All I Do is Win
A history of the ownership of a parcel of land which lists transfer of title, rights, and liabilities
Abstract of title
A method of appraising single family or duplexes based on the monthly gross income
Gross rent multiplier
A means of estimating value by comparing similar properties. Used when there is an active market and where comparable can be identified. Also called comparable sales approach.
Market data approach
Refers to the economic location of real estate.
Situs
The interest earned by an investor on the investment.
Yield
The idea that the owner of land is entitled to all that the soil produces or all that is added tot he land either intentionally or by mistake. Trade fixtures not removed are assessed by the owner of the property.
Accession
The legal use of a parcel of land, which when capitalized, will generate the greatest net present value of income
Highest and best use
The price at which a willing buyer and a willing seller will agree upon, where neither is under any undue pressure and both are negotiating at arm's length with complete knowledge of the market.
Market value
One limited in authority to transact a single business affair or a specific series of business affairs or to perform restricted acts for the principal
Special agent
A police power device which allows for legislative division of space into districts and imposition of regulation prescribing use and intensity of use to which land within each designated district may be put
Zoning
A prefix meaning "based on value" Most local governments levy this type of tax on property.
Ad volerum
Process of pledging something (house) as security, but retaining possession of it.
Hypothecate
One which is free from reasonable doubts or objections, and which the courts would compel a purchaser to accept under the terms of a sales contract.
Marketable title
The grantor warrants against defects that have occurred after the grantor acquired title. (No warrantee forever - only for the time the grantor owns the property).
Special warranty deed
A zoning law passed by a local government which consists of a text of regulations and a map
Zoning ordinance
Any right or privilege which belongs to and passes with the land.
Appurtenance
A form of concurrent ownership, which occurs when two or more persons own a single estate in land, with right of survivorship. Must have equal shares, right to partition.
Joint tenancy
This is equal to one-tenth of one cent (.001) and is used to state the property tax.
Mill
The total tax-assessed value of all real property in a particular jurisdiction
Tax base
A deed to real property, which serves the same purpose as a mortgage, involving three parties instead of two.
Deed of trust
Occurs between willing buyer and willing seller with each party completely knowledgeable about the market. A purchaser of property between relatives would not be this.
Arm's length transaction
Dying without a will
Intestate
A notice filed for the purpose of serving constructive notice that title , or some matter involving particular real property, is in litigation.
Lis pendens
An arrangement to raise equity capital for real estate purchases or for other types of investments
Syndicate
Deed of release