Glossary
G
Grace Period
Additional time allowed to perform an act or make a payment before a default occurs.
Graduated Leases
A lease which provides for a graduated change at stated intervals in the amount of the rent to be paid; used largely in long-term leases.
Grant
A technical term used in deeds of conveyance of lands to indicate a transfer.
Grantee
The party to whom the title to real property is conveyed.
Grantor
The person who conveys real estate by deed; the seller.
Gross Income
Total income from property before any expenses are deducted.
Gross Lease
A lease of property whereby the lessor is to meet all property charges regularly incurred through ownership.
Ground Rent
Earnings of improved property credited to earning of the ground itself after allowance made for earnings of improvements.
Group Boycott
An agreement between members of a trade to exclude other members from fair participation in the trade.
H
Habendum Clause
The “to have and to hold” clause which defines or limits the quantity of the estate granted in the premises of the deed.
Holdover Tenant
A tenant who remains in possession of leased property after the expiration of the lease term.
I
Incompetent
A person who is unable to manage his/her own affairs by reason of insanity, imbecility or feeblemindedness.
In Rem
A proceeding against the realty directly; as distinguished from a proceeding against a person. (Used in taking land for nonpayment of taxes, etc.)
Installments
Parts of the same debt, payable at successive periods as agreed; payments made to reduce a mortgage.
Instrument
A written legal document; created to effect the rights of the parties
Interest Rate
The percentage of a sum of money charged for its use.
Intestate
A person who dies having made no will, or leaves one which is defective in form, in which case the person’s estate descends to the person’s distributees in the manner prescribed by law.
Involuntary Lien
A lien imposed against property without consent of the owner, e.g., taxes, special assessments.
Irrevocable
Incapable of being recalled or revoked; unchangeable; unalterable.
J
Joint Tenancy
Ownership of realty by two or more persons, each of whom has an undivided interest with the “right of survivorship.”
Judgment
A formal decision issued by a court concerning the respective rights and claims of the parties to an act or suit.
Junior Mortgage
A mortgage second in lien to a previous mortgage
K
L
Laches
Delay or negligence in asserting one’s legal rights.
Landlord
One who rents property to another.
Lease
A contract whereby, for a consideration, usually termed rent, one who is entitled to the possession of real property transfers such rights to another for life, for a term of years, or at will.
Leasehold
The interest or estate which a lessee of real estate has therein by Virtue of the lessee’s lease.
Lessee
A person to whom property is rented under a lease.
Lessor
One who rents property to another under a lease.
Lien
A legal right or claim upon a specific property which attaches to the property until a debt is satisfied.
Life Estate
The conveyance of title to property for the duration
of the life of the grantee.
Life Tenant
The holder of a life estate.
Lis Pendens
A legal document, filed in the office of the county clerk giving notice that an auction or proceeding is pending in the courts affecting the title to the property. (Not applicable in commission disputes.)
Listing
An employment contract between principal and agent, authorizing the agent to perform services for the principal involving the latter’s property.
Littoral Rights
The right of a property owner whose land borders on a body of water, such as a lake, ocean or sea, to reasonable use and enjoyment of the shore and water the property borders on.
