The Real-Estate Glossary
           
                A    B    C    D-E    F-K    L-M    N-R    S-Z

- F -

Fair Market Value
That price a property will bring given that both buyer and seller are fully aware of market conditions and comparable properties.

Fee Simple
Ownership of title to property without any limitation, which can be sold, left at will, or inherited.

Fixtures
Items affixed to buildings or land usually in such a way that they cannot be moved without damage to themselves or the property, such as plumbing, electrical fixtures, trees, etc.

Foreclosure
A legal term applied to any of the various methods of enforcing payment of the debt secured by a mortgage, or deed of trust, by taking and selling the mortgaged property, and depriving the mortgagor of possession.

Front Footage
The linear measurement along the front of a parcel. That portion of the parcel which fronts the street or walkway.

Functional Obsolescence
Loss in value due to out-of-date or poorly designed equipment while newer equipment and structures have been invented since it's construction.

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- G -

General Warranty Deed
A deed which conveys not only all the grantor's interests in and title to the property to the grantee, but also warrants that if the title is defective or has a "cloud" on it (such as mortgage claims, tax liens, title claims, judgments, or mechanic's liens against it) the grantee may hold the grantor liable.

Grantee
That party in the deed who is the buyer or recipient.

Grantor
That party in the deed who is the seller or giver.

Ground Lease
A lease of vacant land

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- H -

Hazard Insurance
Protects against damages caused to property by fire, windstorms, and other common hazards.

Home Owners Association
An association of homeowners within a community formed to improve and maintain the quality of the community. An association formed by the developer of condominiums or planned developments.

HUD
U.S. Department of Housing and Urban Development. Office of Housing/Federal Housing Administration within HUD insures home mortgage loans made by lenders and sets minimum standards for such homes.

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- I -

Interest
A charge paid for borrowing money. (See mortgage note)

Involuntary Lien
A lien which attaches to property without the consent of the owner such as tax liens as opposed to voluntary liens (mortgages).

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- J -

Joint Tenancy
Joint ownership by two or more persons with right of survivorship. Upon the death of a joint tenant, his/her interest does not go to his/her heirs, but to the remaining joint tenants.

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- K -

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