Archives: Glossary Terms

In an agricultural lease, the amount of money given to the landowner as rent at the beginning of the lease as opposed to sharecropping

A type of insurance that protects a property owner from claims arising from damage to his or her own property such as fire or theft. See Liability insurance.

A common law concept which from the Latin means “let the buyer beware” which expresses the general concept that in the absence of any misrepresentation, the buyer must examine the goods or property and purchase at his or her risk and that neither express nor implied warranties are made by the seller.

An order by a court or administrative agency prohibiting a person or business from continuing an activity. Used in real estate brokerage to prevent antitrust behavior among firms or in illegal discrimination

A certificate obtained from the state showing that no sales tax is due from the seller of a business which protects a buyer from successor’s liability. Also called a Clearance receipt.

Issued by the Department of Veterans Affairs as evidence of a veteran’s eligibility to obtain VA loan.

A document issued by an insurance company to verify the existence of coverage.

A document issued by a local government to a developer which permits a structure to be occupied by the general public and generally indicates that the building is in compliance with public health and building codes.

(CRV) The Federal VA appraiser’s opinion as to the value of a property.(CRV) The Federal VA appraiser’s opinion as to the value of a property.

A document issued to the highest bidder at a tax foreclosure sale to indicating ownership but which does not convey actual title indicating that all past due taxes have been paid and that title will pass upon the expiration of the redemption period.