We are currently seeking people to Joint Venture with us on some projects we are doing in the future. We find the investment and do the analysis and management ; you supply the capital and we both enjoy the residual income. That's one way. We have many types of investment strategies and are open to your ideas.
Real Estate Glossaries: A
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ABANDONMENT
The voluntary relinquishment of rights of ownership or another interest (such as an easement) by failure to use the property, coupled with an intent to abandon (give up your interest). Time limits vary by state.
ABATEMENT
A reduction or decrease. Usually applies to a decrease of assessed valuation of ad valorem taxes after the assessment and levy.
ABSORPTION
The filling of space, such as the rental of units or sale of a tract of land. The time or rate must be estimated and considered as part of the owner's (often a builders) cost.
ABSTRACT
A summary; an abridgment. Before the use of photo static copying public records were kept by abstracts of recorded documents.
ABSTRACT OF JUDGMENT
A summary of the essential provisions of a court judgment, which when recorded in the county recorder's office, creates a lien upon the property of the defendant in that county, bout presently owned or after acquired.
ABSTRACT OF TITLE
A summary of the public records relating to the title to a particular piece of land. An attorney or title insurance company reviews an abstract of title to determine whether there are any title defects which must be cleared before a buyer can purchase clear, marketable, and insurance title.
ABUTMENTS
The vertical members (walls or heavy columns) which bear the load or pressure of the cross member, such as a arch, pier, or similar structure.
ABUTTING OWNER
One whose land is contiguous to (abuts) a public right of way.
ACCELERATED DEPRECIATION
A general term including any method of depreciation greater than straight line depreciation.
ACCELERATION CLAUSE
Provision in a mortgage document stating that if a payment is missed or any other provision is violated the whole debt becomes immediately due and payable.
ACCEPTANCE
Voluntarily agreeing to the price and terms of an offer. Offer and acceptance create a contract.
ACCESS RIGHT
A right to ingress and egress to and from one's property. May be expressed or implied.
ACCESSION
The right of an owner to an increase in his property by natural means.
ACCRETION
The gradual addition to the shore line or bank of a waterway. The land generally becomes the property of the owner of the shore or bank, except where statutes specify otherwise.
ACCRUED ITEMS
On a closing statement, items of expense that are incurred but not yet payable, such as interest on a mortgage loan or taxes on real property.
ACKNOWLEDGMENT
Formal declaration before a public official that one has signed a document. Prior to recording real estate legal documents, such as grant deeds and deeds of trust, a Notary Public acknowledges the person's signature on the document.
ACQUISITION COSTS
Costs of acquiring property other than purchase price: escrow fees, title insurance, lenders fees, etc.
ACRE
A measure of land equal to 43,560 square feet.
ACT OF GOD
Damage caused by nature: floods, winds, etc.
ACTION TO QUIET TITLE
A court action to establish ownership of real property. Although technically not an action to remove a cloud on title, the two actions are usually referred to as "Quiet Title" actions.
ACTUAL EVICTION
The legal process that results in the tenant's being physically removed from the leased premises.
AD QUOD DAMNUM
A writ causing an evaluation of damages that might result from someone's actions. Example: you wish to dam a creek on your land to power a mill. The pond may damage another's land.
AD VALOREM
(According to value) which refers to the value of property used in the computation of taxes.
ADDENDUM
Something added. (A list added to a document, letter or contract.)
ADJOINING
Touching or contiguous to.
ADJUDICATION
A judgment or decision by a court.
ADJUSTABLE RATE MORTGAGE (ARM)
A mortgage in which the interest rate is adjusted periodically based on a pre-selected index. Also sometimes known as the re-negotiable rate mortgage, the variable rate mortgage or the Canadian rollover mortgage.
ADJUSTED GROSS INCOME
Gross income of a building if full rented, less an allowance for vacancies. A person's income after taxes.
ADVERSE POSSESSION
The actual, exclusive, open notorious, hostile and continuous possession and occupation of real property under an evident claim of right or title. The time required legally to obtain title by adverse possession varies from state to state.
AFFIDAVIT OF TITLE
A written statement, made under oath by a seller or grantor of real property and acknowledged by a notary public, in which the grantor
(I) identifies himself or herself and indicates marital status,
(2) certifies that since the examination of the title on the date of the contracts no defects have occurred in the title and
(3) certifies that he or she is in possession of the property (if applicable).
(I) identifies himself or herself and indicates marital status,
(2) certifies that since the examination of the title on the date of the contracts no defects have occurred in the title and
(3) certifies that he or she is in possession of the property (if applicable).
AGENCY
A contract by which the agent undertakes to represent the principal in business transactions, using some degree of discretion.
AGENT
Person authorized to act on behalf of another in dealings with third parties.
AGREEMENTOF SALE
An agreement between parties for the sale of real estate. In some states it is synonymous with a Purchase Agreement, Sales Agreement, or Land Contract. In Texas it is known as an Earnest Money Contract.
ALIENATION
The act of transferring property to another. Alienation may be voluntary, such as by gift or sale, or involuntary, as through eminent domain or adverse possession.
ALIENATION CLAUSE
Provision in a mortgage document stating that the loan must be paid in full if ownership is transferred.
ALODIUM
Land owned independently, without rent or other obligation to another. See Freehold Estate. The alodial (also 'allodial') system is opposed to the feudal system.
AMENDMENT
A change, either to correct an error or to alter a part of an agreement without changing the principal idea or essence.
AMENITY
A feature of the home or property that serves as a benefit to the buyer but that is not necessary to its use; may be natural (like location, Woods, water) or man-made (like a swimming pool or garden).
AMORTIZATION
The gradual reduction of a debt by means of a regular payment. Repayments of principal and interest in "blended" amounts. The normal amortization period for a mortgage in Canada is 25 years, but can be as short as 5 years or as long as 25 years.
AMORTIZED LOAN
A loan in which the principal as well as the interest is payable in monthly or other periodic installments over the term of the loan.
ANNUAL PERCENTAGE RATE (APR)
An interest rate reflecting the cost of a mortgage as a yearly rate. This rate is likely to be higher than the stated note rate or advertised rate on the mortgage, because it takes into account points and other credit costs. The APR allows home buyers to compare different types of mortgages based on the annual cost for each loan.
ANTENUPTIAL AGREEMENT
An agreement between a man and a woman in contemplation of marriage, setting forth the property rights of each during the marriage, and in the even of death or divorce.
ANTICIPATION
The appraisal principle that holds that value can increase or decrease based on the expectation of some future benefit or detriment produced by the property.
ANTITRUST LAWS
Laws designed to preserve the free enterprise of the open marketplace by making illegal certain private conspiracies and combinations formed to minimize competition. Most violations of antitrust laws in the real estate business involve either price-fixing (brokers conspiring to set fixed compensation rates) or allocation of customers or markets (brokers agreeing to limit their areas of trade or dealing to certain areas or properties).
APPLICATION
The first step in the official loan approval process; this form is used to record important information about the potential borrower necessary to the underwriting process.
APPRAISAL
A document that gives an estimate of a property's fair market value; an appraisal is generally required by a lender before loan approval to ensure that the mortgage loan amount is not more than the value of the property.
APPRAISED VALUE
An expert option of the value of a property at a given time, based on facts regarding the location, improvements, etc., of the property and surroundings.
APPRAISER
A qualified individual who uses his or her experience and knowledge to prepare the appraisal estimate.
APPRECIATION
Increase in value or worth of property.
APPURTENANCE
A right, privilege or improvement belonging to, and passing with, the land.
APPURTENANT EASEMENT
An easement that is annexed to the ownership of one parcel and allows the owner the use of the neighbor's land.
ARMS LENGTH TRANSACTION
A transaction in which the parties have no special interest or relationship. Example: A property is owned by a Mother and is to be sold to her son. The mortgage company denies the loan because it is a non-arms-length transaction.
ARREARS
Payment made after it is due is in arrears. Interest is said to be paid in arrears since it is paid to the date of payment rather than in advance.
ARTESIAN WELL
A well bored into a subterranean body of water, which, being under pressure, rises naturally to the surface without artificial pumping.
AS-IS CONDITION
The existing condition of real estate, prior to any improvements contemplated under a lease.
ASKING PRICE
The price a seller is offering property for sale. The eventual selling price may be lower after negotiation with a buyer. In a tight market competition among buyers may cause the final price to exceed asking price.
ASSEMBLAGE
The combining of two or more adjoining lots into one larger tract to increase their total value.
ASSESSED VALUE
The value placed on land and buildings by a government agency for tax purposes.
ASSESSED VALUE
Value placed upon property for property tax purposes by the tax assessor.
ASSESSMENT
A tax or charge levied on property by a taxing authority to pay for improvements such as sidewalks, streets, and sewers.
ASSESSMENT BASE
The total assessed value of all property in a given assessment district.
ASSESSOR
A government official who is responsible for determining the value of a property for the purpose of taxation.
ASSETS
What the borrower owns. This could include real estate, savings, vehicles, RRSPs, GICs, stocks, bonds, household goods, etc.
ASSIGN
The act of transferring or assigning one’s rights under a contract or agreement to another.
ASSIGNEE
The person to whom rights are assigned or transferred.
ASSIGNMENT
The transfer of leasehold interest in a property to a second party.
ASSUMABLE MORTGAGE
A mortgage that can be transferred from a seller to a buyer; once the loan is assumed by the buyer the seller is no longer responsible for repaying it; there may be a fee and/or a credit package involved in the transfer of an assumable mortgage.
ASSUMPTION (of mortgage)
Buyer assuming responsibility of seller's existing mortgage at the interest rate and terms as laid out in the original mortgage documents.
ATTACHED HOMES
A home that has one or more common walls adjoining another home. Condominiums and row houses are attached homes.
ATTACHMENT
The act of taking a person's property into legal custody by writ or other judicial order to hold it available for application to that person's debt to a creditor.
ATTESTATION CLAUSE
The clause in a document (deed or mortgage) in which the witnesses certify that the document has been properly executed.
ATTORN
To transfer to another or to agree to recognize a new owner of a property and to pay them rent.
ATTORNEY'S OPINION OF TITLE
An abstract of title that an attorney has examined and has certified to be, in his or her opinion, an accurate statement of the facts concerning the property ownership.
AVULSION
The sudden tearing away of land, as by earthquake, flood, volcanic action or the sudden change in the course of a stream.
