the property retained when the owner splits off and conveys part of the property to another party but retains some rights such as an easement for access (a driveway) or utilities. The property sold off upon which there is the easement is called the servient estate. These are also called dominant tenement and servient tenement, respectively.
One of the two parcels of real estate of an appurtenant easement; the dominant tenement is the property for which the easement is necessary, as opposed to the servient tenement, which provides the easement.
A lease agreement, usually long-term commercial or industrial, in which the tenant (lessee) agrees to pay property taxes and insurance in addition to periodic rent, and the landlord (lessor) agrees to pay for property maintenance.
Also known as a net,net lease (or net-net lease).
Dower is the legal right or interest (estate) a wife acquires in property owned by her husband at any time during the marriage.
Dower and curtesy are legal life estates that are created upon the death of
a spouse who owned real estate. Dower is the life estate that a wife acquires
in the real property of her deceased husband, while curtesy is the estate a
husband holds in real property owned by his wife following her death. Dower
and curtesy entitle the surviving spouse to a portion (usually one-third to
one-half) of the interest in the real property owned by the deceased spouse,
even if that property was willed to someone else. Dower and curtesy are forms
of tenancy by the entirety, and are only used in states that practice that
system of common law. Tenancy by the entirety is contrasted with another
common law system used by other states, known as community property.
Note that in some states, dower refers to either a husband's or wife's interest in the property of the other.
Definition: An informal method of estimating the value of real estate based on a cursory examination of the property and neighborhood, such as can be done from a vehicle. A drive-by appraisal is usually done by a real estate professional other than a licensed appraiser, such as a broker or salesperson. Note that a drive-by appraisal includes only the exterior of any structures on the property, and the person conducting the drive-by appraisal generally does not enter the parcel of real property being examined. Similar to a Broker's price opinion.
Terms, Definitions, and Concepts: Appraisal, Real Estate, Management, Finance and Investment
1. Strict adherence to and accomplishment of professional (especially fiduciary) responsibilities, duties, and tasks;
attention to detail in research or the performance of legal and professional obligations, especially by one acting as agent or attorney.
2. The obligation of a buyer (or prospective buyer) of real or personal property to verify and substantiate all claims and representations made by the seller and/or his or her agents. Due diligence on the part of the buyer is often accomplished by retaining qualified, licensed professionals to conduct various inquiries or perform various duties on his or her behalf. Examples of such professionals include, but are not limited to:
Real estate brokers, agents and salespersons
Licensed home inspectors
Real estate attorneys
Title research and title insurance companies
Licensed real estate appraisers
A form of acceleration clause found in some mortgages, especially savings and loan mortgages, requiring the mortgagor to pay off the mortgage debt when selling the secured property, thus resulting in automatic maturity of the note at the lender's option
1. An iterative auction format in which the auctioneer starts the bidding at a high price, with each successive bid one bid increment lower than the last. The first bidder wins the auction, paying the last announced price at the time of the bid. Also known as a descending clock auction or open descending price auction.
2. An auction format for selling multiple identical items, based on a clearing price. The auctioneer or issuer of the securities begins at a high initial price, lowering the price incrementally until bids are received and the clearing price is established. Bidders may sometimes submit demand curves rather than a single bid. In this case, each bidder wins the quantity of the item demanded at the clearing price, and paying that amount for each item won. This type of auction is commonly used in the trading of securities, especially U.S. Treasury Department notes and inflation-indexed securities. Also known as a uniform price auction.
Terms, Definitions, and Concepts: Auction, Economy, Finance and Investment, Real Estate
Definition: In auction theory, a dynamic auction is an auction sale that allows for multiple bids by an individual bidder, either continuously or in separate, distinct rounds of bidding. The bidding may be either continuous, as in a clock auction, or it may occur in distinct rounds, as in a multiple-round auction or iterative auction. Dynamic auctions are the most popular and widely-used auction format in the world; the most common type of dynamic auction is the English auction.
Terms, Definitions, and Concepts: Auction, Real Estate