Earnest Money
A deposit made by a buyer to demonstrate good faith and commitment when entering into a purchase contract. It is typically held in escrow until closing.
Pliny the Elder
Pliny the Elder (Latin: Gaius Plinius Secundus; c. 23–79 CE) was a Roman scholar, naval commander, and tireless collector of facts whose giant encyclopedia, the Natural History, became one of the most influential reference works in Western history. He died during the eruption of Mount Vesuvius in 79 CE—likely while attempting rescue operations—leaving behind a
Sales Comparison Approach (SCA)
When figuring out what a home is worth, appraisers usually use one of three main methods: For regular houses, the Sales Comparison Approach is the most common. It works by looking at what similar homes in the area have recently sold for and using that to estimate the value of the property in question. The
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Listing Agreement
A listing agreement is a legally binding contract between a property owner and a licensed real estate broker authorizing the broker to market and facilitate the sale (or lease) of real property. The agreement defines the broker’s authority, establishes compensation terms, and specifies the duration and scope of representation. It is foundational to residential and
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Encumbrance
Any claim or restriction on a property that may limit its use or affect its transfer, including mortgages, liens, easements, and deed restrictions.
Easement
A legal right for one party to use another’s property for a specific purpose, such as access to a road or utility installation.
Leasehold Estate
A leasehold estate is a non-freehold interest in real property that grants a tenant (lessee) the right to possess and use land or buildings for a specified period, subject to the terms of a lease agreement. Unlike freehold ownership—which conveys indefinite duration and full title—a leasehold estate is time-bound and ultimately reverts to the property
Freehold Estate
Ownership of real property for an indefinite period. The owner has full rights of possession, use, and disposition, subject to laws and restrictions.
Deed
The legal instrument used to transfer property ownership from one party to another. Unlike the title (which is a concept of ownership), the deed is the physical record.
Title
A legal document that proves ownership of a property. It establishes the rights of the owner and can reveal encumbrances, such as liens or easements.