A historical summary of the recorded instruments and proceedings on the title of
a property.
The right to use or control the space above a property. Air Rights can also be sold,
rented or leased to another party.
Relationship wherein an agent is employed by a principal to perform certain acts
on the principle's behalf.
The right to use the open space above a property, without the right to use the surface
of the property.
The benefits from home ownership, such as a feature that enhances value.
A loan for which the principal and the interest are payable in monthly or other
periodic installments over the term of the loan.
An estimate of a property's value by an appraiser who is presumed to be an expert.
One may have an appraisal to determine the offering price during a sale.
Tax charge or levy against real estate according to established rates.
The process by which a right or contract is transferred from one party to another.
Assigned contracts include mortgages, leases and deeds of trust
A large payment of a mortgage loan, larger than the regular required payment, often
at the end of the loan term.
A state licensed sales agent who acts for property owners and prospective purchasers
in Real Estate transactions.
A 19 th century house which shares a common wall with the neighboring property.
The assets that buildings offer its owners or tenants. These can include a doorman,
health club, club, garage etc.
Requirements in building codes that affect the size and appearance of the building.
Proviso in contract or lease that confers the right to terminate obligations upon
occurrence of the condition or contingency set forth in clause.
an improvement that will have a life of one year or more and will increase the value
of the property.
Tax term involved with selling or exchanging a capital asset.
Any major structural improvement to real estate, which normally extends the life
and value of the property.
Amount by which the proceeds from the sale of a capital asset are less than the
cost of acquiring it.
Latin phrase for Let the buyer beware.
In New York City, each building is required to have a Certificate of Occupancy which
permits the structure to be occupied by members of the public. This means that the
building is in compliance to health and building codes.
The broker's employer.
Date on which the buyer takes ownership of the property.
A detailed accounting of a real estate transaction showing all cash received, all
charges and credits made, and all cash paid out in the transaction.
Outstanding claim or encumbrance which, if valid, affects or impairs owner's title.
This is the term used when a broker sends out their listing to other brokers and
other firms. The brokerage community then receives the listings and the commission
will now be split evenly between the seller's broker and the firm that provides
the buyer of the property.
Payment to broker for services rendered; usually a percentage of the selling price.
The area on the property or in the building that is available for use to all owners
and tenants.
Used in assessing or establishing the fair market value of a property, a property
which has been sold recently that is similar in size, condition, location and amenities.
Properties listed in an appraisal report that are similar to the subject property.
Contract for sale of property which states that the contract can be cancelled unless
conditions of the contract have been fulfilled. A contract is usually condition
for only a defined period of time.
An apartment or other unit, held in fee ownership, in which owners pay common charges
for the maintenance of common areas.
A mixed use building subdivided into two or more condominium units, one of which
is a co-operative.
A legally binding agreement between two parties. To have a valid contract for the
sale of Real Estate there must be:
- an offer
- an acceptance
- competent parties
- consideration
- legal purpose
- written documentation
- description of the property
- signatures of the principals
Property changing to a different form of ownership, such as a condominium to a cooperative
or a commercial building to a residential building.
A one or two bedroom apartment that has space to make another bedroom. The other
bedroom can be made with the construction of a wall; however, the new bedroom must
have a window in order for it to be legal.
An apartment or other unit owned by a corporation specifically formed to own the
building or buildings which form the co-operatives. Unit residents, called tenant
shareholders, own stock and a proprietary lease which confer upon them the exclusive
use of the unit they have purchased.
A way out.
Interest or value that an owner has in his or her property over and above any mortgage
debts.
Written agreement between two or more parties providing that property be placed
with a third party to be delivered to a designated person upon fulfillment or performance
of some act or condition.
The word used to describe the collection of all assets of a deceased person. Also,
the extent of interest a person has in real property.
The interest of real property that ends with the death of a person.
Listing contract under which the owner appoints a real estate broker as his or her
exclusive agent for a designated period of time to sell the property, on the owner's
stated terms, for a commission. The owner reserves the right to sell without paying
anyone a commission.
A listing contract under which the owner appoints a real estate broker as his or
her exclusive agent for a designated period of time to sell the property, on the
owner's stated terms, and agrees to pay the broker a commission when the property
is sold, whether by the broker, the owner or another broker.
Person or corporate entity designated in a will to carry out its provisions.
Tenant
Landlord
Right given by law to certain creditors to have their debt paid out of the property
of a defaulting debtor.
A contract between principal and agent, authorizing the agent to perform services
for the principal within a given time, for which the principal agrees to pay a commission.
The act of carrying on a lawsuit.
A loft refers to open living space that was converted from commercial space to residential
space. Lofts contain very high ceilings, large windows and open space. In New York
City, most lofts and converted commercial space is located downtown.
A measured section of land.
Monthly charges paid by the owner or tenant of a cooperative building for that person's
share of costs of keeping the common-use portions of the building in good condition.
This includes the daily cost to operate the building and it is calculated based
on each individual unit.
An independent company that is hired to manage a property. In New York City, most
of the cooperative and condominium buildings are managed by a company which is responsible
for the building operations.
The probable price a ready, willing, able, and informed buyer would pay and a ready,
willing, able, and informed seller would accept, neither being under any pressure
to act.
A title which a court of equity considers to be so free from defect that it will
enforce its acceptance by a purchaser.
Whenever all parties to a contract agree to the exact terms thereof.
A conditional transfer or pledge of real estate as security for the payment of a
debt. Also, the document creating a mortgage lien.
A formal indication, by a lending institution that it will grant a mortgage loan
on property, in a certain specified amount and on certain specified terms.
A lender in a mortgage transaction.
A borrower who conveys his or her property as security for a loan.
The process of discussing an issue between two parties who are working towards the
same goal. Successful negotiation usually leads to a contract and then a sale.
To verify the authenticity of a signature by a certified Notary Public.
A co-operative apartment loan given in a building whose Board of Directors does
not permit financing. Instead of pledging the shares to the lending institution,
which requires recognition of the lien in writing by the Co-op Board, the purchaser
agrees not to pledge the shares for any other purpose, hence the name �negative
pledge.� Other collateral may be required for a loan of this nature.
A price below which an owner will not sell the property and a broker will not receive
a commission. Net listings are illegal in New York State. The broker keeps any amount
above the net price.
A luxury apartment in a high rise building.
A bond used to guarantee the specific completion of an endeavor in accordance with
a contract.
A French term that refers to an apartment that is not the primary residence of the
owner. A Pied a Terre is used when a person lives in another location and comes
to New York several times a month or a few weeks a year to either work or enjoy
this great city.
Discount charges imposed by lenders to raise the yields on their loans. A charge
levied by the lender on the borrower for the mortgage for prepaid interest. One
point equals one percent of the amount of the loan.
A written instrument duly signed and executed by an owner of property, which authorizes
an agent to act on behalf of the owner to the extent indicated in the instrument.
A clause in a mortgage which gives a mortgagor the privilege of paying the mortgage
indebtedness before it becomes due.
The employer of an agent or broker; the broker's or agent's client.
A written lease in a cooperative apartment building, held by the tenant/shareholder,
giving the right to occupy a particular unit.
A printed statement disclosing all material aspects of a real estate project.
A note secured by a mortgage given by a buyer, as mortgagor, to a seller, as a mortgagee,
as part of the purchase price of the real estate.
The unlawful practice of influencing a person's housing choice based on his race.
One who is prepared to buy property on the seller's terms and is ready to take positive
steps to consummate the transaction.
Land, and generally whatever is erected upon it or affixed thereto.
The agreement between the co-operative building and the bank lending money for purchase
of shares of stock in the co-operative.
The act of recording or entering in a book of public record instruments affecting
the title to real property.
The right of a mortgagor to redeem the property by paying a debt after the expiration
date and before sale at foreclosure the right of an owner to reclaim the owner's
property after the sale for taxes.
Preliminary offering plan for a cooperative or condominium project submitted to
the attorney general and to tenants and subject to modification.
A payment required by a landlord to guarantee that the tenant meets his or her obligations
under the lease and to guard against any potential damages that may be incurred
during the term of the lease.
When one purchases an apartment in a cooperative building he or she is actually
purchasing the shares in the cooperative. They represent the proportion of the building
owned by the unit owner based on the size and value of the apartment.
An assessment made against a property to pay for a general improvement by which
the assessed property is supposed to be especially benefited.
A legal action brought in a court of equity in special cases to compel a defendant
to carry out the terms of an agreement or contract.
The developer or owner organizing and offering for sale a condominium or cooperative
development.
State law which provides that certain instruments, such as deeds, real estate sales
contracts, and certain leases must be in writing in order to be legally binding.
Law pertaining to period of time within which certain actions must be brought to
court, in New York, 6 years for contracts.
A leasing by a tenant to another for part of the lessee's remaining term.
A court having jurisdiction over the proof of wills and the settling of estate.
The area measured in square feet of a certain property. Square footage can be measured
in different ways and is usually considered approximate. Condominium apartments
have specific laws that determine the way which the apartment is measured therefore
condominium measurements are more accurate.
An expense that reduces taxable income. Each year, shareholders in cooperatives
apartments are able to deduct a certain amount from their personal taxes. The amount
is determined by the amount of shares that are owned.
A phrase in a contract that requires the performance of a certain act within a stated
period of time, terminating irrevocably on a certain date.
Evidence that owner of land is in lawful possession thereof; evidence of ownership.
An examination of the public records to determine the ownership and encumbrances
affecting real property.
A tax charged under certain conditions on the transfer of property. Both New York
State and New York City impose transfer taxes.
Refers to the condition of the residence. Triple mint condition means that the residence
is in immaculate condition.