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Real Estate Glossary

ACCEPTANCE – Voluntarily agreeing to the price and terms of an offer. Offer and acceptance creates a contract.

ADDENDUM – Something added. A list or other material added to a document, letter, contractual agreement, escrow instructions, etc

AMENITIES – Those things which enhance the enjoyment (and therefore the value) of real estate but not necessary for its intended use. Examples: a scenic view, swimming pool, etc.

AS IS CONDITION – Premises accepted by a buyer or tenant in the condition existing at the time of the sale or lease, including all physical defects.

ASKING PRICE – The price at which the seller is offering for sale. The eventual selling price may be less after negotiation with a buyer.

BREACH OF CONTRACT – Failure to perform a contract, in whole or part, without legal excuse.

CAPITAL – Money used to create income, either as investment in a business or income property.

CONTRACT – An agreement between two or more persons or entities, which creates or modifies a legal relationship. Generally based upon offer and acceptance.

CREDIT REPORT – A report on the past ability of a loan applicant to pay installment payments.

DISCLAIMER – Statement on a publication attempting to limit liability in the event the information is inaccurate.

DRY ROT – A fungal decay of seasoned wood.

HOMEOWNER’S INSURANCE – Includes the coverage of Hazard Insurance plus added coverage such as personal liability, theft away from the home.

INGRESS AND EGRESS – A right to enter upon and pass through land.

JUDGEMENT – The decision of a court of law. Money judgements, when recorded, become a lien on real property of the defendant.

JUDGEMENT LIEN – A lien against the property of a judgement debtor. An involuntary lien.

LIEN – An encumbrance against property for money, either voluntary or involuntary. All liens are encumbrances but all encumbrances are not liens.

LIS PENDENS – A legal notice to show pending litigation relating to real property, and giving notice that anyone acquiring an interest in said property subsequent to the date of notice may be bound by the outcome of the litigation.

MINERAL RIGHTS – The ownership of the minerals (coal, iron, etc) under the ground, with or without ownership of the surface of the land.

PMI – Private Mortgage Insurance - Insurance against a loss by a lender in the event of default by a borrower (mortgagor)

SALE-LEASEBACK – A sale and subsequent lease from buyer back to seller.

SPECIAL ASSESSMENT – Lien assessed against real property by a public authority to pay costs for improvements (sidewalks, sewers, streetlights, etc), which directly benefits the assessed property.

SURVEY – The measurement of the boundaries of a parcel of land, its area, and sometimes its topography.

TITLE – The evidence one has of right to possession of land.

TRANSACTION BROKER – An agent that provides a limited form of representation that includes: dealing honestly, accounting for all funds, disclosing all known facts that materially affect the value of residential real property and are not readily observable to the buyer, and limited confidentiality. Florida law requires transactional real estate brokers provide written notice to be signed by potential buyers and sellers.

WETLANDS – Lands, which, in their normal condition, have wet or spongy soil, such as a marsh or bog.

 
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