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

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

    National Association of Realtors ( NAR ):

  • An association of real estate professionals which is subdivided into state associations and local boards throughout the United States. The organization is primarily concerned with ethics and education in the industry and lobbying efforts pertaining to legislation that could have an impact on members and their businesses.
    • Net Lease:

    • A lease where all expenses of occupancy are paid by the tenant in addition to rent, which is accordingly "net income" for the landlord. Some net leases provide that specified expenses are to be paid by the landlord (for example, roof and exterior wall repair). Because the term "net lease" is somewhat ambiguous, most leases elaborate on each tenant's pro rata share of specified expenses.
      • Notarized:

      • Signed in the presence of a person licensed by the state to perform identification services as a Notary Public. Most real estate documents, such as deeds, deeds of trust, mortgages, and written easements, must be notarized before they can be recorded in the official records of the county in which the property is located.
        • Notary Public:

        • A person authorized by state law to acknowledge the identity of persons who sign documents, as well as to attest that the persons signing documents are not subject to duress or undue influence. In real estate, documents must be notarized before they are accepted for recording in the official records of the county.
          • Note:

          • A person authorized by state law to acknowledge the identity of persons who sign documents, as well as to attest that the persons signing documents are not subject to duress or undue influence. In real estate, documents must be notarized before they are accepted for recording in the official records of the county.
            • Notice of Defualt:

            • A document that is recorded, at the option of the beneficiary, following a default in the payment of a note secured by a deed of trust. The purpose is to begin the statutory reinstatement period during which the default may be cured by the debtor. Recordation of a notice of default is the first step in the non-judicial foreclosure of a deed of trust. Before a lender records a notice of default, the borrower ordinarily will be contacted about the pending delinquency.
              • Notice of Delinquency:

              • A notice distributed by a senior mortgage lender that a delinquency in monthly mortgage payments has occurred, though a notice of default has not yet been recorded. The purpose is to give junior lienholders early notice of delinquency and notice of the possibility of a forthcoming foreclosure.
                • Novation:

                • A substitution of debtors, with the former debtor being completely released from his or her former obligation. An assumption of an existing mortgage by a buyer of real estate may be followed by a release of liability of the former debtor who is the seller. Such an assumption and release constitutes a novation.
                  • Nuisance:

                  • Anything injurious to health (for example, toxic wastes), offensive to normal senses (for example, odors), or an obstruction to the use and enjoyment of property (for example, loud sounds) is a nuisance. Property owners subjected to a nuisance may obtain an injunction to abate the nuisance as well as damages.
                    • Null and Void:

                    • Without legal effect. A contract is null and void under certain circumstances. For example, a contract with an incompetent person is null and void, with or without court action. Other contracts are merely voidable, meaning that some action must be taken by the innocent party to rescind the agreement or it will continue in force and effect. For example, a contract that was entered because one party lied about something important in the deal, is voidable, but the victim must go to court to have the agreement rescinded. But if the victim does not understand the voidability of the agreement, or doesn’t care, the agreement effectively will stand.

                    • 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.