The Real Estate
Encyclopedia: A-E

Equitable conversion is a legal doctrine in real estate law stating that once a valid and enforceable purchase contract is executed, the buyer is regarded as the equitable owner of the property, while the seller retains legal title primarily as security for payment of...

Express authority is the specific authority that a principal intentionally grants to an agent, either orally or in writing, allowing the agent to act on the principal’s behalf in designated matters. In real estate, express authority is most commonly created through...

An easement in gross is a type of easement that grants a person or entity the legal right to use another person’s land for a specific purpose, but does not benefit any adjoining parcel of property. Unlike an appurtenant easement, which is tied to neighboring land and...

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,...

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...

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,...

An easement appurtenant is a legal right attached to a parcel of real property that allows the owner of one property to use or benefit from a neighboring property for a specific purpose. The property benefiting from the easement is known as the dominant estate, while...

An acceleration clause is a provision commonly found in mortgage agreements and promissory notes that gives the lender the right to demand immediate repayment of the entire remaining loan balance if the borrower violates certain terms of the loan. The clause is most...

Equitable title is the legal concept describing a buyer’s beneficial interest in real property after entering into a valid and enforceable purchase agreement, but before the formal transfer of legal title through delivery and recording of the deed. Under the doctrine...

Equitable redemption is a borrower’s legal right to prevent a foreclosure sale by paying the full amount owed on a mortgage loan, including principal, interest, fees, and allowable foreclosure costs, before the foreclosure sale is completed. This right arises from...