Real Estate Legal Terms Glossary
Explore comprehensive definitions of legal terminology crucial to real estate transactions.
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- DeedA deed is a legal instrument that conveys ownership rights of real property from one party to another.
- EvictionEviction is the legal process of removing a tenant or occupant from a rental property due to violation of the lease terms.
- ForeclosureForeclosure is a legal process where a lender seizes and sells mortgaged property due to borrower's failure to repay the loan.
- leaseA lease is a legal contract that conveys the right to use or occupy real property for a specified period in exchange for consideration.
- mortgageA mortgage is a legal instrument securing a loan with real property as collateral, allowing lender recourse if borrower defaults.
- Real estateReal estate refers to the legal ownership and rights associated with landed properties, including residential, commercial, industrial, and other types of real estate.
- TitleTitle denotes the legal evidence and documentation that establishes an individual's or entity's legitimate ownership rights and claims over a specific real property asset.