Real Estate Terms

Amortization :	Repayment of a mortgage loan through monthly installments of principal and interest; the monthly payment amount is based on a schedule that will allow you to own your home at the end of a specific time period (for example, 15 or 30 years).
Boundary :	The dividing line between two adjacent properties.
Breach of contract :	The failure to perform provisions of a contract without a legal excuse.
Building code :	A comprehensive set of laws that controls the construction or remodeling of a home or other structure.
Closing :	Also known as settlement, this is the time at which the property is formally sold and transferred from the seller to the buyer; it is at this time that the borrower takes on the loan obligation, pays all closing costs, and receives title from the seller.
Cloud on title :	An invalid encumbrance on real property.
Community property :	Property accumulated through the joint efforts of husband and wife. It is a classification of property peculiar to certain states.
Conveyance :	The transfer of title of property.
Deed of trust :	A document that gives a lender the right to foreclose on a piece of property if the borrower defaults on the loan.
Down payment :	The portion of a home's purchase price that is paid in cash and is not part of the mortgage loan.
Escrow account :	A separate account into which the lender puts a portion of each monthly mortgage payment; an escrow account provides the funds needed for such expenses as property taxes, homeowners insurance, mortgage insurance, etc.
Fee simple :	This type of ownership, also called fee simple absolute, is the maximum interest a person can have in a piece of real estate. It entitles the owner to use the property in any manner they see fit, in accordance with state and local laws.
Foreclosure :	Legal process by which a lender ends the borrower's interest in a property after a loan is defaulted. The lender may sell the property and keep the proceeds for mortgage and legal costs, using excess proceeds to satisfy other liens or return to the borrower.
Interest rate :	The amount of interest charged on a monthly loan payment; usually expressed as a percentage.
Joint tenancy :	Ownership by two or more people that gives equal shares of a piece of property. Rights pass to the surviving owner or owners.
Liquidated damages :	A sum of money specified in the purchase contract to be paid by one party to the other in the event of a breach of contract.
Lien :	A legal claim against property that must be satisfied When the property is sold.
Mortgage :	A lien on the property that secures the Promise to repay a loan.
Principal :	The amount borrowed from a lender; doesn't include interest or additional fees.
Property line :	The official dividing line between properties.
Real property :	Land and any permanent fixtures on it, including buildings, trees, and other fixtures.
Tenancy by the entirety :	Ownership by a husband and wife in which they together hold title to the whole property with right of survivorship.
Title:	The legal document conferring ownership of a piece of real estate.
Title company :	A firm that ensures that the property title is clear and provides title insurance.
Title search :	The process of reviewing all recorded transactions in the public record to determine whether any title defects exist that could interfere with the clear transfer of ownership of the property.
Zoning :	Regulations that control the use of land within a jurisdiction.

Contact New York real estate lawyers from the law firm of Weinstein, Chase, Messinger and Peters, P.C. ,