The Real Estate
Encyclopedia: A-E

What is a condominium storage tax? Is it just another fun way to pay more taxes? The answer is: kind of! Condominiums often have storage units, and these units may be legally part of the condominium itself, not a separate property that can be bought or sold...

Corporeal Hereditaments are inheritable interests in real property that have a physical, tangible existence. The term comes from traditional English common law and refers to land and anything permanently attached to it that can be owned, occupied, transferred, and...

Ancient Mortgages are old mortgage loans that have remained on the public record long after they were likely paid off or otherwise satisfied, often because no formal release or satisfaction was ever recorded. These mortgages may date back several decades, and in some...

Chose in Action is a legal term describing a personal property right that cannot be possessed physically but can be enforced through legal action. Instead of representing ownership of a tangible object, a chose in action gives its holder the right to collect a debt,...

Doctrine of Worthier Title is a common law rule that historically presumed a grantor did not intend to transfer future ownership of real property to the grantor's own heirs through a deed or will. Instead, if a conveyance attempted to create a future interest in the...

An egress window is a window designed to provide a safe emergency exit from a room and a means of entry for emergency responders. Building codes commonly require egress windows in bedrooms and habitable basement spaces to ensure occupants can escape in the event of a...

A bumpable buyer is a prospective purchaser whose offer on a property is accepted subject to the removal of certain contingencies, most commonly a home-sale contingency. Under a bump clause, the seller retains the right to continue marketing the property and accepting...

Dry funding is a method of real estate loan closing in which the borrower signs all required loan documents before the lender releases the loan proceeds. Unlike wet funding, the transaction is not completed immediately upon signing. Instead, the lender reviews the...

Bathrooms Total Integer is a real estate listing field that identifies the total number of bathrooms within a property, expressed as a whole number. This figure typically represents the sum of all full and half bathrooms rounded or reported according to the listing...

A condominium conversion is the process of legally transforming an existing residential property, typically a rental apartment building, into individually owned condominium units. During a conversion, the property is subdivided into separate ownership interests, with...