The Real Estate
Encyclopedia: P-T

In real estate finance, secondary financing refers to a loan secured by a mortgage or deed of trust that is junior in priority to an existing primary loan. The lien securing the secondary loan is subordinate to the first mortgage or trust deed. Because secondary...

In real estate and legal practice, satisfaction refers to the discharge of an obligation through full payment of the amount due. It commonly applies to the payoff of a mortgage or deed of trust or the payment of a debt established by a judgment. Once an obligation is...

In real estate and building construction, a sash is the frame that holds one or more panes of glass in a window. Sashes are typically made of wood, metal, or other durable materials. The sash fits within the window frame and may be fixed or operable, allowing the...

In real estate appraisal and taxation, salvage value refers to the estimated fair market value of a property or improvement at the end of its useful life. It represents the amount that is reasonably anticipated to be recoverable when the property is no longer...

In real estate transactions, a sales contract is an agreement in which a buyer and a seller mutually agree to the terms and conditions of a property sale. It sets forth the rights and obligations of each party. The sales contract typically includes the purchase price,...

In real estate finance, a sale leaseback is a transaction in which a property is sold and, as part of the same agreement, the buyer leases the property back to the seller. The seller becomes a tenant while the buyer becomes the landlord. Sale leaseback arrangements...

In real estate and water law, riparian rights are the rights of a landowner whose property borders a river, stream, or other watercourse to make reasonable use of the water. These rights arise from ownership of land adjoining the water. Riparian rights allow the owner...

In real estate law, the phrase right, title, and interest is used in deeds to indicate that the grantor is conveying whatever ownership rights or claims the grantor holds in the property. It does not specify the quality or extent of the interest being transferred....

In real estate law, a right of way is a type of easement that grants the right to pass over another person’s land or to use it for specific access or utility purposes. It allows one party to use the land of another without owning it. A right of way may be created by...

In real estate law, the right of survivorship is the right of a surviving owner to acquire the interest of a deceased co owner in property. Upon the death of one owner, the surviving owner or owners automatically succeed to the deceased person’s share. This right is...