United Country Guardian Real Estate - Dillon, Beaverhead Madison County Southwest Montana Real Estate for sale

Dictionary / Glossary / Directory
of Real Estate Terminology
Definitions & Commonly Used
Real Estate Terms

Confused & overwhelmed by the overwhelming number of real estate terms and words? Every person working in real estate or planning to buy or sell real estate can benefit by using this dictionary directory glossary of real estate terminology, definitions and commonly used terms.

Real Estate Terminology Definitions & Commonly Used Terms
In Alphabetical Order

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  • A basic standard for livable (inhabitable) structures or space. A minimum maintenance standard of residential rental property. Habitability requires toilet facilities, hot and cold water, heat, and a cooking facility.
    • Hard Money:

    • Nonrefundable money. Earnest money becomes "hard" when all contingencies are satisfied or waived in a purchase contract, which then becomes enforceable. The proceeds of a loan are hard monies. Mere credit, as extended in a carryback mortgage, is soft money. Cash, as distinguished from paper (promissory note), also is called hard money.
      • Highest and Best Use:

      • An appraisal phrase referring to that use of a property (at the time of an appraisal) that is most likely to produce the greatest net return from the land and/or buildings over an optimal period of time. Highest and best use is not always dictated by zoning, because there may be a reasonable probability of re-zoning.
        • Holding Agreement:

        • An agreement whereby title to real property is vested in a nominee, such as a title company, for a specified period of time. The true owner’s name never appears in the public records. The nominee is charged with duties of holding the title, paying property taxes, and performing whatever other administrative tasks may be called for in the agreement. One reason for such an arrangement is to maintain business privacy. A buyer of real estate may use a person to buy and then vest the title immediately in a third person under a holding agreement, thereby concealing the identity of the true owner.
          • Home Inspection Report:

          • A written report compiled by a home inspector detailing the findings of a Home Inspection by a Home Inspector, that conforms to the standards of the American Society of Home Inspectors or possible other State or Federal Standards.
            • Home Inspection Service:

            • A service ordered & paid for by prospective buyers that involves the presale inspection of a home. Home Inspections generally include review of structural integrity, defects and deferred maintenance. Operation of Heat, Power, Water & other utilites, and other systems will also be verified. Frequently, offers to purchase will include a contingency clause that allows a buyer the opportunity to approve a home inspection report before the purchase becomes obligatory.
              • Home Inspector:

              • A person in the business of inspecting homes during the sales event to assure the buyer that all of its systems are in operating order, or are in need of fixing. Anyone can go into the home inspection business because no license is required. However, the better inspectors are members of both the state Real Estate Inspection Association (REIA) and American Society of Home Inspections (ASHI). The standard of care that home inspectors are expected to meet is established by members of a nationally recognized trade association. Employment contracts that attempt to limit the liability of such inspectors to the cost of their reports is generally invalid. Thus a negligent inspector who does not report serious defects may be held liable for the cost of repair.
                • Homestead:

                • An exemption from creditors’ remedies granted to debtors who own a home and who properly claim homestead rights. A homestead is applicable only to the debtor’s residence. The effect of a homestead is to protect a specified portion of the debtor’s equity, if any. Homesteads are subject to the earlier priorities of deeds of trust, mortgages, or other encumbrances and their payment cannot be avoided.

                • Real Estate Terminology Definitions & Commonly Used Terms
                  In Alphabetical Order

                  A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z

                  While great care has been undertaken to provide accurate explanations and definitions for real estate terms and words in our real estate terms dictionary glossary dirctory, no real estate vocabulary dictionary cannot be completely accurate in all jurisdictions. Any / all definitions are for general purposes only and should not be used for any legal purpose. By use of this dictionary glossary directory of real estate terms, you agree to hold United Country - Guardian Real Estate harmless for any responsibility for any liability, loss or risk that may be claimed or incurred as a consequence of using this information.