Real Estate Glossary

Transfer of property from private to public ownership.

Generally, a conveyancing instrument given by the seller to pass fee title to property upon sale.

A deed given by an owner/borrower to a lender to prevent the lender from bringing foreclosure proceedings.

An instrument securing a loan that is used in many states in place of a mortgage. Property is transferred to a trustee by the borrower (trustor), in favor of the lender (beneficiary), and re-conveyed to the borrower upon payment in full.

The general failure to perform a promised task or to pay an obligation when due. Some specific examples are: (i) Failure to make a payment of principal or interest or other type of financial obligation when due. (ii) The breach or future to perform any of the terms of a note or the covenants of a mortgage or deed of trust.

Commonly, the amount for which the borrower is personally liable on a note and mortgage if the foreclosure sale does not bring enough to cover the amount owed. Actually, the judgment is for the total amount of the obligation and not for the deficiency. Any recoveries from a foreclosure sale are deducted from the judgment.

Buildings that have completed construction and are ready for tenant build-out. May or may not yet have a Certificate of Occupancy.

The boundaries that separate a tenant's space from another tenant's space and from a public corridor.

Number of dwelling units divided by the gross acreage being developed.

(1) Decrease in the usefulness, and therefore value, of real property improvements or other assets caused by deterioration or obsolescence. (ii) A loss in value as an accounting procedure to use as a deduction for income tax purposes.

A system in which a single entity is responsible for both the design and construction of a facility, often involving the fast-track method of construction; also referred to as "design/construct."

The act of taking (legally or illegally) personal property and retaining control until the property owner performs an obligation. Commonly, a landlord takes possession of personal property of a tenant in default until the default is satisfied.

The sale of property under less than favorable conditions. Usually, the seller is experiencing financial difficulties and is under extreme pressure to sell.