System of title based in English law. All lands are owned and taxed by the king or other sovereign, who grants the right to possess real estate. Real estate is held as a life estate only, and ownership reverts to the king or other sovereign upon the death of the grantee.

An article which was once personal property but has been so affixed to real estate that it has become real property (stoves, bookcases, trees and landscaping, etc.). If determined to be a fixture, then ownership of the article transfers with the real property even though it is not mentioned in the deed.

Normally used in real estate with business or commercial applications such as bed and breakfasts, this term can also apply to personal, non-commercial items. Articles considered to be FF&E are personal property unless they are permanantly attached or affixed to real estate. Under the terms of most commercial leases, FF&E are to be removed by the tenant upon expiration of the lease, and are therefore personal property. Examples of FF&E include computers, office furniture, shelving, beds, etc. Synonymous with trade fixture.

Letter stating that an amount will be gifted to another and that the amount is not to be repaid.

The total income or revenue without deductions produced by an individual, corporation, etc. in return for labor, goods, or services rendered. Contrast with net income.

The revenue (monetary or non-monetary receipts) earned by a company, individual, corporation, etc. in return for labor, services, goods, investments, property, or operations.

Real or personal property that exists in concept rather than having physical form; usually incorporeal property is represented by physical muniments that document ownership.
Examples of incorporeal property include rights, relationships (e.g., community property), patents, easements, estates, royalties, and appurtenances.
Same as Intangible property.

Real or personal property that exists in concept rather than having physical form; usually intangible property is represented by physical muniments that document ownership.
Examples of incorporeal property include rights, relationships (e.g., community property), patents, easements, estates, royalties, and appurtenances.
Same as Incorporeal property.

1. The sum paid or accrued in return for the use of money; the rate of such payment or accrual expressed as a percentage of the total amount of the loan.
2. A right, share of, participation in, or claim to something.

The highest monetary price a property would bring, if offered for sale in an arm's-length transaction for a reasonable period of time in a competitive market. Also known as fair market value.

Metes and bounds is an old system of measuring land and establishing boundaries using natural landmarks and compass readings and distance measured in poles, links, rods and chains. A common method of land description that identifies a property by specifying the shape and boundary dimensions of the parcel, using terminal points and angles.

1. The income or revenue (monetary or non-monetary) earned by an individual or business after the deduction of expenses such as taxes, insurance, losses, etc. Contrast with gross income.
2. The revenue a business or property will earn in a given year's operation, according to the following simplified formula: Net income = Gross income - Expenses

Occurring regularly or semi-regularly in time, as a periodic tenancy, periodic rent, periodic portfolio review, etc.

The constitutional authority and inherent power of a state or government to adopt, enact, and enforce laws and regulations to promote and support the health, safety, morals and general welfare of the public.

Latin.
1. To divide or distribute proportionately according to ownership, time remaining on a contract, etc.
2. In proportion to: A prorated refund for a partially fulfilled contract is equal to the payment amount remaining for that portion of the contract which is unfulfilled. Also known as prorate.

1. To divide or distribute proportionately according to ownership, time remaining on a contract, etc.
2. In proportion to: A prorated refund for a partially fulfilled contract is equal to the payment amount remaining for that portion of the contract which is unfulfilled. Also known as pro rata.

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.).

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".

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.).

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 section is a tract of land approximately one (1) mile square and containing 640 acres, within a township. Sections are used in the government rectangular survey system (U.S. Public Lands Survey). Each section is approximately 1/36th (0.0278) of a township. Irregularities exist due to the curvature of the earth; these irregularities are corrected for in the northern and western tiers of sections in each township. One (1) section is equal to 640 acres, one (1) mile square, one (1) square mile, and 27,878,400 square feet.

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

1. A buildings, structure, or other improvement to land.
2. Land, buildings, offices, franchises, etc. owned by another and held in tenure (leased).
3. A rooming house; a set of rooms divided from the remainder of a building and leased as a separate dwelling (a flat or apartment).
4. A parcel of real property, either with or without improvements, as in the dominant and servient tenements of an easement.

A person who has prepared a valid, legal will. This term applies to either gender.

A land measurement used in the government rectangular survey system (U.S. Public Lands Survey). A township is six (6) miles in length on each side, with a total area of 36 square miles. It contains thirty-six (36)sections, each with an area of 640 acres, for a total area of 23,040 acres. Note that due to the curvature of the earth, a correction of 198 feet must be made every 24 miles. Therefore, many townships actually contain less than 36 square miles due to these corrections.