Real Estate Glossary

A lease calling for the same amount of rent to be paid periodically (usually monthly) for the entire term of the lease.

Any shopping area, generally with common parking, comprised of a row of stores.

One who works under a general contractor; often a specialist, such as an electrical contractor, cement contractor, etc.

A detailed drawing, to scale, depicting division of a parcel of land into two or more lots and containing engineering considerations and other information required.

An agreement by which the priority of a mortgage lender is relinquished in favor of that of a lender that would otherwise be junior in status.

One who voluntarily binds himself to be obligated for the debt or obligation of another. A common example is the co-maker of a note. Surety differs from guarantor, although the terms are commonly (and mistakenly) used interchangeably.

The rights (i.e., easements) to use the surface of land, including the right to drill or mine through the surface when subsurface rights are involved.

The measurement of the boundaries of parcel a of land, its area and sometimes its topography.

A common synonym for condemnation or eminent domain.

Assessed valuation of real property, which is multiplied by the tax rate to determine the amount of tax due.

(i) A lien for nonpayment of property taxes. Attaches only to the property upon which the taxes are unpaid. (ii) A federal income tax lien. May attach to all property of the person owing the taxes.

A list containing the descriptions of all parcels in the county, the names of the owners (or those receiving the tax bill), assessed values and tax amounts.

(i) A holder of property under a lease. (ii) Originally, one who had the right to possession, irrespective of the title interest.

One who holds possession of premises by permission of the owner or landlord, but without agreement for a fixed term.

Improvements to land or buildings to meet the needs of tenants. May be new improvements and may be paid for by the landlord, the tenant, or shared. See Also: Leasehold Improvements