by Ethan Atkinson | May 18, 2026 | A-E, PropertyPedia
An encumbrance is any claim, restriction, lien, or legal interest held by someone other than the property owner that affects the title to real property or limits the owner’s use of the property. Encumbrances may reduce the property’s value, restrict transferability,...
by Ethan Atkinson | May 18, 2026 | A-E, PropertyPedia
Conformity is a principle of real estate appraisal which holds that property values are generally maximized when properties within a neighborhood or market area are similar in style, size, age, quality, and use. The principle is based on the idea that consistency...
by Ethan Atkinson | May 18, 2026 | P-T, PropertyPedia
Probate is the legal process through which a deceased person’s estate is administered and distributed under the supervision of a court. The process is used to validate a will, identify and inventory the decedent’s assets, pay outstanding debts and taxes, and transfer...
by Ethan Atkinson | May 18, 2026 | A-E, PropertyPedia
Consideration is a fundamental element of a legally enforceable real estate contract and refers to something of value exchanged between the parties involved in the agreement. In most real estate transactions, consideration takes the form of money, services, promises,...
by Ethan Atkinson | May 18, 2026 | F-J, PropertyPedia
Fee simple absolute is the highest and most complete form of property ownership recognized under modern real estate law. It grants the owner full possessory rights to the property for an indefinite duration, including the rights to occupy, use, sell, lease, transfer,...
