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- This is the dollar value the local government assigns to a home based on square footage, condition, and relative comps. It helps determine how much owners will pay in property taxes. It’s often presented as a percentage of the fair market value.
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Estate - The degree, quantity, nature and extent of interest which a person has in real property. 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.
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Commercial Real Estate Terms and Definitions. This edition includes terms that have grown in importance since 2017, such as those related to last-mile distribution and cold storage, and a new section on environmental, social and governance (ESG) building certification standards.
- Abstract of Judgment
- Adverse Possession
- Arbitration
- Beneficiary
- Bona FIDE Encumbrancer
- Bona FIDE Purchaser in Value
- Boundary Disputes
- Breach of Contract
- Broker
- Buyer’s Agent
A post judgment lien against real property that the debtor currently owns, or may try to purchase in the future. This is recorded in the county recorder’s office in every county where the debtor may now own or later acquire property. Related Blog- Abstract of Judgment
The legal process by which someone gains legal title to real property by the actual, open, hostile, and continuous possession of it and payment of taxes on it for 5 years. Visit Our Practice Area Page- Adverse Possession Attorney
A method of alternative dispute resolution in which the parties’ disputes are resolved through a private arbitration hearing in front of typically a retired judge. Similar to a court trial, witnesses and evidence are presented to a neutral arbitrator who acts in a similar capacity as a judge would in the trial. Related Blog- Why Arbitration Can Be ...
A person who inherits or benefits from a trust. It is someone for whose benefit a trust is created. A person or entity can be a beneficiary of a revocable trust, irrevocable trust, or even a deed of trust.
A person or entity that holds a legal interest in a property, such as a mortgage or lien, that was obtained in good faith and for valuable consideration. The term "bona fide" means genuine, sincere, or made in good faith, and an encumbrancer is someone who has a claim or lien against a property. This would be a lender who placed a lien on title wit...
A party who purchases real property without any knowledge of outside claims to the title, or encumbrances impacting the land. The buyer takes the property “free and clear” of any claims to title provided the buyer did not know about these claims and the buyer was not on notice of these claims via publicly recorded documents which provide the buyer ...
Disputes between neighboring owners of real estate concerning the property boundary lines and whether either owner has the right to extend beyond their legal property lines. Visit Our Practice Area Page- Boundary Disputes Attorney
When one party fails to fulfill any of the obligations outlined in a valid contract without a legal excuse. In real estate transactions, contracts are commonly used for buying or selling property, leasing agreements, construction contracts, and property management agreements, among others.
A broker is the person the principal designates to buy or sell property in California. All real estate agents in California have to have a supervising broker in order to buy and sell real estate.
The agent in a real estate purchase and sale deal who represents the buyer. The buyer’s agent is often called the selling agent, which can be confusing. The agent actually selling the property is then called the listing agent.
Definitions for selected commonly used office and industrial terms were gathered from real estate associations, research organizations, developers, brokerage firms, and technology providers.
Black’s Guide’s Glossary of Real Estate Terms provides a complete reference dictionary of terms and phrases used in the commercial real estate industry. These definitions have been endorsed by numerous industry organizations as the Market Standard for their respective regions.
Nov 13, 2023 · Whether you’re a veteran agent or a rookie hoping to sound authoritative during your first transaction, you need to be able to succinctly explain common real estate terms and definitions to your clients.
Oct 6, 2021 · We’ve prepared a comprehensive commercial real estate glossary containing 100 commercial real estate terms to know while buying and selling commercial property. You need this glossary of commercial real estate terms to learn new terminology and make informed decisions.
