Real Estate Dictionary

A city, town, or other district which has corporate existence and local government.

Yielding of priority rights.

A mortgage containing a clause that permits the mortgagor to borrow additional money up to the original loan amount or beyond, at any time, and usually includes a stated maximum total indebtedness.

A lot in a government rectangular survey, which is referenced by government survey not by section, township, and range.

An attorney whose opinion is acceptable to a title company as the basis for issuance of a title insurance policy by the insurer. The insurer, rather than the attorney, executes the policy.

Lacking the legal capacity to perform a particular act.

The right of a government to take private property for public use upon payment of just compensation.

An association of two or more persons who are co-owners of a business for profit.

One who grants a lease of real property; a landlord.

Organization composed of title insurance firms which sets standards for the industry, including title insurance policy forms used on a national basis.

A grant by a government that confers upon the recipient the sole right to use, control, and dispose of land.

An estimate of value of property resulting from analysis of facts about the property; an opinion of value.