The Real Estate
Encyclopedia: P-T

In real estate and legal practice, the Statute of Limitations refers to the time period within which a legal claim must be brought in court. These time limits are established by statute and vary depending on the type of action. Once the applicable statute of...

In real estate and contract law, the Statute of Frauds refers to laws that require certain types of contracts to be in writing in order to be enforceable. The purpose of these laws is to prevent fraud and misunderstandings by requiring clear evidence of the parties’...

In real estate finance, a standing loan is a loan in which the borrower is required to make payments of interest only during the term of the loan. The principal balance remains unchanged throughout the loan period. At maturity, the entire principal amount is due and...

In real estate finance, a standby commitment is an agreement by a lender to provide a loan for a specified period, typically one to five years, if a permanent loan cannot be obtained after construction is completed. It serves as a backup source of financing to ensure...

In real estate appraisal, standard depth refers to the depth of a lot that is considered typical or normal for valuation purposes. It provides a benchmark against which lots of greater or lesser depth may be compared. Traditionally, a standard depth for a residential...

In real estate transactions, a standard coverage policy is a type of title insurance policy that provides limited protection against defects in title. It is used in some states and offers less comprehensive coverage than an Extended Owner’s A.L.T.A. policy. A standard...

In real estate valuation and leasing, square foot cost refers to the cost attributed to one square foot of floor space in a building or one square foot of land. It is commonly used as a standard measure to compare values and expenses across properties. Square foot...

In real estate and measurement, a square foot is a unit of area equal to a space one foot long by one foot wide. It is commonly used to measure the size of rooms, buildings, and land improvements. There are nine square feet in one square yard. Square footage is a...

In real estate law, a special warranty deed is a deed in which the grantor warrants title only against defects or claims that arose during the grantor’s period of ownership. It does not provide protection against defects that existed before the grantor acquired the...

In real estate and contract law, specific performance is a legal remedy that compels a party to perform the exact terms of a contract rather than paying monetary damages. It is used when money alone is not sufficient to compensate for a breach. Because real property...