Archives: Glossary Terms

The features constructed as part of the house such as cabinets, etc.

A sale of the entire stock of a business along with real estate as opposed to it being sold in the ordinary course of its business. See Uniform Commercial Code.

A concept or theory of ownership that holds that the entire set of legal rights are included with the ownership of land including the rights to possess, use, encumber, dispose and exclude.

A contractual provision in which the seller agrees to repurchase the property at a named price upon the occurrence of a specified event within a certain period of time.

A mortgage financing technique in which the interest rate has been reduced over the first few years of the loan because the lender received an initial payment from the builder or seller to reduce the rate, or in effect a discount, thus reducing the monthly payments for a fixed time period.

A pact among stockholders, partners or co-owners where some will agree to buy out the interests of others upon the happening of some event.

One who purchased or is purchasing the property—also referred to as Vendee, Payor, and Purchaser. Buyer may also refer to more than one person in cases of co-buyers.

A principal-agent relationship in which the broker is the agent for the buyer and owing fiduciary responsibilities to the buyer/principal under the law of agency.

A real estate broker or salesperson who represents a prospective purchaser or tenant in a real estate transaction and who owes the buyer/tenant/principal common-law or statutory agency duties.

A real estate broker who from a personal or brokerage point of view represents prospective buyers exclusively and who owes the buyer/principal common-law or statutory agency duties.