Real Estate

1. Land, improvements upon the land (structures such as buildings, fences, sewers or septic tanks, etc.), and appurtenances that run with the land (such as streets, sidewalks, and easements).
2. Ownership of land, improvements, appurtenances, and natural resources of the land (such as minerals, oil, gas, water, etc.).

Real estate investment trusts, or REITs, are a group form of real estate investment that own and manage commercial or other income-producing properties such as shopping centers, residential rental real estate, office buildings, warehouses, and timberland. REITs must meet certain requirements in order to be considered as such by the IRS, including having shares in the organization that are fully transferable, having at least 100 shareholders, and paying those shareholders a minimum of 90% of taxable income as dividends. The tax difference between a traditional C-corporation (C-corp) and a REIT is that C-corps are basically subject to double taxation, paying federal corporate income taxes as well as federal and state income taxes paid by shareholders, with both corporate and personal taxes paid on the same income. As long as they continue to meet the requirements, however, REITs are permitted to deduct payments made to shareholders as dividends from their corporate income tax, which usually means they pay no corporate income tax at all. REIT shareholders are still required to pay income taxes on dividends and capital gains.

Terms, Definitions, and Concepts: Finance and Investment, Forestry and Silviculture, Real Estate, Timber

Technically, real property refers to the interests, benefits, and rights included in the ownership of real estate. In practical use, it is synonymous with real estate or realty. Ownership of real property includes the "bundle of rights".

A registered word which may only be used by an active real estate broker, appraiser, etc., who is a member of the state and local real estate boards affiliated with the National Association of Realtors. The use of the name REALTOR and the distinctive seal in advertising is strictly governed by the rules and regulations of the National Association.

Same as real estate:
1. Land, improvements upon the land (structures such as buildings, fences, sewers or septic tanks, etc.), and appurtenances that run with the land (such as streets, sidewalks, and easements).
2. Ownership of land, improvements, appurtenances, and natural resources of the land (such as minerals, oil, gas, water, etc.).

1. A reduction or kickback of a stipulated charge.
2. A return of a portion of an amount paid for goods or services, intended as a reduction or discount of the original price.

A clause usually found in percentage leases, especially in shopping center leases, giving the landlord the right to terminate the lease (and thus recapture the premises) if the tenant does not maintain a specified minimum amount of business, usually in terms of gross income.

1. An independent and neutral party appointed by a court to impartially administer, preserve and hold in trust property which is involved in litigation or bankruptcy, pending final disposition of the matter before the court.
2. One who collects or receives money on behalf of another.

Definition: 1. The act of rescinding, revoking, annulling, cancelling, or repealing.
2. A legal remedy wherein a contract is cancelled or annulled, thereby restoring the parties to the contract to their previous states, conditions, or positions.
Same as Rescission.

Terms, Definitions, and Concepts: Legal (Law), Real Estate

The act of entering into the book of public records the written instruments affecting the title to real property, such as deeds, mortgages, contracts of sale, options, assignments, and the like. Legal recording imparts constructive notice to all the world of the existence of the recorded document and its contents.

A zoning classification or type of zoning district that permits urban or suburban land use that facilitates leisure activities such as golf courses, parks, greenways, and urban trails.

The right of a mortgagor who has defaulted on the mortgage note to redeem or recover the title to the property by paying off the entire mortgage note prior to the foreclosure sale.

Definition: The act or practice of mapping geographic areas where mortgage lenders do not wish to make loans or insurance underwriters do not wish to provide insurance coverage, for reasons other than the financial or insurance qualifications of individual applicants. The term redlining refers to the drawing of a line around such an area on a map, and often reflects a racial bias. This practice is illegal under the Federal Fair Housing Act.


Terms, Definitions, and Concepts: Real Estate, Legal, Management

Definition: An instrument which shows the amount of the unpaid balance of a mortgage, the rate of interest, and the date of maturity.

Terms, Definitions, and Concepts: Finance and Investment, Real Estate

The act or process of applying for and obtaining a new loan with different terms than the existing loan. One or more financial goals may be met through refinancing: paying off or satisfying the existing loan, obtaining a lower interest rate, decreasing the duration of the loan, lowering the total amount paid, and/or reducing the monthly (periodic) payments.

A legal action to correct or modify a contract or deed which does not accurately reflect the intentions of the parties due to some mechanical error, such as a typographical error in the legal description.

The idea that government land use restrictions or controls, such as zoning ordinances, constitute a type of private property taking. For example, if local zoning ordinances restrict residences to one per acre but a landowner wishes to subdivide his lot into four, build houses on each and sell them, he must be offered just compensation if he is not allowed to do so.

The discharge or relinquishment of a right, claim or privilege, as when the terms of a mortgage have been satisifed or a loan has been repayed in full. Releases involving real property transactions should be acknowledged by both the lender and borrower and legally recorded.
Contrast with partial release.

Terms, Definitions, and Concepts: Finance and Investment, Legal (Law), Real Estate

A provision found in many blanket mortgages enabling the mortgagor to obtain partial releases of specific parcels from the mortgage upon the payment of, typically, a larger-than-pro rata portion of the loan.

Definition: The gradual and permanent acquisition of dry, usable land due to receding waters in a non-navigable waterway.

Terms, Definitions, and Concepts: Agriculture, Geography, Hydrology, Real Estate, Science, Survey, Water

Definition:
1. The interest in real property from a life estate that passes to another upon the death of the life tenant; the grantor of the original life estate specifies upon creation of this estate who is to receive the remaining interest when the life estate ends; this person is known as the remainderman.
Contrast with reversion.
2. A future interest in real estate created at the same time and by the same instrument as another estate, and limited to arise immediately upon the termination of the prior estate.

Terms, Definitions, and Concepts: Real Estate, Legal (Law), Management, Title and Title Insurance

Definition: 1. A future interest in real estate created at the same time and by the same instrument as another estate, and limited to arise immediately upon the termination of the prior estate.
2. The interest in real property from a life estate that passes to another upon the death of the life tenant; the grantor of the original life estate specifies upon creation of this estate who is to receive the remaining interest when the life estate ends; this person is known as the remainderman.
Contrast with reversion.

Terms, Definitions, and Concepts: Real Estate, Management, Legal (Law), Title and Title Insurance

The person who receives the interest from a life estate upon the death of the life tenant.

Definition: A clause in some leases which gives the lessee the right to extend the lease term for a certain period of time and under certain conditions.

Terms, Definitions, and Concepts: Real Estate, Title and Title Insurance, Legal (Law), Management

Definition: Money or other consideration paid by a lessee (tenant) to a lessor (landlord) in exchange for the right to use and possess real or personal property for a predetermined period of time and according to conditions upon which both parties have agreed.

Terms, Definitions, and Concepts: Finance and Investment, Legal (Law), Management, Real Estate, Title and Title Insurance