Submerged land sloping gradually from the edge of a continent

A provision placed in contract which requires the completion of a certain act or the happening of a particular event before a contract is binding

A legal agreement between competent parties who agree to perform or refrain from performing certain acts for a consideration. In real estate, there are many different types of contracts, including listings, contracts of sale, options, mortgages, assignments, leases, deeds, escrow agreements, and loan commitments, among others.

The right to utilize real or personal property except as constrained by law; one of the bundle of rights.

A life estate that is intentionally and voluntarily created by an owner of real estate, either by deed if the owner is alive or through a will if he or she is deceased. The estate is conveyed to a life tenant, who holds the estate until his or her death. During the life of the life tenant, he or she enjoys all the rights and privileges of property ownership, except that he or she is prohibited from laying or committing waste to or upon the property (damaging the property or causing its value to diminish). A conventional life estate ends upon the death of the life tenant. Ownership of the property passes to another or reverts to the original owner or his heirs, depending on the provisions of the life estate.

If the conventional life estate is also an estate pur autre vie, the estate is held for the duration of the life of some other specified person rather than the life tenant.

1. The transfer of title to real property by means of a written instrument such as a deed, a will, or an assignment of a lease.
2. The act of transferring title to real property from the owner(s) to another person or group of persons.

A broker who joins with another broker in the sale of real property

Cooperative ownership of an apartment unit means that the apartment owner has purchased shares in a corporation which holds title to the entire apartment building

A tenancy at will that was recorded in a court ownership roll. Copyholds were not, strictly spoken, inherited, but were customarily so. The landowner who would "admit" the heir to the lands of the decedent.

1. Real or personal property that is visible and has physical form, as opposed to intangible property such as rights or patents.
Same as tangible property.
2. Real property consisting of land, improvements to the land (tenements), and physical appurtenances such as sidewalks.

An index of financial institutions costs used to set interest rates for some Adjustable Rate Mortgages.

A new offer made as a reply to an offer received from another; this has the effect of rejecting the original offer, which cannot thereafter be accepted unless revived by the offeror's repeating it

1. A nation or area of land politically controlled by one government 2. thinly populated areas as compared with a city 3. land with small farms and towns

The practice of sharing commissions with cooperating brokers

Small, sheltered inlet from a body of water, a small bay

A written agreement or promise of two or more parties by which either pledges to perform or not to perform specified acts on a property, or which specifies certain uses or non-uses of the property

Covenants are promises contained in contracts, the breach of which would entitle a person to damages. Conditions, on the other hand, are contingencies, qualifications or occurrences upon which an estate or property right would be gained or lost.

Covenants which become part of the property and benefit or bind successive owners of the property

Steep, rugged rock rising from a rock mass, usually perpendicular

Bowl shaped cavity at the top of a volcano

A natural stream of running water larger than a brook, but smaller than a river

Definition: The act of orally offering for sale items at an open outcry auction and taking bids on the items until they are sold or withdrawn. The auction "cry" is characteristically conducted in a rapid cadence in order to encourage bidding. The person who cries the auction may be the auctioneer, or he may be a professional auction crier employed by the auctioneer.
Also known as "calling the auction".

Terms, Definitions, and Concepts: Auction, Real Estate

A street which is open at one end only, and which usually has a circular turnaround; a blind alley

Land plowed or spaded and prepared for growing crops

1.The flow of water in a definite direction 2. the swiftly moving part of a stream or river