The ultimate property jargon buster the property world is full of words and expressions that may be unfamiliar to anyone who is not regularly buying, selling, letting or renting a home. Real estate glossary, property terms and definitions. Commercial real estate terms and definitions naiop. Income taxes can be levied on both individuals personal income taxes and businesses business and corporate income taxes. The insurance contracts act allows an insurer to avoid. The language of insurance can be quite complex and confusing. Littoral rights property rights related to water boundaries along an ocean or lake locate using an instrument to turn an angle and. Person or entity who is entitled to occupy a property under the terms of a tenancy agreement. Glossary of commercial property terms royds withy king. Contract the legal document that sets out the terms of the salepurchase of the property. Many words, idioms, and phrases are based on the law, while others are more common words that have a certain meaning when used in relation to land and property records, either current or historical. Reia consumer fact sheet glossary of terms real estate institute. Glossary under secretary of defense for acquisition and. Title search an examination of public records to disclose the past and current facts regarding the ownership of a given piece of real estate.
The eaa is compiling a glossary of terms commonly used in the estate agency trade as an aid to practice for licensees. The buyer of course is the person buying a property, and the borrower is a person who gets a loan to buy a property. Term or phrase literal translation definition and use english pron a fortiori. The land and property industry has its own language. The glossary contains terms commonly used in real estate by both tenants and home purchasers. The definitions within this document are not comprehensive and are not intended to serve as. For example title insurance, which protects your property against hidden liens or potential ownership issues, always means title insurance. For example, if derelict or other vacant land is given planning permission for re development in the future, it will become much more valuable. Market value the highest price, estimated in terms of money, which a property will bring if exposed for sale in the open market, allowing a reasonable time to find a purchaser who buys with knowledge of all the uses to which the property is adapted and for which it is capable of being used. Property legal terms in thailand siam legal international. Form 990 is an annual information return required to be filed with. Glossary of property law terms designing buildings wiki share your construction industry knowledge. After all, buying a home is probably one of the biggest investments youll ever make. A professional analysis used a loan or other financing as an annual rate.
The definitions in this glossary are developed by the naic research and actuarial department staff based on various insurance references. Real estate glossary property terms and definitions in order to understand the real estate industry well, you need to read to know the various property terminologies regarding the industry. This guide is intended to give you an overview of the most common words and phrases we use. The day on which all calculations of interest, tax adjustments and utility bill adjustments if applicable are made to either the buyer or seller. Tenants in common an optional method of shared home ownership not necessarily in equal shares. For property tax purposes the rate is applied to assessed value to determine the amount of the tax. When a purchaser pays the agreed upon price for a particular unit, he receives stock in the corporation personal property and a proprietary lease to a particular unit again, personal property. If we have used a word you dont understand, please do ask what it means. For example, if derelict or other vacant land is given planning permission for redevelopment in the future, it will become much more valuable. We hope you find this list of commercial real estate leasing.
It contains only terms which are used frequently in documents and publications on matters of industrial property information and documentation or which are of major importance for readers of such texts. May 16, 2020 property seekers have been using virtual tours to explore a massive variety of homes since lockdown began. The original glossary, assessment terminology, was published in 1937, shortly after the founding of the national association of assessing officers. When, where, and how to file, later, for who must file electronically. The increase in the value of a property due to changes in market conditions, inflation, or other causes. Actual costs include standard costs properly adjusted for applicable variances. Dod financial management regulation volume 1, definitions definitions 1. You might also like to have a look at our list of industry acronyms. Browse through more than 121,000 verified real estate properties with accurate lowdown on amenities, neighborhoods and cities, and genuine pictures. Reproduction cost normal cost of exact duplication of a property as of a certain date.
Understanding tax terms can make tax preparation less stressful. May 15, 2020 as a digital marketplace with an exhaustive range of property listings, we know it is easy to get lost. However, words describing or relating to the same thing often differ considerably in various parts of the. Most of the definitions below are provided courtesy of the insurance institute of canada.
Glossary of commercial real estate terms national association of. Glossary of real estate terms 801010 a type of blended mortgage loan which avoids private mortgage insurance pmi. Accused the person charged with a criminal offence. We hope you find this list of commercial real estate. Glossary of real estate terms attorneys title guaranty. Glossary of real estate terms abatement often referred to as free rent or early occupancy and may occur outside or in addition to the primary term of the lease. Glossary of common terms in family proceedings in alphabetical order adoption to take another persons child into your own family and legally raise him or her as your own child adoption order an order giving parental responsibility for a child to adopters made on their application to the court. Committees on real property, probate and trust law glossary. Writ directing a sheriff to reduce a judgment debtors property to money flagrante delicto in the very act of committing the crime forum non conveniens power to decline jurisdiction over a case and have it tried elsewhere. To determine gain or loss on the sale or exchange of property, you must usually make certain changes increases or decreases to the basis of the property. Glossary of property terms term definition ad valorem property taxation.
Stratum area sua the area shown on a registered plan of subdivision as calculated by a registered surveyor. The irs codes section 1031 makes it possible for a real. Probate tax a tax imposed by many jurisdictions on property passing. Glossary of real estate terms oak realty, globe, az. Personal representative another name for an executor or administrator.
Glossary of real estate terms adirondack country homes. The intent of this glossary is to provide the layperson with a general understanding of terms commonly used in probate law. If you want to become a realtor, than these 497 real estate terms are for you. Glossary of real estate terms during the course of buying or selling your home, you will likely come across a host of unfamiliar real estaterelated words and phrases. The value placed on a property by the public tax assessor for purposes of taxation. Measures the property managers performance from period to period by comparing income and expenses for a given property. This list does not define terms when the normal dictionary definitions are applicable. Start studying modern real estate practice 19th edition. Acknowledgement admitting that someone has a claim or admitting that a debt exists. Dod financial management regulation volume 1, definitions. A cash flow analysis shows the effect an investment property has on an owners income in terms of tax benefits. Tenant person or entity who is entitled to occupy a property under the terms of a tenancy agreement.
Includes furniture, automobiles, equipment, cash and stocks. Learn vocabulary, terms, and more with flashcards, games, and other study tools. A term used to identify property that is recorded in the accountable property system of record and is controlled by an identification system and supporting records from its acquisition through final disposition. A course companion for studying for the real estate exam, for. Probate tax a tax imposed by many jurisdictions on property passing under an individuals will or by a states intestacy law. Glossary of insurance terms the az for insurance practitioners terms generally associated with reinsurance ab initio a term used to describe avoidance of a contract from its inception or its beginning. Glossary of terms this guide is intended as general information only.
Instead of having to come up with a 20% down payment, a buyer. The glossary of real estate terms was prepared for blacks guide by e. This page provides a glossary of insurance terms and definitions that are commonly used in the insurance business. Glossary of real estate terms impact coaching systems. An independent agent represents more than one company. Glossary of real estate finance terms texas lone star. Commercial property glossary of legal terms alsters kelley. If youre already a salesperson or broker, than this real estate glossary will help you brush up on phrases that you may not come in contact with on a day to day basis. This glossary is available for download on the naiop website at. Contact name is the name of a person in the organisation responsible for the file or the data. Noun n the codes c and u show whether a noun, or a particular sense of a noun, is countable an agenda, two agendas or uncountable. Legal document detailing terms whereby the owner of a property grants rights to another party to occupy it for a specified period of time. This updated guide from onthemarket will help to shed light on what they all mean. Pour over will a short will often used with a living trust.
Common area for lease purposes, the areas of a building and its site that are available for the non. Definitions provided by insurance bureau of canada are indicated with an asterisk. The sale or disposition of real estate or personal property relinquished property and the acquisition of likekind real estate or personal property replacement property structured as a taxdeferred, likekind exchange transaction pursuant to section 1031 of the internal revenue code and section 1. Glossary of housing terms affordable housing affordable housing includes social rented, affordable rented and intermediate housing, provided to households whose needs are not met by the market. Probate the court supervised process of proving the validity of a will and distributing property under the terms of the will or in accordance with a states intestacy law in the absence of a will. In the case of real estate, the documentary evidence of ownership is the title deed that specifies in whom the legal estate is vested and the history of ownership and transfers. Glossary of real estate terms if youre buying a home for the very first time, the process may seem a little daunting. Payment of part of an increase in value of the property in the future to. If you are looking for information about thailand property, use this glossary to find the meaning of any unfamiliar property terms. Atg provides this list to help ease any confusion you may have.
Property legal terms, like most legal fields, has terms that may not be familiar to people outside of the field. Purpose the purpose of this listing is to provide definitions for terms used in the regulation, which are unique to the federal government or the department of defense. Property market in england kickstarts with moving home possible again. Glossary of terms used in boundary surveying 323 legal description the portion of a deed which describes the property or interest in property being conveyed line the direction in which the instrument vertical cross hair is pointing link 1100 of a chain 0. The right of ingress to and egress from a property that abuts upon an. Glossary of insurance terms actuary a professional trained in the mathematics of insurance and risk management, including the calculations of premiums, policy reserves and other values. The property market in england has been given the go ahead to return to some sort of normality amid the coronavirus pandemic.
Opposite of real property that is permanent like land. The maximum amount of any ad valorem tax on real property shall not exceed one percent 1% of the full cash value of such property. Gain from the sale of collectibles and, generally, the taxable part of your gain from the sale of qualified small business stock held more than 5 years. An insurance policy that insures you against errors in the title search, essentially guaranteeing the borrowers and lenders financial interest in the property. Taxes on income, both earned salaries, wages, tips, commissions and unearned interest, dividends. None of the definitions limits the use of the term boundaries to only confines defining the width of property. Acceptance the act of agreeing or consenting to the terms of an offer thereby establishing the meeting of the minds that is an essential element of a contract. As used in the real estate law, the term includes the sale or lease of the business and goodwill of an existing business enterprise or opportunity. The ratio of the tax requirement to the assessed valuation. It helps to have a realtor on your team someone who speaks the language of real estate very well. Many terms in real estate are universal throughout the nation. Understanding this special terminology is essential for correctly interpreting the meaning and purpose of any individual land transaction. The concept that people in the same income group should be taxed at the same rate.
The glossary is not intended to be an exhaustive, detailed compilation of all terms used in industrial property information and documentation. The first buyer now has a specified period of time usually 72 hours, but it can be more to fulfill all the buyer contingencies in the contract of sale, or cancel the. Use this dictionary as a study guide for the real estate agent exam. Any source of revenue derived from applying a property tax rate to the assessed value of. Glossary of commercial insurance terms commercial insurance is divided into two main categories. Next, real estate taxable income is multiplied by the applicable marginal tax rate to result in the tax liability savings. Once the housing and planning act 2016 becomes law it will also include starter homes. An abatement pro rata is a proportionate reduction of the amount of each of a number of debts or claims as where a fund or estate is insufficient for repayment of all in full. The amount payable by the seller for the work done on marketing and selling a property. Dau glossary of defense acquisition acronyms and terms, 12th edition. Originally published in 1997, the glossary for property appraisal and assessment was. Real estate glossary investing terms biggerpockets.
Authorization issued by the department of budget and management dbm to an agency, permitting the. Terms in bold are defined in the glossary of the instructions for form 990. Thats why we put together a glossary of real estate terms for investors to use as a resource throughout the propertybuying process. The glossary spells out words ranging from real estate buying, renting, financing, mortgages, disposal, development and management of properties for. Written evidence of the right to or ownership in property. Commercial real estate any multifamily residential, office, industrial, or retail property that can be bought or sold in a real estate market. Above building standard upgraded finishes and specialized designs necessary to accommodate a tenants requirements. Page 1 a abandonment failure to occupy and use property.
Property policies usually cover accidents but not occurrences this is a property insurance concept, not a liability insurance concept. If you are uncertain of your rights or interests, please seek professional legal advice. This glossary defines some of the more difficult terms used in property law. Glossary and acronyms this reference document contains definitions of key terms as they are applied within the national response framework accessible. The cost of replacing damaged property with other property of like kind and quality in the physical condition of the property immediately before the damage. A glossary of commonly used terms for estate agents. In 1956, assessment terminology was revised and reissued. It consists of an 80% 30 year first lien at market rates, a 10% 15 year second lien at a slightly higher interest rate, and a 10% down payment. Usually used for residential property and is very similar to gross internal area gia.
Property24 has put together a comprehensive property glossary, for your complete home buying reference. Use taxact s tax dictionary to help clarify any confusion while filing taxes. It includes all floor area including internal walls, mezzanines, hallways, bathrooms but excludes common spaces, patios, balconies. Thats why we put together a glossary of real estate terms for investors to use as a resource throughout the property buying process. Landgate staff are not able to give legal advice or to draft your documents. Absorption rate the rate at which rentable space is filled. Glossary of property law terms designing buildings wiki. A fee form charged for services rendered from licensed sales brokers, loan officers, and. The glossary features special terms from legislation, contracts and other standard documents, building and construction and related disciplines. The real estate marketplace glossary federal trade commission. The increase in the property s value due to changes in market condition, inflation, or other causes.
The time it takes to repay the entire amount of a mortgage. Property insurance provides coverage for property that is stolen, damaged, or destroyed by a covered peril. A brief explanation of some legal and other terms used in residential property. Having the legally required features andor qualities that ensure entrance, participation, and usability of places, programs, services, and activities by individuals with a. Find az real estate related terms, glossary and definitions for property buyers. Glossary of real estate terms the victoria real estate board. Real estate terms starting with a az glossary proptiger. It is a legal notice served on the owner or occupiertenant of a property to. Dau glossary of defense acquisition acronyms and terms. Any source of revenue derived from applying a property tax rate to the assessed value of property. A course companion for studying for the real estate exam. Replacement property the property received by an investor taxpayer in a 1031 exchange. Real estate terminology a course companion for studying for the real estate exam, for real estate home study courses, for real estate continuing education courses, for real estate statutory courses, and for any form of college real estate course. Agent a person authorised to act for another usually for the owner in the selling, buying, renting or management of a property.
Title may be acquired through purchase, inheritance, devise, gift, or through foreclosure of a mortgage. The world of real estate comes with its own special jargon. Glossary of housing terms royal borough of kensington. Consumer glossary national association of insurance. In leasehold property ownership the lessee is the person who owns the property for a limited period of time and may be required to pay rent to the owner of the superior title lessor the person who owns the superior title and is entitled to the ground rent under the lease and possession of the property at the end of the lease term.
Glossary of terms page 1 glossary of real estate terms we hope you find this list of commercial real estate leasing terms helpful. The term property insurance includes many lines of available insurance. We use buyer when were talking about the purchase, and borrower when were talking about the loan. This free online glossary of real estate terms includes selected terms commonly encountered by both tenants and home purchasers. This is prepared in a draft form by the sellers solicitor and sent to the buyers solicitor.
This information is provided without warranty of any kind. The a to z guide to legal phrases plain english campaign. Property glossary of terms there are many thousands of words and phrases associated with the property industry, some of which are very common and some of which are rarely used. This is usually but not always the same as the possession date. Nov 17, 2019 glossary of property law terms designing buildings wiki share your construction industry knowledge. These terms are provided for your information only, with the warning that terms may have different meanings or. Accumulation reinvesting income generated by a fund back into the fund. Glossary for property international association of. Submit the term you wish to see in the glossary here.
At, we guide home buyers right from the start of their home search to the very end. Analyzes the return on investment after taxes on an income producing property. In the case of conflicting descriptions, courses and distances are controlled by and. Understanding this special terminology is essential for correctly interpreting the meaning and. Glossary of business terms adjective adj headwords for adjectives followed by information in square brackets only before a noun and not before a noun show any restrictions on where they can be used. These terms are generally used interchangeably, though technically theres a difference. Acknowledgement of service when a defendant agrees that a writ or originating summons claim form since april 1999 has been received. This is an extract from the more comprehensive glossary of property terms jointly published by the reia, property council of australia pca and australian property institute api during january 2007. In simple terms, it is the amount of money it will take to repair or replace the item in the current market. The surrender of the property, and any rights and liabilities attaching to it, by the insured to the insurers when a claim for total loss is to be made.
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