Real Estate

Definition

• Land with buildings and other improvements on it.
• A section of land, including the air above it and the ground below it, and any buildings or structures on it.

Synonyms
realty, immovable property, real property, property

Acronyms
RE

Alternate Spellings
Real Property

Related Terms and Acronyms

• Building and Loan Association — Definition,
  • A financial institution designed to help members finance real-estate transactions.
• Buyer's Market — Definition,
  • When market conditions favour the buyer.
• Encumbrance — Definition,
  • Anything that affects or limits the clear and free title to a property, such as mortgages, leases, easements, or restrictions.
• Estate — Definition,
  • The ownership interest of an individual in real property.
  • The total sum of all the real property and personal property owned by an individual at time of death.
• Fixed Assets (FA) — Acronym, Important,
  • Assets like machinery, land, buildings, or property used in operating a business that will not be consumed or converted into cash during the current accounting period.
• Fixed Time — Definition,
  • The time of year when the owner in a timeshare arrangement is scheduled to have occupancy.
• For Sale By Owner (FSBO) — Acronym, Very Important,
  • An arrangement by which a house's owner tries to sell the house without hiring a real-estate agent. Owners do this to avoid paying a commission.
  ➥ Can save the seller money by forgoing realtor fees.
• Gross Living Area (GLA) — Acronym, Important,
  • The gross above ground, finished living area in a property.
  ➥ Above ground total floor area of a home excluding porches and balconies.
• Joint Venture — Definition,
  • A partnership between two or more parties for the purpose of purchasing, owning, and/or developing real estate for a specific purpose and duration.
• Jointly-owned Property — Definition,
  • A property held in the name of more than one person.
• Land — Definition,
  • The solid ground of the earth. This can include everything under it and over it. For example, Condominium Acts do divide land horizontally thereby limiting the vertical ownership.
• Land Transfer Tax (LTT) — Acronym,
  • A provincial tax payable on any property that changes hands. First time buyers may be eligible for a rebate.
• Leasehold Mortgage — Definition, Important,
  • A mortgage given by a lessee on the security of his leasehold interests in the land.
• Legal Description (lgdc) — Abbreviation,
  • A way of identifying a piece of property in writing that is acceptable to a court.
• Legal Mortgage — Definition, Important,
  • The written geographical description of a property as described in the land register.
• Lending Value — Definition,
  • The property value for mortgage purposes. Usually the lesser of appraised value or sale price.
• Mortgage (mtg) — Abbreviation, Important,
  • A mortgage is a contract stipulating a specific real property, typically a residence or building, as collateral for a loan. The mortgage incurs a rate of interest that varies according to term and other features.
• Property Value — Definition,
  • The worth of a piece of real estate, based on the price a buyer and seller would negotiate.
• Real Estate Agent — Definition,
  • A person who is licensed to represent a buyer or seller of land and the buildings and other improvements on it.
• Real Estate Attorney — Definition,
  • A lawyer who specializes in the transfer of land and buildings and property tax issues.
• Real Property — Definition,
  • Permanent, non-movable property, such as land and buildings.
• Realtor — Definition,
  • A real estate broker or an associate holding active membership in a real estate board.
• Second Home — Definition,
  • An additionally purchased property, often a vacation or a rental property.
• Seller's Market — Definition,
  • Due to either low supply or high demand, the seller can expect to sell quickly with a high sale price.
• Square Footage — Definition,
  • The area within a building, calculated by measuring the rooms by length and width.