Archives: Glossary Terms

An escrow contract is entered into between a buyer, seller and escrow holder setting forth rights and responsibilities of each when earnest money is deposited into an escrow account.

A document seting forth the duties, requirements and obligations of all parties including the escrow agent for a transaction being closed by escrow..

In real estate, the degree, quantity, nature and duration of interest, share, right, equity of which riches or fortune may consist and which a person holds in real property.

An estate arising when the tenant wrongfully holds over after the expiration of the term. The landlord has the choice of evicting the tenant as a trespasser or accepting the tenant for a similar term and under the conditions of the tenant’s previous holding. Also known as a Tenancy at sufferance..

The occupation of lands and tenements by a tenant for an indefinite or unspecified period terminable by one or both parties. Also known as a Tenancy at will.

See Tenancy by the entireties

See Tenancy by the entireties.

A leasehold interest in land by virtue of a lease contract for its possession for a definite, specified and limited period of time which may be for one year or less. Notice to terminate is not required..

A leasehold interest in land where the rent is set at a certain amount per period which could be a week, a month or a year and where there is no definite or established termination date. Also called a Periodic tenancy. Notice to terminate is required

A classification of estates by time of enjoyment when possession will be at some future time..