New York RE

Caveat Emptor

"Let the buyer beware" - the buyer is reponsible to inspect certain obvious defects in real estate and buys at his own risk.

Duress

-Forced to sign a contract

Agent

-Represents another person in some sort of business transaction with another party.

Building Line

..., a line fixed at a certain distance from the front and/or side of a lot, beyond which no building can project

Building Loan Agreement

...an agreement whereby the lender advances money to an owner with partial payments at certain stages of construction

Encumbrance

A charge or claim that attaches to real property and lessens its value or impairs its use.

Action for a Specific Performance

A court action to compel a defaulting principal to comply with the provision of the contract

Depreciation

A decrease in value due to physical deterioration, functional or economic obsolescence.

Equity

A determination of the value of a property after existing liens are deducted.

Estoppel Certificate

A document provided by a lender which reveals all the terms of a loan as requested by the borrower or ordered by the court.

Encroachment

A fixture or structure which invades a portion of a property belonging to another.

Collateral

A form of security to help guarantee that a creditor will be repaid.

Acknowledgement

A formal declaration before a public official, usually a notary public, by a person who has signed a deed, contract, or other document that the execution was a voluntary act.

Devise

A gift of real estate made by will.

Chain of Title

A history of conveyances and encumbrances affecting the title from the time the original patent was granted, or as far back as records are available, used to determine how title came to be vested in current owner.

Deficiency Judgement

A judgement obtained when a foreclosure sale does NOT satisfy a debt

Graduated Leases

A lease which provides for a graduated change at stated intervals in the amount of the rent to be paid; used largely in long-term leases.

Foreclosure

A legal procedure whereby property used as security for a debt is sold to satisfy the debt in the event of default in payment of the mortgage note or default of other terms in the note.

Dispossess Proceedings

A legal process by a landlord to remove a tenant & regain possession of real property due to some breach of lease agreement by the tenant

Delivery

A legally recognized handing over of one's possessory rights to another

Easement

A limited right to make use of a property owned by another.

Cease and Desist List

A list of of homeowners compiled by the DOS in a cease and decease zone who do not want to be solicited by Real Estate agents.

Economic obsolescence

A loss in value due to factors outside the subject property, such as changes in competition or surrounding land use. Also referred to as external obsolescence.

acre

A measure of land equal to 43,560 square feet.

Chattel

A movable piece of personal property, such as a car or piece of furniture

Administrator

A person appointed by the probate court to administer the estate of a deceased person who died intestate. (Administratrix, the feminine form.)

Executor

A person appointed in the will to carry out the instructions of the testator, pay the debts of the estate, and dispose of the property as instructed.

Fiduciary

A person in a position of trust and confidence, as between principal and broker; broker as fiduciary owes certain loyalty which cannot be breached under the rules of agency.

Grantee

A person to whom a grant is conveyed (the person receiving the interest).

Ad Valorem

A prefix meaning "based on value". Most local governments levy an ad valorem tax on property.

Cancellation Clause

A provision in a contract that gives the right to terminate obligations upon the occurrence of certain specified conditions or events

Agency

A relationship between two parties in which one party (the agent) agrees to represent or act for the other (principal).

Cease and Desist Zone

A rule adopted by the Secretary of State which prohibits the direct solicitation of homeowners whose names and addresses appear on a cease and desist list maintained by the Secretary. Such rule may be adopted upon the Secretary's determination that some homeowners within a defined geographic area have been subject to intense and repeated solicitation by real estate brokers and salespersons.

Endorsement

A signature or stamp on the back of a check transferring ownership

Earnest Money

A sum of money given to bind an offer or agreement.

Abstract of title

A summary of all recorded instruments and proceedings which effect title of the property arranged in the order they were recorded

Affidavit

A sworn written statement

Holdover Tenant

A tenant who continues to occupy property after the lease has expired

Grant

A transfer of real estate, between individuals, by deed.

Fee; Fee Simple; Fee Absolute

Absolute ownership of real property;

Grace Period

Additional time allowed to make a payment before default

Freehold

All of the legal rights attached to real property. Include right to sell, lease, encumber, use, enjoy, exclude, will to heirs, etc. These are also called the "Bundle of Rights."

Eminent Domain

Allows the govt to take property for public use but also requires the govt to provide just compensation for that property

Equity of Redemption

Allows the mortgagor to prevent foreclosure from occurring by paying to the mortgagee the principal and interest due plus any expenses the lender has incurred in attempting to collect the debt

Estate at Will

An occupation of space, for an indefinite period, which can be terminated by either the lessor or lessee at any time. Also referred to as tenancy at will.

Cloud on Title

Any claim affecting title to property.

Eviction, Constructive

Any disturbance of the tenant's possession of the leased premises by the landlord whereby the premises are rendered unfit or unsuitable for the purpose for which they were leased.

Fixtures

Any good which become so related to particular real estate that an interest in those goods arises under real property law. Examples: furnace, cabinets, etc.

Capitol Improvement

Any structure erected as a permanent improvement to real estate ...ie: new roof

Incompetent

Being unable to make binding contracts due to having an unsound mind and being unable to safeguard one's own interests and affairs

Capitol Gain

Difference between buying and selling price

Eviction

Forced removal by legal means of a tenant and the tenant's belongings.

Commingling

Illegaly mixing money held in trust on behalf of a client with personal funds.

Building Permit

Issued by local governments' building inspectors to allow the construction of new buildings or alternation of existing structures

Grantor

One who conveys property to another.

Devisee

One who inherits real estate under a will

Erosion

Process by which weathered rock and soil are moved from one place to another.

Dual Agency

Representing both parties to a transaction. This is unethical unless both parties agree to it, and it is illegal in many states

Building Code

Rules established by local governments to regulate construction standards.

Gross Lease

Tenant pays rents, landlord pays all expenses of property; most common form of residential lease

Color of Title

That which appears to be good title but which is not title in fact.

Acquisition

The act or process by which a person procures property.

Closing Date

The date on which the sale of a property becomes final and the new owner takes possession.

Estate

The degree, quantity, nature and extent of interest which a person has in real property

Escrow

The deposit of instrument and funds w/ instructions to a third neutral party to carry out the provisions of an agreement or contract

Estate at Will

The occupation of lands and tenements by a tenant for an indefinate period terminable by both parties at will

Client

The one by whom the broker is employed

Exclusive Agency

The owner employs only one broker but retains the right to personally sell the property, and thereby not pay a commission. However, if any other real estate company sells the property, the listing broker is still entitled to the commission stipulated.

Group Boycott

The refusal by a group of competitors to deal with a particular person or firm; prohibited by the Sherman Act.

Estate in Reversion

The residue of an estate left for the grantor,to commence in possession after the termination of some particular estate granted by the grantor

Escheat

The reversion to the state of property in event owner dies or abandons without leaving a will and has no distributes to whom the property may pass

Air Rights

The right to use, control and occupy the space above a particular parcel of land.

Economic Life

The time period over which an improvement to land earns more income than the cost incurred in generating the income. Profitability.

Alienation

The transferring of property to another; the transfer of property and possession of lands, or other things, from one person to another.

Gross Income

Total income from property before expenses are deducted

In Rem

Used in taking land for non payment of taxes

Descent

When the owner of real estate dies intestate, the owner's property descends, by operation of law, to the owners distributees

Eviction, Actual

Where one is either by force or by process of law, actually put out of possession.

Documentary Evidence

Written contracts, sales slips, letters, or affidavits (sworn statements)

Instrument

Written legal document, created to effect the rights of the parties

Exclusive Right To Sell

a listing that gives the broker the right to collect a commission no matter who sells the property during the listing period.

Demand Note

a note payable on demand

Installments

a payment of part of a debt

Equity Loan

a second mortgage or debt secured with the equity in your home

Adverse Posession

a way to acquire title to realty by state statute requiring open, notorious, hostle, and actual possession against true owner..squaters rights

Adjacent

adj. near, next to, adjoining

Capitol Asset

any asset of a permanent nature used for the production of income

Extension Agreement

gives the debtor more time to pay, either in full or reduced

Accrued Interest

interest that has been added to but not due and payable

Ejectment

legal action to regain possession of realty with damages payable for its unlawful retention

Ground Rent

payment for the right to occupy and improve a piece of land

Devisor

person giving of real property

Habendum Clause

that part of a deed beginning with the words "to have and to hold," following the granting clause and defining the extent of ownership the grantor is conveying.

Accretion

the addition of land through the processes of nature, as by water or wind

Capitol Appreciation

the appreciation accruing to the benefit of the capitol improvement to real estate

Estate in Reversion

the grantor of a life estate holds an estate in reversion. When the grantee who is the holder of the life estate, or life tenant, dies the property reverts to the grantor

Demising Clause

the lessor to let and lessee to take the premises

Capitol Loss

the sale of an investment for less than its purchase price

Affirm

to verify, to confirm

Adjoining

touching or bounding at a point or line; bordering; contiguous; adjacent