Jonathan Lockamy

 Real Estate Glossary

Real Estate Glossary
Our glossary is the largest dictionary of real estate and construction terms on the Internet with almost 10,000 definitions.

Da - Deb - Def - Den - Des - Di - Dir - Do - Dop - Dr - Dro - Du

Latin for "in deed, in fact, in reality" Refers to a fact or an act that occurs as a matter of practice and reality rather than from de jure, meaning a lawfully and rightfully occurring act.

Contract intended to convey property from one individual to another, but is defective in one respect, such as providing no consideration for the exchange.

Failure of a debtor to pay principal/interest on a due date or failure to fulfill a duty or discharge an obligation, such as mortgage payments.

Penalty charged if the amount owed on a purchase of real estate is not paid on time.

Judgment issued, by the court, against a defendant who does not respond to the plaintiff's lawsuit and does not respond in his own defense.

Provision guaranteeing the return of title to a mortgagor upon satisfaction of a mortgage's condition and terms. Causes the discharge of a mortgagee's estate interest in a property.

Clause in a contract, title or mortgage that is subject to be repealed or revoked upon the satisfaction of a claim or completion of a future event.

Title that can be made null and void or defeated upon the satisfaction of a claim or the completion of some future contingency.

1. Lack of a necessary item for completeness.
2. An imperfection, weakness, blemish, fault, etc.
3. To forsake or join the opposition.

A title obtained through error or fraud without proper signature or consideration or other improper action. A defective title is null and void, having no effect on the original title.

In a Civil Court, it is an individual against whom a court action is brought by a Plaintiff for restitution of property or satisfaction of a complaint. In a Criminal Court, it is an individual accused of a crime.

This mortgage has a lower interest rate and, thus, a lower monthly mortgage charge. When the house is sold, the lender receives the deferred interest plus a fee for postponing the interest that would have been paid monthly.

Postponed repairs or maintenance on a piece of property, which result in a decline of property value.

Money payments to be delayed for a future date or extended period of time.

Additional tax liability that the IRS deems to be owed by a taxpayer.

Court finding that the debtor owes an amount exceeding the value of the collateral put up for the defaulted loan.

1. To make smaller or less important.
2. To collapse by releasing air or gas.

General decrease in prices.

1. Moving or bending of an object when a load or force is applied to it.
2. Turning aside or deviating from a straight course.

To clear land of trees.

1. To impair or disfigure.
2. To change a shape by pressure or stress.

The changing of a form or shape by stress.

Reinforcing bar that is better at reinforcing grout due to its rough surface.

To thaw or cause to become unfrozen.

To demagnetize by passing an electric current through a coil or coils along or around the edge in order to neutralize the surrounding magnetic field.

1. To deteriorate.
2. To sink below a normal or former condition.
3. Someone morally depraved or perverted.

1. A lowering of rank or status.
2. To lower or corrupt in quality, value or moral character.
3. A lessening of strength or deterioration.

1. Any successive step or stage in a series or process.
2. Social, official rank, position or class.
3. A unit of measure for arcs or angles.
4. One 360th part of the circumference of a circle.

A unit of measure representing one degree of declination from a standard temperature in the average temperature of one day, used in determining fuel needed to maintain a given temperature between the mean and 65 degrees over 24 hours requirements.

Formula used to evaluate the amount of time it may take to complete a job or project, depending on the difficulty and working conditions that exist. Compensation is derived depending on the difficulty level so that the rate of production on different jobs can be compared equally.

Mechanism or machine to remove moisture from the air.

To remove moisture from the air.

1. To lose water & become dry.
2. To remove water from a substance; to dry them for future use.

1. Separation of layers that were intended to be remain fastened together.
2. Separation of the plies in plywood due to a break down of the glue.
3. Defective paint job where the layers separate.

1. To defer to another time.
2. To detain or make late.

Also called a Time Lag Fuse or a Slow-Blow Fuse, this is an electrical fuse containing two elements that is able to withstand overcurrents of a moderate size, will blow with larger overcurrents.

Electrical switch that works by keeping power on, for a certain length of time, even after it has been turned off.

1. To trace an outline of something.
2. To draw.
3. To depict in words.

Being behind in a payment on a debt.

A mortgage involving a borrower who is behind on payments. If the borrower does not bring the mortgage to date with a specified amount of time, the lender may begin foreclosure proceedings.

Transfer of property from one to another.

Method of revenue recognition based on delivery instead of sale.

Electrical circuit where the three windings of a transformer or generator are connected end to end.

To deprive of magnetic properties.

Ratio, which represents the percentage of use necessary for an electrical system design by comparing the maximum electrical demand system to the total load connected.

Loan with no established maturity period, which is callable on the demand of the lender, for repayment. The interest is calculated on a daily basis and paid periodically.

Transfer of an estate by bequest or contract for a stated time period or life. Alternately, the making of a charter or lease for a specified time period.

Leased or rented property.

Provision in a lease whereby the landlord (lessor) leases and the tenant (lessee) takes the property.

Evaluation of housing requirements based on family size, ages, occupations, marital status and other population characteristics.

The total destruction or tearing down of a structure on a building site.

Insurance policy that indemnifies the property owner up to the limits of the policy against fire or other hazard requiring the total destruction and removal of the structure.


A moveable partition.

A legal motion by a defendent to object to the sufficiency of the facts of a judicial pleading; to dismiss an action on the grounds that there is no apparent equity violation; that the court has no jurisdiction to rule or that the suit is insufficient to be considered by the court. Basically, it is an answer that states that there is not sufficient cause for the matter to be considered by the court.

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Our glossary is the largest dictionary of real estate and construction terms on the Internet with almost 10,000 definitions.

Jonathan Lockamy
Real Estate Agent
RE/MAX Gateway
6485 Old Beulah St
Alexandria, VA 22315
Office: (703) 871-9300
Cell: 703-402-0488