +0000

See adjustable rate mortgage.

Value

Freelance — Mon, 17 Dec 2007 21:48:05 +0000

Market value or present worth. To have value, a property must have utility, scarcity, effective demand, and transferability.

Valuation

Freelance — Mon, 17 Dec 2007 21:47:11 +0000

Estimated or determined value; synonymous with appraising.

Valid contract

Freelance — Mon, 17 Dec 2007 21:46:20 +0000

One that meets all requirements of law, is binding upon its parties, and is enforceable in a court of law.

Usury

Freelance — Mon, 17 Dec 2007 21:45:18 +0000

Charging a higher rate of interest on a loan than is legally allowed.

Useful life

Freelance — Mon, 17 Dec 2007 21:44:44 +0000

The period of time over which a commercial property can be depreciated for federal income-tax purposes. Also known as economic life.

Urban renewal

Freelance — Mon, 17 Dec 2007 21:43:24 +0000

The acquisition of run-down city areas for purposes of redevelopment.

Undivided interest

Freelance — Mon, 17 Dec 2007 21:42:23 +0000

Ownership by two or more persons that gives each the right to use the entire property.

Trustee

Freelance — Mon, 17 Dec 2007 21:41:27 +0000

One who as agent for others handles money or holds title to their land.

Trust deed

Freelance — Mon, 17 Dec 2007 21:40:33 +0000

A document used in place of a mortgage in certain states; a third-party trustee, not the lender, holds the title to the property until the loan is paid out or defaulted. Also called a deed of trust.

Townhouse

Freelance — Mon, 17 Dec 2007 21:39:03 +0000

Usually a two- or three-story dwelling with shared walls, or a living unit operating under the condominium or townhouse form of ownership.

Title search

Freelance — Mon, 17 Dec 2007 21:38:29 +0000

A professional examination of public records to determine the chain of ownership of a particular piece of property and to note any liens, encumbrances, easements, restrictions, or other factors that might affect the title.

Title report

Freelance — Mon, 17 Dec 2007 21:37:50 +0000

A statement of the current condition of title for a parcel of land.

Title insurance

Freelance — Mon, 17 Dec 2007 21:36:32 +0000

An insurance policy that protects against any losses incurred because of defects in the title not listed in the title report or abstract.