Welcome to the RealTown Real Estate Network!
Member Login | Join RealTown
The Real Estate Network

RealTown Words


A deed to a lender given by an owner conveying mortgaged property in which the mortgage is in default. It is an alternative to a foreclosure action. Its main disadvantage to a lender is that the deed does not wipe out junior liens, as a foreclosure action would. Also called a voluntary deed.
Dearborn Real Estate Education
This "Word of the day" is excerpted from The Language of Real Estate, 6th Edition by John Reilly (published by Dearborn Real Estate Education, 2006 copyright). To purchase the complete book, with over 2800 key terms and definitions, or to browse through Dearborn's hundreds of other professional real estate titles, including Real Estate Technology Guide by Klein, Barnett, Reilly, click here.
  

Recent Words

Exclusive Agency
A written listing agreement giving a sole agent the right to sell a property for a specified time, b...
Bankruptcy
A condition of financial insolvency in which a person’s liabilities exceed assets and the per...
Effective Gross Income
The anticipated income resulting from the estimated potential gross income from a rental property le...
Usable Area
On a multitenancy floor, the gross area minus core space. Core space includes the square footage use...
Deed In Lieu Of Foreclosure
A deed to a lender given by an owner conveying mortgaged property in which the mortgage is in defaul...
Prime Tenant
A tenant (or related group of tenants) who is the largest single occupant of a building. Such occupa...
Liquidated Damages
An amount predetermined by the parties to an agreement as the total amount of compensation an injure...
Backup Offer
An offer to buy submitted to a seller with the understanding that the seller has already accepted a...
Runs With The Land
A phrase describing rights or covenants that bind or benefit successive owners of a property. An exa...
Capitalization Rate
The percentage selected for use in the income approach to valuation of improved property. The CAP ra...