Glossary of Real Estate Terms
If you have problems understanding some of the terms used by housing developers and this site, here are some of the textbook definitions for the more common ones. For an in depth glossary of legal and industry terms, this place is an excellent site for your reference (here). The examples below are taken from that site.
Encumbrance
Anything, such as a mortgage, tax, or judgment lien, an easement, a restriction on the use of the land or an outstanding dower right that may diminish the value or use and enjoyment of a property.
Conveyance
A term used to refer to any document that transfers title to real property.
The term is also used in describing the act of transferring.
Alienation
The act of transferring property to another. Alienation may be voluntary, such as by gift or sale, or involuntary, as through eminent domain or adverse possession.
Subdivision
A tract of land divided by the owner, known as the subdivider, into blocks, building lots and streets according to a recorded subdivision plat, which must comply with local ordinances and regulations.
Adjustable-Rate Mortgage (ARM)
A loan characterized by a fluctuating interest rate, usually one tied to a bank or savings and loan association cost-of-funds index.
Easement
A right to use the land of another for a specific purpose, such as for a right-of-way or utilities; an incorporeal interest in land.
Lien
A right given by law to certain creditors to have their debts paid out of the property of a defaulting debtor, usually by means of a court sale.
For the entire glossary, don’t forget to check out the source site here.
