Glossary of Real Estate Terms

There are 125 entries in this glossary.
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Term Definition
Qualifying Ratios

This is a kind of calculations. These are used in determining whether a borrower can qualify for a mortgage or not .Qualifying Ratios consist of two separate calculations: one is a housing expense as a percent of income ratio and another is the total debt obligations as a percent of income ratio.

Quiet Title

By means of a court action when someone makes the title free to a piece of land from the claims of other persons, it is called quiet Title. The court decree obtained is a "quiet title" decree.

Quitclaim Deed

This is a deed of conveyance operating as a release; intended to pass any title, interest, or claim which the grantor may have in the property, not professing that such title is valid, nor containing any warranty or covenants for title.

Rate Lock

This is a commitment which is issued by a lender to a borrower or other mortgage originator guaranteeing a specified interest rate for a particular period of time at a specific cost.

Real Property

Real property means land and appurtenances, as well as anything of a stable nature such as structures, trees, minerals, and the interest, benefits, and inherent rights etc

Recorder

The public official who keeps the records of transactions which affects the real property in the area are known as Recorder. This is also known as a "Registrar of Deeds" or "County Clerk."

Recording

Recording means filing documents which affects the real property as a matter of public record, giving notice to future purchasers, creditors, or other interested parties. This is controlled by statute and usually requires the witnessing and notarizing of an instrument to be recorded.

Recourse

This means the right of a lender, in the event of default by the borrower, to recover against the personal property of a party who is secondarily liable for the debt.

Sale-leaseback

This is an a deal by which the owner-occupant of a property agrees to sell all or part of the property to an investor and then lease it back and continue to occupy space as a tenant

Sales comparison value

This is a value indication which is derived by comparing the property being appraised to similar properties that have been sold of late.

Secondary market

This is a kind of market where the existing mortgage loans are securitized and then bought and sold to other investors.

Securitization

This is a process of converting an illiquid asset, such as a mortgage loan, into a tradable form, such as mortgage-backed securities

Security deposit

This is a kind of deposit of money by a tenant to a landlord to secure the performance of a lease. This can also be in a letter form of credit or other financial instrument.

Site development

It means the installation of all the essential improvements made to a site before a building or project can be constructed on the site

Soft cost

This means the portion of an equity investment other than the actual cost of the improvements themselves that may be tax-deductible in the first year.

Space plan

This is a graphic representation of a tenant's space requirements. It shows wall and door locations, room sizes and at times furniture layouts also.

Tax base

The assessed valuation of all real property which lies within a taxing authority's jurisdiction is known as Tax base. When this is multiplied by the tax rate, it determines the amount of due tax.

Tax lien

This is a legislative lien for the nonpayment of property taxes which attaches only to the property upon which the taxes are unpaid

Tax roll

It is a list which contains the descriptions of all land parcels located within the county, the names of the owners and those who receive the tax bill, assessed values and tax amounts.

Tenant

Tenant is someone who rents real estate from another and holds an estate by the virtue of a lease.

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