Glossary

MAJOR CONCESSION - a commercial dispensation with a yearly gross income of over $150,000.The major concession must be on project land.Related terms: MINOR CONCESSION, MIXED CONCESSION, COMMERCIAL CONCESSION.

MARKET PRICE - the amount of money paid on a property or good that is determined without reference to motives, intelligence, sons, or other pressures.

MARKET VALUE - the amount of money for which a purchaser would be willing to buy a property and for which a property seller would be willing to sell the said property.Market value is determined as the price to parties would agree upon without undue outside pressure.It is, in other words, the price that is considered fair and reasonable for property. Foreclosed homes, because of the distressed way they are sold, often allow a buyer to purchase a house at below market value, or less than the reasonable price that a purchaser would expect to pay and a seller would expect to get for the property.

MARKETABLE OR MERCHANTABLE TITLE - a land of property or state title that has no defect or reasonable doubt.Property with such a title is not likely to draw litigation and can be easily mortgaged, sold, rented, or otherwise used.

MEAN SEA LEVEL - the midway point between average low water and average high water in sea level position.In the past, main sea level was used to describe heights.In the United States, the National Geodetic Vertical Datum (NGVD) is now used as a standard height measurement.

MECHANICS LIEN - a lien imposed upon the property to insure payment to contractors, mechanics, and others who have maintained, repair, fixed, or otherwise improved a property.The lien is meant to secure payment for services, labor, materials, as well as some incidental costs.

MEETING OF MINDS - and the agreed - upon intent of two parties to enter into contracts together on the basis of a agreed - upon terms and in a way that affects each party's legal status.In such a contract, it is essential that both people or entities in the contract formally consent to the terms, restrictions, and other details of the contract.

METES AND BOUNDS - a way of describing property by describing the boundary or the shape of a land parcel.Usually, angles, terminal points, distances, measures, compass directions, landmarks, and other such factors are used in the description.Professionals usually begin at a specific point and delineates the boundaries of her property, eventually returning to the originating point.If this initial point is not returned to, the description is considered flawed.Metes refer specifically to the distances, compass directions, and measures of the land. The bounds and such a description are the monuments, landmarks, and other like items.

MINERAL RIGHTS - the right to extort mineral deposits or minerals from a land without resorting to using the land surface.In order to make use of land surface to extract minerals, the owner of the land surface must provide these rights.

MINOR CONCESSION - a commercial dispensation made completely on project land.To be considered minor, this concession must have a yearly gross income or assets of under $150,000.Related terms: MAJOR CONCESSION, MIXED CONCESSION, COMMERCIAL CONCESSION.

MIXED CONCESSION - a commercial dispensation that is made on private land and project land.Related terms: MAJOR CONCESSION, MINOR CONCESSION, COMMERCIAL CONCESSION.

MONUMENT - a fixed object on a property that is either man made to or naturally occurring.A monument is used as a starting point or reference point to delineate boundaries, to mark land, or for surveying purposes.

MONUMENTS DESCRIPTION - a way of talking about a property or describing it by making use of references to the monuments or fixed objects that can be found on a property's boundary.

MORTGAGE - a legal agreement that allows someone to get financing for home, under certain conditions, by promising to repay the loan and the specific way.When this type of loan is defaulted on, the house can usually be repossessed by the lender or by the government agency that has secured or in short of the mortgage.When this happens, the House is often made available as a repossessed property to the public.

MORTGAGE BROKER - a company or private lender who offers home loans using its own funds, and on its own behalf.A mortgage broker can usually resell the mortgages for profits to other lenders.

MORTGAGEE - the lender or creditor to whom a home loan is made.

MORTGAGOR - the debtor who signs and makes a home loan.

MULTIPLE USE - in the incorporated use or management of resources, usually meant to balance environmental impact, aesthetics, and use of a property or land.

NATURAL RESOURCES - the products of nature considered renewable and viable.This can include croplands, lakes, waterways, forests, planes, animals, water, air, soil, and so forth.

NAVIGATION SERVITUDE - The right of the public to navigate.

NEGOTIABLE - If a document or instrument allows for money or title to be transferred simply by delivery, endorsement or by both.

NET INCOME - Means something similar to "net earnings," but used in a more general sense.Specifically, net income is the amount of money that remains of the gross income after all taxes, losses, maintenance, management costs and operating costs have been subtracted.On a property, interest as well as charges for loans or capital are not counted.

NET LEASE - A type of lease in which the tenant pays for property charges such as insurance, maintenance, and taxes.Usually, these charges are made in addition to, not in lieu of, rent.In many cases, the tenant is expected to pay all property related charges.

NONEXCESS PROPERTY - Property that is put up for sale, even though it is needed for military use.The property is usually sold to generate money that can be used to pay for new facilities or property.

NONUSABLE CONDITION - A building, property, or facility that cannot be safely or healthfully used because of its condition.For example, a building in an advanced state of deterioration, a property in need of extensive repair and maintenance, or a land that contains specific dangers may all be described as being in nonusable condition. If buying foreclosed property, a purchaser must make sure that the property is not in "nonusable condition."Making such a property inhabitable may be very expensive.

NOTE - A written document that promises payment on a debt.

NOTICE TO QUIT - A written document submitted to a tenant from a landlord, this notice tells the tenant to leave the property at once or by a specific date.

OBLIGATION - a legal way of preserving money, based on reasonable cost estimates or on requirements as outlined by contract.

OBLIGOR - a person or entity who is under a legal obligation to someone else.

OBSOLESCENCE - the detriment of property value because of specific social, economic, structural, or other changes that become outdated.

OFFER - a promise or document in which an offeree is promised that certain actions will be taken or something will be done in exchange for something else.

OFFSET STATEMENT - a statement or declaration made by a property owner or a lien owner, describing the liens against the property in describing the exact status of each lien.

OPEN - END MORTGAGE - a home loan that lets the debtor to borrow more money, after partial repayment of the loan has been made, without refinancing or re - drafting the terms of the mortgage.

OPTION - the privilege of having the right to ask for a transaction on specific terms within a specific timeframe.For example, an option on a real estate property allows a purchaser to buy the stated real estate for specific price by specific timeframe.The seller cannot raise the price to the person holding the option nor can they deny them the purchase. In real estate investing, investors can sell options as well as purchase them in order to save money on real estate.

ORDER OF POSSESSION - an order from a court that allows government agents, agencies, or government representatives to use and enter into property that is part of a condemnation.

OUTGRANT - the written interest granted to an entity or individual that allows that entity or individual to make use of government property through permit, license, easement, or rental.It is a term primarily used by the government.

OUTLEASING - the renting of property that is controlled by the military. Usually, only properties that are currently not required for military use, but which may be required for such use in the future, are rented in this manner.

OUTSTANDING RIGHTS - the liens, encumbrances, hindrances, responsibilities, and other liabilities which may affect title to real estate property.When the government takes over a property with outstanding rights, the government has the right to get rid of these rights or to honor them.

OVER - IMPROVEMENT - an unnecessary or excessive improvements to a property.This type of improvement is often more costly and does not materially add to the property.In fact, since over improvements tend to provide no profits, they can actually depreciate market value.Investors also sometimes call over improvement "misplaced improvement." When buying foreclosed properties, it is important to get a professional opinion about which improvements need to be made.Over improvements only cost the investor money without actually offering returns.

OWNER IN EQUITY - a property owner who is accountable for the replacements, improvements, and repairs that need to be made to a damaged or otherwise maimed property.

PARTIAL LEGISLATIVE JURISDICTION - jurisdiction that is given to the federal government by state concerning a specific geographical area.The state keeps the right to exert authority larger than the right to serve criminal or civil processes.This retained right is held either just by the state or by the state and the federal government together.

PARTIAL TAKING - under the authority granted by eminent domain, the partial appropriation of a property for use by the public.In a partial taking, reimbursement must be paid to the property owner, and any benefits or damages that may occur to the rest of the property affected must also be reimbursed.

PARTITION - the distribution of co - owned property interests.This occurs in cases where a group of owners or tenants want to rent or sell a real estate property while others disagree with the decision.A partition lets these tenants or owners separate themselves from a relationship that does not let them agree on what to do with the property.

PATENT - the process by which an individual is granted land by government conveyance.

PERCENTAGE LEASE - a lease agreement in which the amount of rent due equals a percentage of other than that income or the gross income which is derived from services or sales.It is frequent in such a lease that minimum and maximum rents are guaranteed, no matter how profitable or unprofitable in product, sale, or service turns out to be.

PERCOLATION - the process by which water moves from the surface to the soil.Measuring this process can tell experts how much water a specific soil can take in.

PERMANENT CONSTRUCTION - a property or building that meets certain standards and is deemed fitting to fulfill its intended purpose for a period of at least 25 years without major maintenance being required.

PERMIT - a revocable privilege granted to a government agency to make use of property for agreed - upon aim.A permit does not give ownership or possession of property.

PERSONAL PROPERTY - an umbrella term used to signify all movable or personal objects that may be owned.Personal property does not include real estate, which is called real property.Related terms: REAL PROPERTY, PROPERTY.

PERSONALTY - a synonym for chattel, personal property, or movable property.Related terms: CHATTEL, PERSONAL PROPERTY.

PHOTOGRAMMETRY - the field or profession that uses mapping and surveying, making use of plotters and aerial photographs to give a better understanding of property or lands.

PLAT - a map or chart that shows the exact boundaries, area, location, and other details of specific properties.A plat is usually taken of subdivisions, sections, towns, or other such large landmasses that involve several individual real estate properties or lands.

PLOT - an area of land.

POINT - 1% of the charges that amount on a home loan; a way of measuring debts.

POINT OF COMMENCEMENT - an agreed - upon point of commencement or starting from which surveyors, mappers, sensors, and other professionals can move to describe a land or property.

POLICE POWER - in the law, the rights of governments to pass laws or an act or enforce legislation that is considered important for mandatory for protecting the public's welfare, safety, health, and other necessities.In real estate, the term is used to describe the right to limit someone's ability to exercise property rights, without the need to reimburse a person for damages are lost.It can be used, for example, in zoning.

PORTABLE BUILDING - a building that is usually only kept in one location for a short time before being transported again; it is designed to be easily movable without the need for taking the structure part.A portable building is not considered real property.

POSSESSORY INTEREST - the interests to land that has been removed from the county's assessor rolls by the government.Apossessory interest is an outgrant interest usually granted to individuals or companies.

POWER OF ATTORNEY - the documents that give an individual the right to act as someone else's attorney or agent or representative in case that person cannot speak for themselves.The person granted the power of attorney is called the attorney - in - fact.Once the person granting power of attorney has passed on, the authority to act in lieu of the person no longer applies.

PREPAYMENT PENALTY - the penalty - - usually expressed as a fixed amount or percentage of total costs - - that is charged to a debtor in the case that a debtor pays off their home loan, trust, deed, or other loan before the loan's term is up.Not all loans have a prepayment penalty.If you're planning on purchasing foreclosed properties, you may wish to avoid home loans that have prepayment penalties, as this will affect your ability to pay off your debt sooner.It may also make refinancing slightly more challenging.

PRESCRIPTION - getting an intangible interest in property - - such as an easement - - usually by means of encroachment or some other way of use.For example, if someone encroaches on a property without intending to end the problem is not discovered until many years later, court may declare "easement by prescription" to resolve the problem and give the encroacher some rights.

PRICE - the amount of valuables paid, whether in services, products, goods, or legal money.The cost or the terms that must be paid or done in order to secure a good or product or service.Also referred to as the purchase price or the consideration.

PRINCIPAL - the original amount of loan balance.For example, if you borrow $100,000 for a home loan, that $100,000 is your principal balance initially.The interest that is calculated on top of this does not count towards the principal.If after some time you have paid off $50,000 of your actual home loan, your principal balance is $50,000.

PRIVATE ORGANIZATION - an entity that is not affiliated with the government, and which is self - sustaining.

PROGRAM ANALYSIS AND RESOURCE REVIEW (PARR) - comprised of reports from agencies and commands, this document explains new programs and amendments to existing programs.

PROGRAM AND BUDGET GUIDANCE (PBG) - established in October, May, and January, and based on government budgets, government agency reports, and other material, this report offers advice and analysis that helps operating agencies understand funding and manpower provided by the HQDA.

PROGRAM OBJECTIVE MEMORANDUM(POM) - a document that is presented to the Office of the Secretary Of Defense and outlines projected military programs for the next five years.

PROJECT PLANNING - the projection or preparation for an acquirement of real property.

PROPERTY - the interests and rights an individual or entity has in terms of the actual objects and things he or she owns.Such interest on rights may include the right to transfer, sell, use, possess, rent, and so forth - - these rights are usually referred to as "bundle of rights." In non - technical terms, property is used to describe the actual objects or things that are owned or possessed by individuals or entities.For example, people may refer to personal property or real property.

PROPERTY NOT UTILIZED - part of a real estate property or all of the real estate property that is not right now being used for a purpose or by an agency.This includes properties or parts of properties that are occupied only by caretakers.

PROPERTY UNDERUTILIZED - part of the real estate property or all of the real estate property that is used only shortly by the agency accountable for the property, the program that the property is meant to further, or by the owner.

PROPRIETARY INTEREST - the interest or rights of a property held by the federal government in the states.Proprietary interest also refers to the rights and interests of the property which are transmitted through ownership.

PUBLIC DOMAIN LANDS - property or interest or rights to property or land which is owned by the United States.Also referred to as public lands, these properties and lands are often held for the advantage of native groups, and are managed by the Bureau of land Management and the Secretary of the Interior.

PURCHASE MONEY MORTGAGE - A home loan given to secure the amount owing on the price of the property.This home loan is granted for the same property and is granted at the same time as conveyance.

QUALIFIED FEE - An estate not encumbered by grantor limits but held in fee simple.

QUARTERS - All the facilities which are granted by specific Department of the Army authority in order to provide housing for those who provide service for government programs.Rent and sometimes other related fees are charged the person using the facilities.

QUIET ENJOYMENT - The right, stated in a lease, deed, or other document, which allows a tenant or owner to enjoy possession of a property or land without intrusion.

QUIET TITLE - A court proceeding that aims to remove cloud on a title and aims to establish title to a property.

QUITCLAIM DEED - Conveyance which gives an individual or entity some claim, title, or interest to a property.Usually the deed gives this from a grantee to who has to title warrantee to a grantor who already has some claim.

RANCHO - A land tract that was given to people during the time of Spanish - Mexican possession.Rancho is also used to describe large areas of grazing lands.

RANGE - Land parceled in a strip that is six miles in width and running in a direction or north - south.

REAL ESTATE - real property, or tangible and unmovable property that is subject to ownership.Related terms: REAL PROPERTY, REALTY.

REAL PROPERTY - A tract of land and that which is permanantent attached to, erected on, or growing on that land.This property is subject to ownership.Related Terms: PROPERTY, REALTY, PERSONAL PROPERTY.

REALTY - A way of describing the actual objects or things that make up real property.

REASSIGNMENT - the process by which jurisdiction over a property transfers from one agency or command to another agency or command in the Department of the Army.

RECAPTURE CLAUSE - a clause contained in leases, deeds, and other documents, which allow a landlord or owner the right to break the contract if specific standards, conditions, or contingencies outlined in the lease or document are not met.

RESCISSION OF CONTRACTS - the cancellation, repealing, or revocation of a contract.This process needs to be done by common consent of the parties outlined in the contract and there must be some sort of cause that is reasonable for the break in the contract.Rescission of contracts places both parties in the contract in the same position they were in before the contract was signed.

RECTANGULAR SURVEY SYSTEM - used in 30 US states, this system for finding, describing, and measuring real estate uses government standards, surveys, and practices.The rectangular survey system is also called the United States Government Survey System.

REDEMPTION - also known as the equity of redemption, this is a right to reclaim the property up until a public auction of a foreclosure process.

RELATED FURNISHINGS - equipment, furnishings, and other movable property which is not part of the real estate structure and is not affixed to the property.

RELEASE - the giving up or discharge of a privilege, claim, right, or other advantage.A release is a formal document and the contract that prevents the signee from having any further legal responsibilities relating to a subject.

RELEASE OF LIEN - the freeing of a specific real estate property from a claim, mortgage, judgment, or other lien.

RELICTION - and accretion or increase in the amount of land available, caused by retreating water.If you buy a foreclosed property or other type of real estate that is on the shoreline or on the banks of some water passage, and the water retreats or the water level drops, the land you have gained by real action is usually yours in ownership.

RELOCATABLE BUILDING - a building that is movable and is designed to be easily disassembled, stored, moved, and then reassembled at the new location.It is a type of personal property.

RELOCATION ASSISTANCE - help, reimbursement, and other forms of benefit provided for individuals whose property is taken under the authority of Title II of PL 91 - 646. This assistance is usually in the form of cash or payments that are meant to be used towards moving, housing, and other expenses related to relocation.

REMAINDER - what remains out of an interest or real estate after the subtracting of all costs or when the original tenant or owner has passed away.Remainders also used to describe a type of property that may eventually in the future become an estate in land.

RENT - the amount due from a tenant to a real estate property owner or landlord.Rent is usually a fixed amount, payable monthly, weekly, daily, or yearly, and it can be reimbursed, as outlined in the lease contract, in cash money, labor, services, products, or other forms of compensation.

REPLACEMENT COSTS - the price it would cost to replace a building using modern materials and removing any liabilities or problems existing in the building that the new building is supposed to replace.

REPRODUCTION COSTS - the price necessary to replace a real estate property or building with an exact copy, including all its liabilities and problems.

REPROGRAMMING - removing funds from one appropriation account to the next.The aim of reprogramming is usually to fund a project different from the original appropriation.

RESERVATION - any rights kept back by real estate property owner during the grant of real estate property.

RESERVED PUBLIC LANDS - synonym for WITHDRAWN PUBLIC LANDS.

RESIDUAL ESTATE - the part of an estate left over after all taxes, bequests, administrative costs, devises, and other expenses have been paid for.The entity or individual was listed as the person who is to receive part or all of the residual estate is someone who has "residual interest."

RESTRICTION - a restriction or limit upon the occupation or use of property.Restrictions are placed in deeds or contracts by parties drawing up contracts or by legislative action.

RESTRICTIVE COVENANT - a clause added to a deed which restricts or limits the uses for which a property can be used.

REVERSION - when an interest in real estate in fact is left to or returned to the grantor or a grantor's beneficiaries after a specific event has happened or at the end of a specific time period.For example, reversion may occur after the death of someone or after the payment of a specific amount.

REVERSIONARY INTEREST - the interest in a property that an individual has at the severance of a previous estate.

REVOCATION - the process of recalling some thing granted, some authority, or some type of power or the process of avoiding a deed, instrument, or document that has previously existed up until the point of revocation.

RIGHT OF SURVIVORSHIP - the right and some types of tenancy, through which the surviving tenants or coal owners gain all the title, interest, right to a property that once belonged to the person who is passed on.Right of survivorship does not require extra documentation or proceedings to take place.

RIGHT - OF - ENTRY - a legal written document that allows certain persons the authority to enter specific properties in order to ensure that specific acts get accomplished.Right of entry allows someone to enter without having any interest or ownership in a property.

RIGHT - OF - WAY - an easement which is a privilege that allows someone to transport or pass over part of a property that belongs to someone else.Right - of - way can be public, as in the case of streets, or private, which allows a specific individual to access a part of a property.

RIPRAP - an unattached rock or stone that is placed on a slope, shore, or embankment, to prevent loss of land due to washing out, erosion, or water movement.

RIPARIAN OWNER - an individual or entity who possesses land that abuts on a waterway river, lakes, and so forth.

RIPARIAN RIGHTS - the rights of the property owner to the water which is under his land, on his land, or abetting his land.Rights vary, but generally such an owner has the right to wharf, use, and navigate the water on or adjoining his property.In the case a property owner is located right on a river, lakes, or sea, these rights generally include some frontage which allows the owner to enjoy a part of the water up to a certain depth of feet or to a certain distance from the shore.

SALE - LEASEBACK - a proposition by a seller to sell a real estate property but then lease it from the purchaser and still retain occupancy.In foreclosed properties, this can be a good way for investors to make money.Sometimes, a debtor who is facing foreclosure homes will stop a foreclosure process through a sale - leaseback in this way.

SALES CONTRACT - a written document, or agreement, in which the seller and purchaser delineate and agree upon the conditions, terms, and characteristics of the sale of property or goods.

SATISFACTION OF MORTGAGE - a legal written document that acts as evidence that a home loan has been fully paid.It frees the debtor from any responsibility or obligation to the lender. Tthis document is usually given to the borrower from the lender upon final payment of a home loan.

SCREENING - a notice circulated within military agencies describing property which is no longer needed by one military organization but may prove to be useful or needed by another.Through screening, military groups and organizations often find the property that they need for their projects.

SEA LEVEL - synonymous with MEAN SEA LEVEL; an old - fashioned way of measuring land elevation and height by reference to the midpoint level of the sea.

SEAL - an official impression or embossment son a document or paper.A seal makes a document authentic and proves that a signature by an official has been given.When purchasing foreclosed property, getting a corporate seal or official seal on contracts and deeds can help ensure that these documents are correctly authorized by the correct people.On many seals, the letters "l.s." appear.These are acronyms for the Latin term "locus sigilli," which is translated as "place of the seal."

SECONDARY FINANCING - a home loan that acts as a secondary or subordinate mortgage or as a secondary trust deed on real estate property.

SECTION - a measurement of a section of land, roughly 1 mi.² or 640 acres.This measurement is used in the government survey system and represents one 36th of a total township.

SECURITY INTEREST - a way of ensuring payment by using personal property as a security.Basically, it gives a creditor the right to take part of a property or all the property as security.

SEDIMENTATION RANGES - the range lines located upstream that are used in gathering information about sediment buildup, erosion, and other water movements.

SEISIN (SEIZIN) - the tangible possession of a real estate property by the individual or entity who has rightful possession or ownership and intends to claim freehold.

SEMI - PERMANENT CONSTRUCTION - a real estate structure, building, or property that requires a medium or high level of maintenance in order for it to be fitting for a specific use for a period of more than five years but under 25 years.

SEPARATE PROPERTY - property that is owned by one person in a marriage, but is not considered community property.Separate property also refers to property that a spouse has brought into a marriage, has acquired before marriage, or has acquired after marriage.

SERVITUDE - a burden that gives a person or entity the right to benefit or enter the estate of someone else.For example, it allows those in authority to enter to fix sewer lines, repair phone lines, and so forth, in many areas of the country.

SEVERALITY OWNERSHIP - an ownership enjoyed by one individual only.

SEVERANCE DAMAGES - payment owed or made to a property owner in exchange for loss of property value due to creation of improvements or due to a partial acquisition of property.

SINKING FUND - a fund or investment where money is regularly added in order to accumulate a specific amount of money in a set time frame.The interest plus the money compounded and such a fund will accumulate to specific amount over a period of months or years.This fund can then be used to repay a loan, or to repair or improve a property.

SITE - a land parcel that is adequate for building on or for other uses that require unimproved parcels of land.

SPECIAL WARRANTY DEED - a deed that promises to protect the purchaser from dispossession due to any claims from the seller or any agent of the seller.In essence, this is a deed that guarantees property title from liabilities contracted during the seller's ownership period.

SPECIFIC PERFORMANCE - a court injunction that makes a defendant adhere to the terms of an agreed upon, current contract.

STATUTE OF FRAUDS - state law that aims to protect against dishonesty, theft, and criminality.In real estate, this statute that declares that real estate contracts must be written in order to be legally binding.Those who are buying pre - foreclosed properties or real estate owned homes do well to heed this information.It does not matter what the seller promises - - a purchaser or investor must have a contract written down to have a legal claim on a property.

SUBDIVISION - a property or land which is to be divided or is already split up in order to create multiple units, lots, interests, or land lots.

SUBJECT TO MORTGAGE - the process of taking title to a mortgaged property, in a situation where the property is subject to a current home loan but the person taking the title is not accepting obligation or responsibility for the home loan.In a foreclosed property, the most that a grantee can lose by this process is the property equity.

SUBLETTING - A process by which a tenant leases a rented property to another tenant.This new tenant is bound by the terms of the original lease.

SUBORDINATE - The process of making junior, secondary, or subject to something else.

SUBORDINATION CLAUSE - home loan clause that delineates that the rights of the individual name will be subordinates to a successive encumbrance.

SUBROGATION - the process by which one person's legal rights, responsibility, interest, or title in the property is replaced with another person's right, interest, and so forth.For example, a debtor with a home loan may sell his interest in property right to an investor.Subrogation is sometimes called substitution.

SUBSURFACE RIGHTS - the right of ownership to the substances and matter that are contained in the earth underneath a property or land.This gives rights to the gas, mineral, water, oil, and other valuable substances that may be contained in the property which you purchase.

SURETY - the guarantor in a contract, agreement, or instrument that acts in ensuring or warranting the performance of another party named in the contract.

SURFACE RIGHTS - the right to ownership of the substances, matter, and things which are on the surface of a real estate property or land.Surface rights do not include air rights, or subsurface rights, which are separate.

SURPLUS REAL ESTATE - real estate property that is owned by the government of the United States but is not required for any project or obligations taken on by government agencies.Surplus real estate is sometimes sold off as foreclosed homes.

SURRENDER - a breaking of a lease agreement or the avoiding of a lease through a mutual agreement by the landlord and tenant.

SURVEY - a professionally executed process through which the boundaries, the quantity, and the description of a property are determined.The actual document resulting from a survey, which contains the survey's findings, is also call the survey.

SUSTAINED YIELD - the rate of production of a renewable resource that can be maintained on a piece of property at a specific level of maintenance or management.

TACKING - a process in which a possessor who has gained possession of a land through adverse possession passes on his or her claims, rights, and status to another adverse possessor.This new possessor can claim the time in possession in his or her own claim.

TAX DEED - A deed on a property that has been bought at a public sale because the taxes for the real estate property have not been paid.

TAX LIEN - A claim against nonpayment of property taxes, made by the government.

TAX SALE - The auctioning off of a property at public auction due to unpaid taxes on the property.A tax sale can be a good place to get repossessed properties for less.

TEMPORARY CONSTRUCTION - A property that can fulfill its aim and use for a maximum of five years, regardless of the amount of repairs and maintenance that goes towards the property.

TENANCY IN COMMON - a situation in which two or more parties have the right to possess, equally, a property.If one tenant passes away, there is no survivorship privileges or rights for the surviving tenants.Related terms: TENANCY BY ENTIRETY, JOINT TENANCY, RIGHT OF SURVIVORSHIP.

TENANCY BY THE ENTIRETY - an ownership in common between a married couple.In this tenancy, each person owns equal parts of the property and if one spouse dies, the survivor gets the remaining ownership, but not the debts. In case of a divorce, the tenancy is dissolved. Related terms: TENANCY IN COMMON, JOINT TENANCY, RIGHT OF SURVIVORSHIP.

TENANT - A person who owns, occupies, or possesses property.Usually, the term is used to describe only someone who has the right to an impermanent occupation or enjoyment of property (a renter or leaser).

TENANT AT SUFFERANCE - A person who continues to claim possession, enjoyment, and interest of a property even after the term for possession is over.

TENANT AT WILL - The authority given by a property owner to a tenant or occupant to use or take possession (temporarily) of a property.No precise term is given for the tenancy and this tenancy can be dissolved at any time at the pleasure of the property owner.

TENURE IN LAND - The way in which an estate is held by an owner or occupant.

TERM - The amount of time which a debtor has to repay a lender.For example, common mortgage terms are 10, 20, and 30 years. A term also refers to the amount of time for which an estate is given.For example, the term of a lease may be a month or a year or some other amount of time.

TERMINATION - The dissolution of a contract, agreement, instrument, or lease.Usually, a termination anticipates the end of a term.It can be decided on by both parties of an agreement or may be brought about by one party or by a court or legal action.

TERMINATION FOR CAUSE - in an outgrant, the termination of a grant due to the tenant's violation of an agreement or grant term or condition.

TERMINATION AT WILL - The dissolution of an outgrant.Instigated by the landlord, owner, or property manager, it occurs at the landlord or owner's discretion.

TESTATE - The situation in which a deceased person has left a legally binding will.

THREATENED SPECIES - Species of animals and plants that the Department of the Interior considers may become endangered in their natural habitat at some point in the near future.

TIMBER MANAGEMENT - The manufacturing, processing, and classification of wood and wood products for sale.These wood products are those made through a sustained yield basis directly from forests.Such products might include fencing, posts, saw timber, poles, and other such products.

TIME IS OF THE ESSENCE - A prerequisite in drawing up a legally valid agreement, it demands a timely performance of duties and actions.

TITLE - The bundle of rights, interest, or ownership of a property.The title also refers to the physical proof of property ownership.

TITLE INSURANCE - Protection against problems and loss caused by liens on a title or flaws in a title of a property. The flaws of liens must be already present at the time when the insurance is granted - liens and flaws created once the insurance is in place are not usually covered.If you are considering investing in foreclosed properties, title insurance is a good idea if you want to ensure that title problems don't cost you money.

TOPO (GRAPHIC) MAP - A map or chart that details the elevations and key physical features (such as waterways and other features) of a surveyed geographical land area.

TOWNSHIP - A way of subdividing land in a controlled manner.A township is by definition six miles in both length and width and contains a total of 36 one mile square sections of land.

TRACT - The expanse of territory delineated in a description.

TRACT I OWNERSHIP DATA - The record of a history of a specific expanse of land.This data must be officially entered on ENG Form 900 and be verified by someone who knows the land (usually the land owner).

TRADE FIXTURES - Personal property which is affixed or permanently attached to a property but which can be removed and taken by the owner because they are necessary for business or trade ventures.

TRANSFER - The reassigning of property jurisdiction from one government entity or agency to another.

TRUE POINT OF BEGINNING - a spot from which a legal depiction of a real estate property starts and ends.

TRUST DEED OR DEED OF TRUST - A deed that helps ensure a loan payment.Basically, the property in question is conveyed to an agent or trustee as a security.Once the debt in question is settled, the deed of trust no longer applies.If the debt is not paid, the trustee can sell the property in order to regain the money lost on the defaulted loan.

TRUSTEE - An individual or entity who is authorized to hold a property "in trust" for another party.The aim of this process is to ensure that a responsibility is met or a debt paid.

UNDERIMPROVEMENT - A repair or improvement made to a property that is not enough to make the best use of a property.An under improvement may signify a building or fixture that is lower in quality, smaller in size, or less than the average market of other similar structures or fixtures in the same area. If you are considering buying a foreclosed home for some repair work before selling, it is important to get professional advice before attempting any repairs, as under improvement can adversely affect property value.

UNDERUTILIZED - A term used to describe property or land projects.Such projects tend to be behind schedule in terms of development, tend to make use of only a small portion of the land available, tend not to meet the aims of management, tend to have facilities that are not used, and tend to be infrequently or less used by the public.

UNDUE INFLUENCE - A type of fraud in which the perpetrator takes unreasonable advantage of someone else's foibles, flaws, needs, problems, or other disadvantages.

USURY - Claiming an interest rate that is higher than legally allowed.If you are in interested in financing some foreclosed home properties, you should be careful of lenders who want to charge too - high interest rates.Always check with several lenders to find the best rate possible.

UTILITY - The ability of a property to meet the aims it was designed for and the ability of a property to be functional for owners or those who use it.

UTILIZATION INSPECTION - An inspection meant to uncover whether properties are being made good use of.In these inspections, the aim is often to find underutilized space or resources and to find and correct waste.These inspection are often made of project lands buildings and structures.

VACATED PREMISES - A property from which all the missions and military persons have evacuated.

VALID - Legal or with authority or force; an adjective that means that something is binding.

VALUATION - The process of determining price or value.Valuation is also used to describe the cash amount value of something.When buying real estate owned properties, it is important to double - check valuation of a property before buying, as many such assessments on repossessed properties are made quickly and are sometimes inaccurate.

VALUE - The worth in terms of money or goods that a property or service/object is worth on the market.The value also refers to the amount of goods, services, or money that could be charged to a buyer in exchange for the right to ownership for the property.

VARA - a linear measure that is used in Latin America, Spain, and Portugal.It is, variously, described as being 32 to 43 inches.

VENDEE - The consumer or purchaser.

VENDOR - The seller or person offering property or goods for sale.

VOID - an adjective meaning that something is not valid or is without authority.Something void also refers to something that cannot be enforced.

VOIDABLE - Something that can be declared void through certain steps.The something in question is not void unless those actions are taken.

VOLUNTARY LIEN - A lien placed on a property through the machinations of the property owner or with the owner's permission.

WAIVER - The giving away or repudiation of a given privilege, right, claim, or benefit.

WARRANTY DEED - A deed that promises that the grantee will be defended against claimants by the grantee.

WASTE - The intentional damage or dissipation of property, land, or title, which would affect the landlord or property owner's rights.

WATERLINE - The lines of water at their high and low points.Low waterline refers to the point at which the tide is lowest while high waterline describes the point on the shorelines where the tide is at its peak or at its highest.

WETLANDS - Land masses that have a lot of surface water, resulting in a spongy and wet soil that supports specific animals and plants that require wet conditions.Bogs, marshes, and swamps are examples of wetlands.

WILDLIFE MANAGEMENT - the use of technical and scientific knowledge and advances in habitats and on animal populations with the aim of preserving these populations and habitats.The purpose of this management may be to maintain animals, plants, or land for recreation, research, or for environmental purposes.

WITHDRAWN LANDS (or, WITHDRAWN PUBLIC LANDS) - Public lands that are withdrawn or restricted in use.They are usually intended for specific government aims.

ZONING - The use of police power to control the use of real estate property. This may include laws which place conditions on building heights, populations, property sizes, improvements allowed, and other factors.Zoning is applied even to private properties.If you are buying a foreclosed property that you intend to repair or change significantly, check the local zoning laws first.You may be surprised to learn the ways in which laws limit what can be done to a property.