This warranty protects from future problems to things such as plumbing and heating which can be extremely expensive to fix.
The deed clause beginning “to have and to hold,” which defines or limits the extend of ownership in the state granted by the deed.
One who might inherit or succeed to an interest in land under the state law of descent when the owner dies without leaving a valid will.
Every kind of inheritable property, including person, real corporeal, and incorporeal.
Highest and best use
The possible use of land that will produce the greatest net income and thus develop the highest land value.
A tenancy by which a lessee retains possession of a leased property after her or his lease has expired and the landlord, by continuing to accept rent from the tenant, agrees to the tenant’s continued occupancy as defined by state law.
A will that is written, dated, and signed in the handwriting of the maker.
Homeowner’s insurance policy
A standardized package insurance policy that covers a residential real estate owner against financial loss from fire, theft, public liability, and other common risks.
Homeowner’s warranty program
An insurance program offered to buyers by some brokerages, warranting the property against certain defects for a specified period of time.
The land and the improvements thereon designated by the owner as his or her homestead and, therefore, protected by state law, either in whole or in part, from forced sale by certain creditors of the owner.
The pledge of property as security of a loan in which the borrower maintains possession of the property while it is pledged as security.
Real estate terms that begin with I
The act of acquiring an interest in real property.
A review of the current condition of the property, one that will (hopefully) uncover necessary repairs and potential pitfalls.
A policy or part of a policy that creates coverage for vandalism, fire, and other events.
The HOA sets the rules and regulations for the division, community, or complex.