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Real Estate Vocabulary

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Real Estate Vocabulary

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1. Metes and Bounds

A principle of appraisal holding that the maximum value of a property is set by how much it would cost to obtain another property that is equally desirable - assuming that there would not be a long delay or signigicant incidental expenses involved in obtaining the substitute.A method of locating real property; metes are measures of length and bounds are boundaries; a description starting with a well-marked point of beginning and following the boundaries of the land until it returns once more to the point of beginning.An instrument in writing - duly executed and delivered by th grantor that conveys to the grantee some right - title or interest in or to real estate.A gift of personal property - usually money - by will.

2. Legacy

A principle of appraisal holding that the maximum value of a property is set by how much it would cost to obtain another property that is equally desirable - assuming that there would not be a long delay or signigicant incidental expenses involved in obtaining the substitute.A method of locating real property; metes are measures of length and bounds are boundaries; a description starting with a well-marked point of beginning and following the boundaries of the land until it returns once more to the point of beginning.A gift of personal property - usually money - by will.An instrument in writing - duly executed and delivered by th grantor that conveys to the grantee some right - title or interest in or to real estate.

3. Deed

A gift of personal property - usually money - by will.A method of locating real property; metes are measures of length and bounds are boundaries; a description starting with a well-marked point of beginning and following the boundaries of the land until it returns once more to the point of beginning.An instrument in writing - duly executed and delivered by th grantor that conveys to the grantee some right - title or interest in or to real estate.A principle of appraisal holding that the maximum value of a property is set by how much it would cost to obtain another property that is equally desirable - assuming that there would not be a long delay or signigicant incidental expenses involved in obtaining the substitute.

4. Substitution

An instrument in writing - duly executed and delivered by th grantor that conveys to the grantee some right - title or interest in or to real estate.A method of locating real property; metes are measures of length and bounds are boundaries; a description starting with a well-marked point of beginning and following the boundaries of the land until it returns once more to the point of beginning.A gift of personal property - usually money - by will.A principle of appraisal holding that the maximum value of a property is set by how much it would cost to obtain another property that is equally desirable - assuming that there would not be a long delay or signigicant incidental expenses involved in obtaining the substitute.

5. Open End Mortgage

An instrument in writing - duly executed and delivered by th grantor that conveys to the grantee some right - title or interest in or to real estate.A mortgage containing a clause which permits the mortgagor to borrow additional money up to the original amount of the loan after the loan has been reduced - without rewriting the mortgage.A method of locating real property; metes are measures of length and bounds are boundaries; a description starting with a well-marked point of beginning and following the boundaries of the land until it returns once more to the point of beginning.A gift of personal property - usually money - by will.

6. Subdivision

A gift of personal property - usually money - by will.An instrument in writing - duly executed and delivered by th grantor that conveys to the grantee some right - title or interest in or to real estate.A method of locating real property; metes are measures of length and bounds are boundaries; a description starting with a well-marked point of beginning and following the boundaries of the land until it returns once more to the point of beginning.A tract of land divided into lots suitable for home building purpose.

7. Syndication

An instrument in writing - duly executed and delivered by th grantor that conveys to the grantee some right - title or interest in or to real estate.A method of locating real property; metes are measures of length and bounds are boundaries; a description starting with a well-marked point of beginning and following the boundaries of the land until it returns once more to the point of beginning.A gift of personal property - usually money - by will.Multiple ownership of an investment. Usually in the form of a limited partnership.

8. Grantee

An instrument in writing - duly executed and delivered by th grantor that conveys to the grantee some right - title or interest in or to real estate.A method of locating real property; metes are measures of length and bounds are boundaries; a description starting with a well-marked point of beginning and following the boundaries of the land until it returns once more to the point of beginning.The purchaser; the person to whom an interest in realty in conveyed.A gift of personal property - usually money - by will.

9. Title Theory

A method of locating real property; metes are measures of length and bounds are boundaries; a description starting with a well-marked point of beginning and following the boundaries of the land until it returns once more to the point of beginning.A gift of personal property - usually money - by will.An instrument in writing - duly executed and delivered by th grantor that conveys to the grantee some right - title or interest in or to real estate.The theory holding that a mortage gives the lender legal title to the security property while the debt is being repaid.

10. Assemblage

A gift of personal property - usually money - by will.Putting together two or more lots to form a large parcel. To be distinguished from plottage - which is the resulting valueA method of locating real property; metes are measures of length and bounds are boundaries; a description starting with a well-marked point of beginning and following the boundaries of the land until it returns once more to the point of beginning.An instrument in writing - duly executed and delivered by th grantor that conveys to the grantee some right - title or interest in or to real estate.

11. Transferability

A gift of personal property - usually money - by will.If an item is transferable - then ownership and possession of that item can be conveyed from one person to another - In appraisal - transferability is one of the four elements of value - along with utility - scarcity and demand.A method of locating real property; metes are measures of length and bounds are boundaries; a description starting with a well-marked point of beginning and following the boundaries of the land until it returns once more to the point of beginning.An instrument in writing - duly executed and delivered by th grantor that conveys to the grantee some right - title or interest in or to real estate.

12. Parole Evidence

A gift of personal property - usually money - by will.Verbal testimony of a witness.A method of locating real property; metes are measures of length and bounds are boundaries; a description starting with a well-marked point of beginning and following the boundaries of the land until it returns once more to the point of beginning.An instrument in writing - duly executed and delivered by th grantor that conveys to the grantee some right - title or interest in or to real estate.

13. Optionor

An instrument in writing - duly executed and delivered by th grantor that conveys to the grantee some right - title or interest in or to real estate.A gift of personal property - usually money - by will.A method of locating real property; metes are measures of length and bounds are boundaries; a description starting with a well-marked point of beginning and following the boundaries of the land until it returns once more to the point of beginning.The one granting the option to another

14. Ordinance

A legislative enactment of a city or county - such as zoningA gift of personal property - usually money - by will.A method of locating real property; metes are measures of length and bounds are boundaries; a description starting with a well-marked point of beginning and following the boundaries of the land until it returns once more to the point of beginning.An instrument in writing - duly executed and delivered by th grantor that conveys to the grantee some right - title or interest in or to real estate.

15. Optionee

The one obtaining the option rightA method of locating real property; metes are measures of length and bounds are boundaries; a description starting with a well-marked point of beginning and following the boundaries of the land until it returns once more to the point of beginning.A gift of personal property - usually money - by will.An instrument in writing - duly executed and delivered by th grantor that conveys to the grantee some right - title or interest in or to real estate.

16. Regulation Z

The Federal Reserve Board's regulation that implements the Truth in Lending Act.An instrument in writing - duly executed and delivered by th grantor that conveys to the grantee some right - title or interest in or to real estate.A gift of personal property - usually money - by will.A method of locating real property; metes are measures of length and bounds are boundaries; a description starting with a well-marked point of beginning and following the boundaries of the land until it returns once more to the point of beginning.

17. Marketable Value

A method of locating real property; metes are measures of length and bounds are boundaries; a description starting with a well-marked point of beginning and following the boundaries of the land until it returns once more to the point of beginning.An instrument in writing - duly executed and delivered by th grantor that conveys to the grantee some right - title or interest in or to real estate.A gift of personal property - usually money - by will.The highest price a ready - willing and able buyer - not forced to buy - will pay to a ready - willing and able seller - not forced to sell - allowing a reasonable time for exposure in the open market.

18. Periodic Tenancy

Tenancy of property for an indefinite period which can be terminated by either party with proper notice.A gift of personal property - usually money - by will.An instrument in writing - duly executed and delivered by th grantor that conveys to the grantee some right - title or interest in or to real estate.A method of locating real property; metes are measures of length and bounds are boundaries; a description starting with a well-marked point of beginning and following the boundaries of the land until it returns once more to the point of beginning.

19. Adjustable-Rate Mortgage (ARM)

20. Trustee

A gift of personal property - usually money - by will.A method of locating real property; metes are measures of length and bounds are boundaries; a description starting with a well-marked point of beginning and following the boundaries of the land until it returns once more to the point of beginning.An instrument in writing - duly executed and delivered by th grantor that conveys to the grantee some right - title or interest in or to real estate.One who holds property in trust for another to secure the performance of an obligation.

21. Nominal Consideration

A gift of personal property - usually money - by will.One bearing no relation to the real value of the contract. an example is a property which is deeded for $10.00.A method of locating real property; metes are measures of length and bounds are boundaries; a description starting with a well-marked point of beginning and following the boundaries of the land until it returns once more to the point of beginning.An instrument in writing - duly executed and delivered by th grantor that conveys to the grantee some right - title or interest in or to real estate.

22. Appraisal by Market Data

23. Inter Vivos

24. Actual Authority

An instrument in writing - duly executed and delivered by th grantor that conveys to the grantee some right - title or interest in or to real estate.Such authority that a principal intentionally gives his agentA method of locating real property; metes are measures of length and bounds are boundaries; a description starting with a well-marked point of beginning and following the boundaries of the land until it returns once more to the point of beginning.A gift of personal property - usually money - by will.

25. Condominium

A method of locating real property; metes are measures of length and bounds are boundaries; a description starting with a well-marked point of beginning and following the boundaries of the land until it returns once more to the point of beginning.A gift of personal property - usually money - by will.An instrument in writing - duly executed and delivered by th grantor that conveys to the grantee some right - title or interest in or to real estate.Property developed for common interest ownership - where each co-owner has a separate interest in an individual unit - combined with an undivided interest in the common elements of the property

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❤ If you liked Fatskills, consider supporting us by checking out The Life Manuals You Never Got.

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