#real estate


1. The ownership interest one has in real property.
2. The property left by a deceased person.
3. A large house with substantial grounds surrounding it, giving the impression of belonging to a wealthy person.


A sale transaction wherein one person (usually the seller) delivers evidence of title to a third person to be held by the escrow holder until the happening of the performance of a prescribed condition (usually deposit of funds by a buyer), when the evidence of title is then delivered to the buyer.

:: Escrow in mortgages ::
Escrow concept is used in mortgages where the mortgage provider opens an escrow account to pay insurance and real estate tax throughout the mortgage.


The market value of a real estate property after the amount of existing liens have been subtracted.
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The legal form under which property is owned.


A decrease or reduction in the amount of rent. An abatement of rent might be offered to a tenant when leased space cannot be occupied due to fire or flood damage.

Principle of substitution

In appraising, a principle which contends that the higher limit of the value of a property is defined by the cost of acquiring an equally desirable substitute property. This principle is the basis for the market comparison or market data approach.
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Agency arises out of a contract, either expressed or implied, written or oral. Agency involving real property should be in writing, such as listings, trusts, power of attorney.


A principal is any person involved in a contract, such as a seller, buyer, principal broker, or an owner who has hired an agent as a property manager.
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