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.



 
La - Lan - Las - Le - Leg - Li - Lim - Liq - Lo - Lot


Vertical support.

Legs of a triangle, which is formed when a weld is done at the intersection of materials to form a 90-degree angle. Two legs join for the right angle and the weld forms the side of the right-angled triangle that is opposite the right angle.

A gift by will. Something handed down by an ancestor.

The official standard of maturity upon which one is held legally responsible for one's acts. Contracts for the sale or lease of real estate and negotiating business agreements. In most states the age is 18.

Problem with a piece of property such as a title claim or zoning violation.

A legally acceptable description of real estate including metes and bounds, government rectangular survey, or lot numbers of a recorded plat. All property deeds have a legal description.

The name one has for official purposes, usually the first and last name given at birth and which must be used to sign documents, deeds or contracts.

Notification of others using the method required by law, which can include a registered letter, advertisement in a designated newspaper, telegram or other methods.

Normally, one's permanent home.

A collection of rights of ownership that are defined or recognized by law or that could be successfully defended in a court of law.

Person who receives a legacy from a will.

The loaner of money, at a particular interest rate, which can be a mortgage company, bank, private person, etc.

Mortgage that allows the lender to share in part of the income or resale proceeds. Also referred to as Participation Mortgage.

Contract in which a borrower agrees to terms of a loan, which include payment dates, interest rate, total cost of the loan and late payment fees.

A unit of measure consisting of the linear dimension of an object.

A piece of glass or transparent material with two curved surfaces, or one plane and one curved, regularly bringing together or spreading rays of light passing through it, to provide focus or magnification.

The person to whom a property is rented under a lease. A tenant.

The person who rents the property to another under a lease. A landlord.

To rent a property to a tenant. Alternately, awarding of a contract to the bidder for the property with the best offer.

Meeting place where and object fits into another, which has been notched to receive it so that it lays flush with the surface.

Letter outlining a tenant's formal agreement to be a tenant of a new landlord.

Official notification to a borrower of the lender's intent to grant a loan, it also specifies the terms of the loan and sets a date for the closing.

An arrangement, with specified conditions, where a bank agrees to substitute its credit for a customer's.

A written statement, expressing a desire to enter into a contract, without actually doing so.

Mechanical drawing implement with holes or slots used as a guide for lettering or for drawing parallel lines.

An embankment built alongside a river to prevent high water from flooding the surrounding land.

1. A leveling device, containing a glass tube, which is partly filled with liquid that leaves an air bubble in the exact center of the tube when the instrument is on an even horizontal plane.
2. Something relatively flat and even.
3. Conforming to the plane of the horizon, not sloping.

Used for verifying elevations and the level of reference points on a job site, a builder's level is comprised of a telescope with a movable mounting ring and a bubble level.

Level that has a telescope and leveling vial mounted on a rotating plate. Sight is taken through the telescope so that the point on the graduated rod that is level to the telescope can be found. The telescope is leveled using the leveling vial and then the crosshairs are lined up to a point on the rod.

Device consisting of a laser transmitter and a laser receiver on a vertical rod, which has measuring marks along the length of its side.

Telescope, mounted on a tripod for stability, having cross hairs in the viewer and an ability to rotate 360 degrees.

An Annuity. A series of equal or nearly equal periodic payments or receipts.

Mortgage where each payment made by the borrower is equal, each period, with every payment comprised of principal and interest.

Protractor with a level in the center and which rotates on a fixture with a base, to determine the amount of angle deviation from level.

Used along with a transit or builder's level a rod marked with graduated markings is used to measure the differences in elevations. Markings can be had in feet, tenths, hundredths meters, decimeters and centimeters and are in heights up to 25 feet. For greater accuracy, a leveling rod may have a target with markings graduated in one thousandth of a foot on the Vernier scale attached.

Level that has hook and is light enough to be attached to the line that stretches between points to be measured.

Form of builder's level, consisting of a telescope and leveling vial, which can take horizontal and vertical angle measurement, establishing elevations for building sites.

Quality in paint that allows the surface to flow freely and to avoid brush marks.

Mortar bed with pavers set into it.

Pavement layer, which is installed so that a level surface is underneath the final pavement course to be laid.

Used along with a transit or builder's level a rod marked with graduated markings is used to measure the differences in elevations. Markings can be had in feet, tenths, hundredths meters, decimeters and centimeters and are in heights up to 25 feet. For greater accuracy, a leveling rod may have a target with markings graduated in one thousandth of a foot on the Vernier scale attached.

Bubble level, which is part of a transit or dumpy level for surveying.

1. Rigid bar that is used to move or pry something.
2. Device which has a bar turning around a fixed point, the fulcrum or support, using power or force applied at a second point to lift or sustain a weight at a third point.

Use of a small amount of money to purchase a more expensive property. Use of borrowed funds to increase purchasing power.

1. The imposition or collection, usually by a legal or governmental authority, of that which is due.
2. Amount of money that is certified to be raised from property tax.

An attachment for lifting heavy stones, consisting of a sectioned dovetailed iron piece that fits into a dovetail opening in the stone.

Metal dowel, which helps to lift a block into position, by being inserted into a hole drilled at a slight angle into the top of the block.

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

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