Glossary |
Terms that are on use on this site.
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All| There are 152 entries in the glossary. |
| Pages: «1 2 3 4 5 6 7 » |
| Spot Zoning | Rezoning of one property or a small area within a neighborhood. |
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| Statute of Frauds | State law requiring certain types of contracts to be in writing and signed in order to be enforceable. |
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| Survey | Process of precisely measuring the boundaries and determining the area of a parcel of land. |
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| Survivorship, Right of | A surviving joint tenant automatically acquires a deceased joint tenant's interest in the property. |
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| Tax, Mortgage Registry | The state tax which is charged on all new mortgages of real property in Minnesota. |
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| Tax, Property | Real Estate Tax. |
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| Tax, State Deed | Tax based on the purchase price. |
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| Tenancy in Common | A form of ownership in which two or more persons each have an undivided interest in the entire property, but no right of survivorship. |
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| Tenancy, Joint | A form of ownership in which the co-owners have equal undivided interests and the right of survivorship. |
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| Time is of the Essence | A clause which means that performance on the exact dates specified is an essential element of the contract. |
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| Title | Legal ownership of real property - a deed or other document which evidences that ownership. |
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| Title Insurance | Insurance for protection against losses that result from undiscovered title defects. The owner's policy protects the buyer and the mortgagee's policy protects the lien position of the buyer's lender. |
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| Title Insurance Owner's Policy | Policy for the buyer for protection against claims on the title to your property. |
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| Title Search | Searching public records to determine all rights and encumbrances which would affect title to a piece of property. |
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| Title, Chain of | Chain of deeds or other documents transferring title to a piece of property from one owner to the next. |
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| Title, Clear | A title that is free from encumbrances or defects - marketable title. |
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| Topography | Contours of the surface of the land. |
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| Township | Parcel of land six miles square and containing 36 sections. |
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| Underwriting | Process of evaluating a loan application. |
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| USDA | United States Department of Agriculture (Rural Housing Service).
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| Valid | Legal classification of a contract that is binding and enforceable in a court of law. |
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| Value, Assessed | Value placed on property for the purpose of taxation. |
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| Variable Interest Rate | Loan interest rate that can be adjusted periodically during the laon term. |
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| Variance | Obtaining permission from a local zoning authority to build a structure in a way that violates the strict terms of the zoning ordinance. |
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| Void | No legal force or effect. |
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Glossary V2.0 |
Real Estate Terms