Buying First Home
Buying First Home
Buying First Home

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Real Estate Terms of the Day for Buying First Home



REAL PROPERTY
Land and any improvements permanently affixed to it, such as buildings.

COMMON WALL
A wall separating two living units.

ENCUMBRANCE
Any claim, lien, charge or liability attached to and binding upon real property which may lessen the value of the property but will not necessarily prevent transfer of title.

COURTESY TO BROKERS
The practice of sharing commissions with cooperating brokers.

LEASEHOLD
A less-than-freehold estate which a tenant possesses in real property.

MECHANIC'S LIEN
A statutory lien created in favor of materialmen and mechanics to secure payment for materials supplied and services rendered in the improvement, repair or maintenance of real property.

SIMPLE INTEREST
Interest computed on the principal balance only.

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