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BOUNDARIES The perimeters or limits of a parcel of land as fixed by legal description which is usually a metes and bounds description. IMPROVED LAND Real property whose value has been enhanced by the addition of on-site and off-site improvements such as roads, sewers, utilities, buildings, etc.; as distinguished from raw land. HYPOTHECATE To pledge specific real or personal property as security for an obligation, without surrendering possession of it. RECONVEYANCE The transfer of property back to the owner when a mortgage loan is fully repaid. COMMISSION The compensation paid to a real estate broker(usually by the seller) for services rendered in connection with the sale or exchange of real property. QUANTITY SURVEY A method of estimating construction cost or reproduction cost; a highly technical process used in arriving at the cost estimate of new construction and sometimes referred to in the building trade as the price take-off method. CAPITAL IMPROVEMENT Any structure which is erected as a permanent improvement to real property; any improvement which is made to extend the useful life of a property, or to add to the value of the property. NOVATION The substitution of a new obligation for an old one; substitution of new parties to an existing obligation, as where the parties to an agreement accept a new debtor in place of an old one. TITLE INSURANCE A comprehensive contract of indemnity under which the title company agrees to reimburse the insured for any loss if title is not as represented in the policy. |
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