Free Real Estate Vocabulary Flashcards

See: Errors And Omission Insurance.

See: Environmental Assessment.

See: Deposit (1).

An amount of money deposited by a buyer under the terms of a contract. In the event that the buyer, for no valid or legal reason, backs out of the transaction, earnest money is sometimes used as liquidated damages.

Money received for labor or personal services rather than a return on capital, although corporate income from all sources is described as “earnings”.

A right to use the land of another for a specific purpose, such as for a right-of-way or utilities; an incorporeal interest in land. An easement appurtenant passes with the land when conveyed.

An easement for the benefit or another parcel of land, such as the right to cross parcel A to reach parcel B. The easement will pass with the transfer of property to a new owner. See also: Dominant Tenement; Servient Tenement.

1. Taking private property for public use through the government’s power of eminent domain. 2. A declaration that a structure is unfit for occupancy and must be closed or demolished.

An easement created in a deed when a landowner divides property, transferring the servient tenement, but retaining the dominant tenement.

An easement granted to another in a deed or other document.

An easement created by operation of law (not express grant or reservation) when land is divided, if there is a longstanding, apparent use that is reasonably necessary for enjoyment of the dominant tenement. Compare: Implied Easement.

An easement allowed by law as necessary for the full enjoyment of a parcel of real estate.