The Real Estate
Encyclopedia: K-O

In real estate finance, maturity refers to the date or period at which a promissory note comes to an end and the remaining balance of the loan becomes due. It marks the termination of the note and the borrower’s obligation to repay the debt according to its terms. At...

In real estate transactions, a material fact is a fact that an agent should recognize as likely to influence the judgment or decision of a principal. It is information that could affect whether the principal would consent to entering into a particular transaction or...

In real estate finance, a master policy is an insurance policy issued to a lender that provides coverage for properties located in more than one location. Rather than insuring each property under separate individual policies, the master policy consolidates coverage...

In real estate and land use planning, a master plan is a comprehensive zoning and development framework adopted by a governmental entity to guide the long term growth and use of land within its jurisdiction. It outlines policies and objectives related to land use,...

In real estate, a master lease is a primary lease agreement that governs or controls subsequent leases related to the same property. It establishes the fundamental terms and conditions under which the property is leased, serving as the overarching agreement between...

In real estate, marketable title refers to ownership of property that is free from significant defects and can be readily sold to a reasonably prudent purchaser. Such a purchaser is assumed to be aware of the relevant facts and their legal implications, including any...

In real estate, market value is an estimate of the highest price that a willing buyer would pay and a willing seller would accept for a property, assuming both parties are fully informed and acting without undue pressure. It is based on the premise that the property...

In real estate, market price refers to the actual price paid for a property in a completed transaction, without regard to the motivations, pressures, or level of information possessed by the buyer or seller. It represents a historical fact rather than an opinion or...

In real estate appraisal, the market data approach is a method of estimating the value of a property by comparing it to similar properties that have recently sold. The appraiser analyzes these comparable sales to identify patterns in pricing and market behavior,...

In real estate, a lot is a defined portion or parcel of real property, typically identified by legal description and boundaries. The term most often refers to a specific parcel within a recorded subdivision, as shown on a subdivision map or plat. A lot is generally...