Real Estate Glossary

A lender who loans money based primarily on the values of an asset-accounts receivable, inventory, a place of equipment, real estate--rather than on the financial strength of the business, which is the primary criterion for banks.

A transfer between parties of title to any property, real or personal, or of any rights or estates in the property. Common assignments include leases, mortgages and deeds of trust.

Legal procedure to aid in the collection of a debt. Usually the court issues a writ to seize the property of a debtor and holds it pending the outcome of a lawsuit, keeping the property available for sale to pay any money judgement entered in such lawsuit.

To turn over or transfer to another money or goods. To agree to recognize a new owner of a property and to pay him rent. See also "Letter of Attornment."

A large payment due on a loan. Generally a balloon payment is required when regular monthly or quarterly payments have not covered both the increase due and the principal of the loan.

A large payment due on a loan. Generally a balloon payment is required when regular monthly or quarterly payments have not covered both the increase due and the principal of the loan.

The condition when one is found to be unable to repay one's debts by a court having proper jurisdiction. The bankruptcy may be one of two types: one that is petitioned by the debtor (voluntary) or petitioned by creditors (involuntary).

The condition when one is found to be unable to repay one's debts by a court having proper jurisdiction. The bankruptcy may be one of two types: one that is petitioned by the debtor (voluntary) or petitioned by creditors (involuntary).

Proceedings under federal statutes to relieve a debtor who has been declared bankrupt from insurmountable debt. After addressing certain priorities and exemptions, the bankrupt's property and other assets are distributed by the court to creditors as full satisfaction for the debt. See Also: Chapter 11

A set amount used as a minimum rent in a lease which also employs a percentage or other allocation for additional rent.

The year upon which a direct expense escalation of rent is based. See Also: Escalation Clause

Any facility or part of a facility located underground or below the surface grade.

The failure of the seller of real property to pass title as either expressed or implied by law in the conveyancing document..

A strip of land established as a transition between distinct land uses. May contain natural or planted shrubs, walls or fencing, singly or in combination.

A method of leasing property whereby the landlord builds a new building in accordance with a tenant's specifications.