Commercial Real Estate Legal Terms and Legal Words. Real Estate Law Terminology

abate

To do away with a problem, such as a public or private nuisance or some structure built contrary to public policy. This can include dikes which illegally direct water onto a neighbor's property, high volume noise from a rock band or a factory, an improvement constructed in violation of building and safety codes, or seepage from a faulty septic tank. See … Full Definition »

Law topic: Commercial Real Estate << Legal issue: Real Estate Law

abatement

A diminution, decrease or easing of something. Abatement refers to a reprieve from or reduction in a debt, tax or other payment obligation faced by an individual or company. In Real Estate, tax abatement is used by cities as an incentive to encourage the redevelopment of distressed areas by providing real property tax abatement for 10 or 15 years. … Full Definition »

Law topic: Commercial Real Estate << Legal issue: Real Estate Law

chain of title

'Chain of Title' is literally a history of ownership of a particular piece of real property. Chain of Title runs from the original owner to a current proprietor, showing dates when property was sold and names of buyers/sellers. It also reflects any incumbrances placed on the real property. The County Clerks office records all transactions made with … Full Definition »

Law topic: Commercial Real Estate << Legal issue: Real Estate Law

clear title

a title to real property that doesn't have any encumbrances such as liens or judgements against it. … Full Definition »

Law topic: Commercial Real Estate << Legal issue: Real Estate Law

cloud on title (cloud)

A claim, or encumbrance on real property that affects or impairs the title. Examples of cloud on title incude: a mortgage lien whose repayment hasn't been officially recorded; a deed which has been signed but hasn't been properly recorded; a mechanic's lien, or a construction lien, another word if a renovation work was performed on the house and was not … Full Definition »

Law topic: Commercial Real Estate << Legal issue: Real Estate Law

co-tenant

n. Tenancy taken on by two or more parties. These co-tenants also called joint tenants. … Full Definition »

Law topic: Commercial Real Estate << Legal issue: Real Estate Law

dominant estate

dominant estate is the parcel of real property that has an easement over another piece of property. It is also called a dominant tenement. … Full Definition »

Law topic: Commercial Real Estate << Legal issue: Real Estate Law

escrow

This term is usually used to put aside some money, documents, or something of value, with an independent third party called an escrow agent, to satisfy certain debts or obligations established in a written agreement. Most often escrow accounts are used in real estate sales by title companies, or attorneys. See also: escrow agent … Full Definition »

Law topic: Commercial Real Estate << Legal issue: Real Estate Law

foreclosure

A foreclosure is a process initiated by a lender to satisfy unpaid debt by selling a house/apartment at an auction. Depending on the state laws, it can be either judicial or non-judicial. Differences among states range from the notices that must be posted or mailed, redemption periods, and the scheduling and notices issued regarding the auctioning of the … Full Definition »

Law topic: Commercial Real Estate << Legal issue: Real Estate Law

foreclosure sale

When a homeowner is about 60 days past due on his/her mortgage payment, the lender (bank) might want to repossess the house to satisfy the outstanding debt. A Notice of Default is sent to the homeowner and that is how the foreclosure begins. After receipt of a Notice of Default a homeowner has certain time to pay the amount owed to the bank, or may … Full Definition »

Law topic: Commercial Real Estate << Legal issue: Real Estate Law