Glossary of Terms

- A -

Abstract of Title - A summary of all of the recorded instruments and proceedings which affect the title to property, arranged in the order in which they were recorded.                 
                                                                                                               
Accrued Interest - Accrue; to grow; to be added to. Accrued interest is interest that has been earned but not due and payable.

Agency - That relationship between principal and agent which arises out of a contract either expressed or implied, written or oral, wherein an agent is employed by a person to do certain acts on the person's behalf in dealing with a third party.

Agent - One who undertakes to transact some business or to manage some affair for another by authority of the latter.           
Air Rights - Rights in real property to use the space above the surface of the land.   Alcove - Alcove is an area adjoining the living room space of an apartment. It is generally less than 100 square feet and is not considered a full room, but often called a half room. It can be used as a “dining alcove” or “sleeping alcove”. Depending upon size, it may actually be "walled off" to create an additional bedroom.

Amortization - A gradual paying off of a debt by periodic installments.

Apportionment - Adjustment of the income, expenses or carrying charges of real estate usually computed to the date of closing of title so that the seller pays all expenses to that date. The buyer assumes all expenses commencing the date the deed is conveyed to the buyer.

Appraisal - An estimate of a property's value by an appraiser who is usually presumed to be expert in his work.

Assessed Valuation - A valuation placed upon property by a public officer or a board, as a basis for taxation.

Assessment - A charge against real estate made by a unit of government to cover a proportionate cost of an improvement such as a street or sewer.

Assignment - The method or manner by which a right or contract is transferred from one person to another.

Assumption of Mortgage - The taking of title to property by a grantee, wherein the grantee assumes liability for payment of an existing note or bond secured by a mortgage against a property and becomes personally liable for the payment of such mortgage debt.

Attended Elevator - Some older buildings in the city have manual elevators that need to be operated by an elevator operator on a full-time basis..  In some pre-war buildings, these operators also serve as a form of  full-time security for residents.   Usually these operators also control access into the building by a video security system.  In some of the city's full-service buildings, the staff of the building will include elevator operators.

- B -

Balloon Mortgage Payment - A large payment during the term of a mortgage, often at the end.
Beneficiary - The person who receives or is to receive the benefits resulting from certain acts.

Blanket Mortgage - A mortgage covering more than one property. A blanket mortgage is often used for subdivision financing.

Bona Fide - In good faith, without fraud.

Bond - The evidence of a personal debt which is secured by a mortgage or other lien on real estate.    

Brownstones or Townhouses - These are typically 4 to 6 story buildings built in the 1800's through the early 1900's. They are either single family houses or have been converted over the years into multiple apartments. As a single family home, a townhouse or brownstone offers buyers privacy and the ability to purchase without the cooperative board process. Some apartments in townhouses can have grand living spaces and, therefore, will be quite expensive. Generally, these buildings afford more "charm", with features such as gardens, fireplaces, beautiful floors and ornamental wood moldings. In almost all cases these buildings will not have a doorman. One can also purchase a coop or condo unit in a townhouse building. The term “brownstone” refers to the type of material used as facing on the front of the structure.

Building Code - Regulations established by state or local governments stating fully the structural requirements for building.

Building Line - A line fixed at a certain distance from the front and/or sides of a lot, beyond which no building can project.

Building Loan Agreement - An agreement whereby the lender advances money to an owner primarily in the erection of buildings. Such funds are commonly advanced in installments as the structure is completed.

Building Permit - Written governmental permission for the construction, renovation or substantial repair of a building.

- C -

Cancellation Clause - A provision in a lease or other contract which confers upon one or more of all of the parties to the lease the right to terminate the party's or parties' obligations thereunder upon the occurrence of the condition or contingency set forth in the said clause.

Capital Appreciation - The appreciation accruing to the benefit of the capital improvement to real estate.

Capital Asset - Any asset of a permanent nature used for the production of income.

Capital Gain - Income that results from the sale of an asset not in the usual course of business. (Capital gains may be taxed at a lower rate than ordinary income.)

Certificate of Occupancy (CO) - A document issued by a governmental authority that a building is ready and fit for occupancy.

Chain of Title - A history of conveyances and incumbrances affecting a title from the time the original patent was granted, or as far back as records are available.

Classic - The word "classic" is usually followed by a number indicating the number of rooms in an apartment. It is generally associated with pre-war apartments that meet a criteria of room numbers and design for buildings of that period. However, a "classic" can exist in a post-war building, assuming it follows the same guidelines. As an example, a "classic six" is comprised of a living room, dining room, kitchen, two bedrooms, and a maid's room.

Cloud on the Title - An outstanding claim or incumbrance which, if valid, would affect or impair the owner's title.

Collateral - Additional security pledged for the payment of an obligation.

Combined Apartment - When an apartment owner takes two separate yet adjoining apartments and combines them into a larger single apartment. The city of New York has streamlined this process so that the procedure is far less cumbersome. 

Common Area - The area in a building that is shared by all of the tenants/owners of the building.  This could include the lobby, a common courtyard or roof garden or the hallways.               

Concierge - A concierge is an individual who sits inside the building lobby and acts as a clerk as well as a security person for the comings and goings in a building lobby.  A concierge is not situated at the door and does not open the door for tenants.  The concierge's duties can include accepting packages, informing tenants of visitors, etc.    

Condemnation - Taking private property for public use, with fair compensation to the owner; exercising the right of eminent domain.

Condominium - A type of apartment ownership in which the owner owns real property, yet the apartment is part of a much larger building in which other owners own individual units.  Condominiums are a very liberal type of ownership and are usually favored by foreigners looking to buy in Manhattan.  The regulations regarding ownership are more lax than those in co-operative apartments.  Condominiums usually allow owners to finance upwards to 90% of the purchase price; subletting rules and pet policies are more open than in co-operatives; individual owners are responsible for monthly common charges and monthly Real Estate Taxes.                                                        

Contingency - A provision in a contract that requires the occurrence of a specific event before the contract can be completed.

Contract - An agreement between competent parties to do or not to do certain things which are legally enforceable, whereby each party acquires a right.

Conversion - Change from one character or use to another.  A classic example is when an older, underutilized commercial space is converted into residential space.  An owner of a building may do this in order to derive the best financial means from his/her property.  A large commercial vacancy rate, a change in the make-up of a neighborhood, a tight residential market, or city tax incentives may lead an owner to alter the usage of a building.                  
Convertible - Refers to a situation when a large one or two bedroom contains a Dining-L which could be converted into another bedroom with the construction of a wall.  In order to be transformed into a legal bedroom, these L-shaped areas need to contain a window. Conveyance - The transfer of the title of land from one to another. The means or medium by which title of real estate is transferred.

Cul-de-sac - A blind alley: a street with only one outlet.

- D -

Deed - An instrument in writing duly executed and delivered, that conveys title to real property.

Default - Failure to fulfill a duty or promise, or to discharge an obligation; omission or failure to perform any acts. Defeasance Clause - The clause in a mortgage that permits the mortgagor to redeem his or her property upon the payment of the obligations to the mortgagee.

Deficiency Judgment - A judgment given when the security for a loan does not entirely satisfy the debt upon its default.

Demising Clause - A clause found in a lease whereby the landlord (lessor) leases and the tenant (leasee) takes the property.

Depreciation - Loss of value in real property brought about by age, physical deterioration, or functional or economic obsolescence.

Duplex - An apartment with two floors or levels, not two apartment units.

- E -

Earnest Money - Down payment made by a purchaser of real estate as evidence of good faith.

Easement - A right that may be exercised by the public or individuals on, over or through the lands of others.

Economic Life - The period over which a property will yield the investor a return on the investment.

Economic Obsolescence - Lessened desirability or useful life arising from economic forces, such as changes in optimum land use, legislative enactments which restrict or impair property rights, and changes in supply-demand ratios.

EIK - The acronym used to describe an Eat-In-Kitchen.

Eminent Domain - A right of the government to acquire property for necessary public use by condemnation; the owner must be fairly compensated.      

Elevator Buildings - This description is usually reserved for a non-doorman building that is six to twenty stories tall. There is usually an intercom security system, and some may have video security. These buildings could fall into either the pre-war or the post-war category.

Encumbrance - Any right to or interest in the land interfering with its use or transfer, or subjecting it to an obligation. (Also Incumbrance)

Endorsement - An act of signing one's name on the back of a check or note, with or without further qualifications.                                                                                          

En Suite Bathroom - French term literally meaning 'together'.  In the realtor's lexicon, this term refers to a bathroom that is one with the adjoining bedroom.  In other words, one does not have to leave his/her bedroom in order to go to the bathroom.   This type of setup is most common with Master Bedrooms.

Equity - The interest or value which the owner has in real estate over and above the liens against it.

Equity Loan - Junior loan based on a percentage of the equity.

Equity of Redemption - A right of the owner to reclaim property before it is sold through foreclosure proceedings, by the payment of the debt, interest and costs.

Erosion - The wearing away of land through processes of nature, as by water and winds.

Escrow - A written agreement between two or more parties providing that certain instruments or property be placed with a third party to be delivered to a designated person upon the fulfillment or performance of some act or condition. (See Rule 175.1)

Estate - The degree, quantity, nature and extent of interest which a person has in real property.

Estate in Reversion - The residue of an estate left for the grantor, to commence in possession after the termination of some particular estate granted by the grantor.

Estoppel Certificate - An instrument executed by the mortgagor setting forth the present status and the balance due on the mortgage as of the date of the execution of the certificate.

Eviction - A legal proceeding by a lessor landlord to recover possession of real property.

Eviction, Actual - Where one is either by force or by process of law, actually put out of possession.

Eviction, Constructive - Any disturbance of the tenant's possession of the leased premises by the landlord whereby the premises are rendered unfit or unsuitable for the purpose for which they were leased.

Exclusive Agency - An agreement of employment of a broker to the exclusion of all other brokers; if sale is made by any other broker during term of employment, broker holding exclusive agency is entitled to commissions in addition to the commissions payable to the broker who effected the transaction.

Exclusive Right to Sell - An agreement of employment by a broker under which the exclusive right to sell for a specified period is granted to the broker; if a sale during the term of the agreement is made by the owner or by any other broker, the broker holding such exclusive right to sell is nevertheless entitled to compensation.

Executor - A male person or a corporate entity or any other type of organization named or designed in a will to carry out its provisions as to the disposition of the estate of a deceased person.
 
Executrix - A woman appointed to perform the same duties as an executor.

- F -

Fee; Fee Simple; Fee Absolute - Absolute ownership of real property; a person has this type of estate where the person is entitled to the entire property with unconditional power of disposition during the person's life and descending to the person's heirs or distributees.

Fiduciary - A person who on behalf of or for the benefit of another transacts business or handles money or property not the person's own; such relationship implies great confidence and trust.

Financing Allowed - Each co-operative building allows shareholders to finance a certain portion of the purchase price of a co-operative apartment.  This number can very greatly.  Very often, the number is somewhere between 70% and 80 % of the purchase price.  However, more prestigious and more established buildings can have a much lower number. Some co-operatives may allow no financing at all.  This number is completely arbitrary and determined by the co-operative board of directors.

Fixtures - Personal property so attached to the land or improvements as to become part of the real property.                                                                                                               

Flip Tax - Two different ways to say the same thing.  A Flip Tax or a Transfer Fee is a tax imposed by the co-operative on the sale of a co-operative apartment.   This fee could be a percentage of the gross sale, a percentage of the net sale, a percentage of the gain, a fee based on the number of shares held by the shareholder, or a fixed amount determined by the co-operative.  These fees can be either paid by the buyer, the seller or shared by both parties in a transaction.  Sometimes the co-operative pre-determines from whom they would like to receive these monies.  The determination of who pays this fee can also be negotiated by the parties involved in the transaction.  These fees are used by a building to increase the building's reserve fund.                                                                          

Floating Rate - One of two types of rates offered by lending institutions.  In a floating rate scenario, the lender offers an interest rate which fluctuates with the prevailing rates offered to lending institutions.                                                                                      

Floor-thru - An apartment that extends from a building's façade to its rear wall, so that the unit exclusively occupies an entire floor.

Foreclosure - A procedure whereby property pledged as security for a debt is sold to pay the debt in the event of default in payments or terms.

Full-Service Building - We use this term to describe a building which employs both a concierge and a full-time doorman.

- G -

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.

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.

- H -

Half-bath -   Refers to a bathroom with no bath or shower.  A half-bath is also commonly referred to as a powder room.
Holdover Tenant - A tenant who remains in possession of leased property after the expiration of the lease term.

- I -

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 -

Keyed Elevator - This terminology refers to a situation where the elevator opens up right into the apartment on into a foyer which leads directly to the particular apartment.  This type of elevator can be seen in loft spaces where an apartment can occupy an entire floor or in high-end apartments where one must use a key to control access to a penthouse apartment.

L

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.

Listing - An employment contract between principal and agent, authorizing the agent to perform services for the principal involving the latter's property.

Loft Buildings - These buildings either were previously built for commercial or manufacturing purposes and are now used for residential living spaces or are newly constructed as loft buildings. The spaces typically offer higher ceilings (9 feet-20 feet), open spaces and original details such as supporting columns, tin ceilings, etc. They are usually found in Greenwich Village, SoHo, TriBeCa, Chelsea, Flatiron, Nolita, and lower Manhattan and often do not have the services of a doorman.

- M -

Maintenance - This refers to the amount of monthly charges paid by an individual co-operative owner to the co-operative as their proportionate share of the expenses of the building.   Maintenance is comprised of three components:  1)  The daily cost to run and operate the building; 2) The shareholders proportionate share of the building's underlying mortgage and 3) the shareholders proportionate share of the building's local real estate taxes.                                                                                                                       

Maisonette - A ground floor apartment with a separate street entrance from the rest of the building.  This type of apartment will usually have a second entrance inside the building's lobby and will enjoy the same amenities of the building.  Typically these apartments are located in Park Avenue or Fifth Avenue co-operative apartment buildings and provide the owners of these apartments a more private existence within a co-op and a 'townhouse' type of environment without the maintenance of an actual townhouse.

Managing Agent - Most co-operative and condominium buildings will hire an independent company to manage the property.  These firms are responsible for the daily maintenance of a property, the collection of rents or monthly maintenance charges, enforcing building policies, etc.

Market Price - The actual selling price of a property.

Market Value - The most probable price that a property should bring if exposed for sale in the open market for a reasonable period of time, with both the buyer and seller aware of current market conditions, neither being under duress.

Marketable Title - A title which a court of equity considers to be so free from defect that it will enforce its acceptance by a purchaser.

Mechanic's Lien - A lien given by law upon a building or other improvement upon land, and upon the land itself, to secure the price of labor done upon, and materials furnished for, the improvement.

Meeting of the Minds - Whenever all parties to a contract agree to the substance and terms thereof.

Mortgage - An instrument in writing, duly executed and delivered, that creates a lien upon real estate as security for the payment of a specified debt, which is usually in the form of a bond.

Mortgage Commitment - 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.

Mortgage Reduction Certificate - An instrument executed by the mortgagee, setting forth the present status and the balance due on the mortgage as of the date of the execution of the instrument.

Mortgagee - The party who lends money and takes mortgage to secure the payment thereof.

Mortgagor - A person who borrows money and gives a mortgage on the person's property as security for the payment of the debt.

Multiple Listing - An arrangement among Real Estate Board of Exchange Members, whereby each broker presents the broker's listings to the attention of the other members so that if a sale results, the commission is divided between the broker bringing the listing and the broker making the sale.                                                                                 

Murphy Bed - A bed which is built into a wall or attached to a wall and can be pulled down when needed.    One can find Murphy Beds in smaller apartments.  These beds can provide for great space saving and often resemble wall units so that when they are not exposed they are hardly if at all noticeable.

- N -
    
Notary Public - A public officer who is authorized to take acknowledgments to certain classes of documents, such as deeds, contracts, mortgages, and before whom affidavits may be sworn.

- O - 

Obsolescence - Loss in value due to reduced desirability and usefulness of a structure because its design and construction become obsolete; loss because of becoming old fashioned, and not in keeping with modern means, with consequent loss of income.   

Open Kitchen - A kitchen which opens up to the living space of an apartment.  There is no door separating the kitchen from the rest of the apartment.  These types of kitchens are most often found in loft spaces.

Open Listing - A listing given to any number of brokers without liability to compensate any except the one who first secures a buyer ready, willing and able to meet the terms of the listing, or secures the acceptance by the seller of a satisfactory offer; the sale of the property automatically terminates the listing.

Option - A right given for a consideration to purchase or lease a property upon specified terms within a specified time; if the right is not exercised the option holder is not subject to liability for damages; if exercised, the grantor of option must perform.              

Original Condition - This term is used to describe detailing in pre-war apartments.  This can include ceiling moldings, chair rails, ornamental decorations around doors or fireplaces, etc.                                                                                                             

Original Room Count - Many pre-war apartment buildings when built were designed to accommodate one or two apartments per floor.    Often these apartments could encompass from 10 to 16 rooms.  Over time these apartments have been slimmed down to smaller apartments of significantly smaller sizes.   Today we may also see a situation where individual apartment owners may take a six or seven room apartment and combine two maids' rooms or add a maid's room to a kitchen to create fewer, yet larger rooms in an apartment.                                                                                                         

Ownership –Refers to type of building ownership.  Each of them has their distinct characteristics.  They are Condominiums; Co-operatives; and Condops.

- P -

Parlor floor - This is the second floor in a townhouse.  In its original form, the building's front steps accessed the parlor floor.  The parlor is traditionally the grandest floor in the townhouse and almost always has the building's highest ceilings.   Historically, these floors were primarily used for entertaining with two rooms separated by a staircase.  These rooms were usually Living Rooms, Libraries or Formal Dining Rooms.     

Partition - The division which is made of real property between those who own it in undivided shares.

Party Wall - A wall built along the line separating two properties, partly on each, which wall either owner, the owner's heirs and assigns has the right to use; such right constituting an easement over so much of the adjoining owner's land as is covered by the wall. Pass-thru kitchen- This term refers to a Kitchen with an opening from the Kitchen into another room in the apartment, usually a Dining Area or Living Room.

Percentage Lease - A lease of property in which the rental is based upon the percentage of the volume of sales made upon the leased premises, usually provides for minimum rental.

Personal Property - Any property which is not real property.

Pied a Terre -  Translated literally from the French, pied à terre means foot on the ground. In English, we would call it a "landing pad." A pied à terre is a small, comfortable apartment maintained by someone who resides in another city. Usually, the owner has a career that requires them to be in New York several days per month, or even per week. The pied à terre allows its owner to avoid the daily commute, or to spend occasional late nights in the city. However, these apartments can also be kept by the well-heeled who simply enjoy having access to the exciting culture and glamorous society found in major cities.

Points - Discount charges imposed by lenders to raise the yields on their loans.

Post War - Refers to buildings built after World War II.  Post-war building needs and modern building techniques dramatically altered the composition of the middle and upper-class apartment house. Apartment houses were built in a "plain vanilla" style with lower ceilings, fewer moldings and details, an absence of fireplaces and reduced room proportions.  The exterior of the New York apartment house also saw dramatic change. Plain red and white brick exteriors replaced the ornate limestone detailing of the pre-war apartment house. 

Power of Attorney - A written instrument duly signed and executed by a person which authorizes an agent to act on his/her behalf to the extent indicated in the instrument.

Prepayment Clause - A clause in a mortgage which gives a mortgagor the privilege of paying the mortgage indebtedness before it becomes due.                                              

Pre-War - Buildings built before World War II. These buildings are usually ten to twenty stories, provide spacious apartment lay-outs, gracious architectural amenities with features such as larger rooms, fireplaces, hardwood parquet floors and higher ceilings. These can be doorman or non-doorman buildings.

Price Fixing - Conspiring to establish fixed fees or prices for services or products.

Principal - The employer of an agent or broker; the broker's or agent's client.

Professional Space - Office space set aside in a residential building for use by professionals usually in the medical field.   Professional space does not refer to attorneys or architects.  The strict interpretation is for the medical profession.  Similar to maisonette's these spaces can have separate street entrances as well as lobby entrances.

Pullman Kitchen - This type of kitchen is most often found in small apartments and is situated against a single wall.  Usually these kitchens are no bigger than the size of a closet and consist of a refrigerator (full or half), an oven and a sink.    This type of kitchen does not count as a room when counting apartment rooms.    Many of these kitchens are found in pre-war buildings that were originally constructed as hotels.

Purchase Money Mortgage - A mortgage given by a grantee in part payment of the purchase price of real estate.

- Q -

Quiet Enjoyment - The right of an owner or a person legally in possession to the use of property without interference of possession.

Quiet Title Suit - A suit in court to remove a defect, cloud or suspicion regarding legal rights of an owner to a certain parcel of real property.

Quit Claim Deed - A deed which conveys simply the grantor's rights or interest in real estate, without any agreement or covenant as to the nature or extent of that interest, or any other covenants; usually used to remove a cloud from the title.

- R -

Real Property - Land, and generally whatever is erected upon or affixed thereto.

Realization of Gain - The taking of the gain or profit from the sale of property.

Realtor - A coined word which may only be used by an active member of a local real estate board, affiliated with the National Association of Real Estate Boards.

Recessed Lighting - Lighting that is located above the ceiling and does not have a light fixture hanging from the ceilings.                                                                      

Redemption - 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.

Rent - The compensation paid for the use of real estate.

Reserve Fund - Each co-operative and condominium maintains a reserve fund.  The objective of the board of directors or the board of managers is to grow this reserve fund so that the building has the ability to pay for the monthly expenses involved in the upkeep of the building as well as for those expenses that are out of the ordinary (such as elevator, repairs, roof repairs, new boilers, etc.).                                                                    

Restraint of Trade - Business practices designed to restrict competition, create a monopoly, control prices and otherwise obstruct the free operation of business.

Restriction - A limitation placed upon the use of property contained in the deed or other written instrument in the chain of title.

Revocation - An act of recalling a power of authority conferred, as the revocation of a power of attorney; a license, an agency, etc.

Right of Survivorship - Right of the surviving joint owner to succeed to the interests of the deceased joint owner, distinguishing feature of a joint tenancy or tenancy by the entirety.

Right-of-Way - The right to pass over another's land pursuant to an easement or license.

Riparian Rights - The right of a property owner whose land borders a natural water course, such as a river, to reasonable use and enjoyment of the water that flows past the property. Riparian literally means "riverbank."

- S -

Sales Contract - A contract by which the buyer and seller agree to terms of sale.

Second Mortgage - A mortgage made by a home buyer in addition to an existing first mortgage.

Special Assessment - An assessment made against a property to pay for a public improvement by which the assessed property is supposed to be especially benefited.

Subagent - An agent of a person already acting as an agent of a principal.

Subdivision - A tract of land divided into lots or plots.

Subletting - A leasing by a tenant to another, who holds under the tenant.

Subordination Clause - A clause which permits the placing of a mortgage at a later date which takes priority over an existing mortgage.

Surrender - The cancellation of a lease by mutual consent of the lessor and the lessee.

Survey - The process by which a parcel of land is measured and its area ascertained; also the blueprint showing the measurements, boundaries and area.

- T -

Tax Abatement - A reduction in the amount of real estate tax due over a period of time.

Tax Deductibility - Each co-operative has a yearly number that reflects an amount that each individual shareholder is allowed to deduct from his/her personal taxes each year.  This number will be in the form of a percentage.   The number reflects the shareholders proportionate share of the building's underlying mortgage and the New York City real estate taxes paid in that particular year.

Tax Sale - Sale of property after a period of nonpayment of taxes.

Tenant - One who is given possession of real estate for a fixed period or at will.

Terrace -  By definition, a terrace is a roof or part of a roof in a building.  In Manhattan, terraces can be found when there is a setback on a high-rise. These terraces are also enjoyed for the private use of an individual apartment owner.  We categorize a terrace as outdoor space.  A terrace and balcony are often confused and the terms are used interchangeably.

Title - Evidence that owner of land is in lawful possession thereof; evidence of ownership.

Title Insurance - A policy of insurance which indemnifies the holder for any loss sustained by reason of defects in the title.

Title Search - An examination of the public records to determine the ownership and incumbrances affecting real property.

Transfer Tax - A tax charged under certain conditions on the property belonging to an estate.

- U -

Urban Property - City property; closely settled property.

- V -

Valid - Having force, or binding force; legally sufficient and authorized by law.

Valuation - Estimated worth or price. The act of valuing by appraisal.

Variance - The authorization to improve or develop a particular property in a manner not authorized by zoning.

Vendee's Lien - A lien against property under contract of sale to secure deposit paid by a purchaser.

Violations - Act, deed or conditions contrary to law or permissible use of real property.

Void - To have no force or effect; that which is unenforceable.

Voidable - That which is capable of being adjudged void, but is not void unless action is taken to make it so.

- W -

Waiver - The renunciation, abandonment, or surrender of some claim, right or privilege.

Walk-thru Kitchen - A Kitchen with two means of egress.  An individual can actually walk through the Kitchen by entering through one room and exiting into another room.

Walk-Up Building - 4 to 5 story buildings with no elevator and usually no doorman. They were originally constructed as multi-family housing and lack the charm and elegance of traditional brownstones or townhouses.                                                               

Wraparound Loan - A new loan encompassing any existing loans.

- Z -

Zone - An area set off by the proper authorities for specific use; subject to certain restrictions or restraints.

Zoning Ordinance - Act of city or county or other authorities specifying type and use to which property may be put in specific areas.

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