Philippines Real Estate Glossary & Terminology (N-Z)

Posted in Guides on April 22nd, 2010 by admin | No comments
Increase Font Size Decrease Font Size

NEGOTIABLE
Capable of being negotiated; assignable or transferable in the ordinary course of business.

NET LISTING
A listing which provides that the agent may retain as compensation for his services all sums received over and above a net price to the owner.

NOTE
A signed written instrument acknowledging a debt and promising payment.

NOTICE OF QUIT
A notice to a tenant to vacate rented property.

OBSOLENCE
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 the modern need with consequent loss of income.

OFFSET STATEMENT
A statement by the owner of property or the owner of a lien against property, setting forth the present status of lien against the said property.

OPEN MORTGAGE
A mortgage which can be paid off any time even before its maturity.

OPEN-END MORTGAGE
A mortgage containing a clause which permits a mortgagor to borrow additional money after the loan was reduced, without re-writing the mortgage.

OPEN LISTING
An authorization given by a property owner to a real estate agent wherein said agent is given the non-exclusive right to secure a purchaser; open listing may be given to any number of agents 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.

OPTION
A right given for a consideration to purchase or lease a property upon specified terms within a specified time.

ORAL CONTRACT
A verbal agreement; one who is not reduced to writing.

OVER-IMPROVEMENT
An improvement which is not suitable to the site on which it is placed due to excessive size or cost.

PARTNERSHIP
A partnership as between partners themselves maybe defined to become a contract of two or more persons to unite their property, labor or skill, or some of them in persecution or some joint or lawful business, and to share the profits in certain proportions.

PAR VALUE
Market value, nominal value.

PATENT
A conveyance of title to government land.

PERCENTAGE LEASE
A lease of property in which the rental is based upon the volume of sales made upon the leased premises.

PERSONAL PROPERTY
Any property which is not real property.

PLEDGE
The depositing of personal property by a debtor with a creditor as security for a debt arrangement.

PLEDGEE
One who is given a pledge or a security.

PLEDGOR
One who offers a pledge or gives security.

POLICE POWER
The right of the state to enact laws and enforce them for the order, safety, health, morals and general welfare of
the public.

POWER OF ATTORNEY
An instrument authorizing a person to act as the agent of the person granting it, and a general power
authorizing the act generally in behalf of the principal. As special power limits the agent to a particular or specific act as: a
land-owner may grant an agent special power of attorney to convey a single and specific parcel of property. Under the provisions of
a general power of attorney, the agent having the power may convey any or all property of the principal granting the general power of attorney.

PRESCRIPTION
The securing of title to property by adverse possession: by occupying it for the period determined by the law barring action for recovery.

PRIMA FACIE
Presumptive on its face.

PRINCIPAL
The employer of an agent.

PRIVITY
A mutual relationship to the same rights of property; a contractual relationship.

PROCURING CAUSE
The act of a broker leading to the meeting of minds between the parties to a transaction or the
consummation of transaction.

PROGRESSION, PRINCIPLE OF
The association of a property with inferior properties will tend to lower the value of the former.

PRORATION OF TAXES
To divide or prorate the taxed equally or proportionately to the time of use.

PURCHASE MONEY MORTGAGE OR TRUST DEED
A trust or mortgage given as part or call of the purchase consideration for property.

QUIET TITLE
A court action brought to establish title: to remove a cloud on the title.

QUITCLAIM DEED
A deed to relinquish any interest in property which the grantor may have

REAL ESTATE
Real property. Property in land and improvements that which is not personal property.

REAL ESTATE BOARD
An organization where members consist of primarily of real estate brokers and salesmen.

REALTOR
A real estate broker holding active membership in a real estate board affiliated with the Philippine Association of Realtors Boards.

RECONVEYANCE
The transfer of the title of the land from one person to the immediate preceding owner.

REDEMPTION
Buying back one’s property after a judicial sale.

REFORMATION
An action to correct a mistake in deed or other document.

RELEASE CAUSE
This is a stipulation that, upon the payment of a specific sum of money to the holder of a trust deed or mortgage, the lien of the instrument as to a specific described lot or area shall be removed from the blanker lien on the whole area involved.

RESCISSION OF CONTRACT
The abrogation or annulling of a contract; the revocation or repealing of a contract by mutual consent by the parties to the contract, or for cause by either party to the contract.

RESERVATION
A right retained by a grantor in conveying property.

RESTRICTION
The term as used relating to real property, means the owner of real property is restricted in or prohibited from doing certain things relating to the property for certain purposes. For instance, the requirements in a deed that a lot maybe used for the construction of not more than a one-party dwelling, costing not less than ten thousand pesos (P10,000.00), is deemed to be restriction: also a legislative ordinance affecting all properties in a given area, requiring that improvement on property shall not be constructed any closer than twenty feet from the street curb, is a restriction by operation of law.

REVERSION
The right to future possession or enjoyment by the person, or his heirs, creating the preceding estate.

REVERSIONARY INTEREST
The interest which a person has in lands or other property, upon the termination of preceding estate.

RIGHT OF SURVIVORSHIP
The right to acquire the interest of a deceased joint-owner; distinguished feature of a joint tenancy.

RIGHT OF WAY
A privilege operating as an easement upon land, whereby the owner does by grant, or by agreement, give to another the right to pass over his land; to construct a roadway over, or use as a roadway, a specific part of his land, telephone, telegraph, or electric power lines, or the right to place underground water mains, gas mains or sewer mains.

RIPARIAN RIGHTS
The right of a landowner to water, on, under, or adjacent to his land.

SALE AND LEASEBACK
A contract wherein the buyer of a property agrees to lease the same property to the seller.

SALES CONTRACT
A contract by which a buyer and a seller agree to terms of sale.

SATISFACTION
The discharge of a mortgage or a trust deed lien from the records upon payment of the evidence debt.

SEAL
An impression made to attest the execution of an instrument.

SETBACK
The distance from the curb or other established line, within which no building may be erected.

SHERIFF’S DEED
A deed given by the court order in connection with the sale of property to satisfy a judgment.

SPECIAL ASSESSMENT
A legal charge against real estate by a public authority to pay the cost of public improvements such as street light, sidewalks, street improvements, etc.

SPECIFIC PERFORMANCE
A remedy in court compelling the defendant to carry-out the terms of the agreement of contract which was executed.

STATUTE OF FRAUDS
A state of law which provides that certain contracts must be in writing in order to be enforceable at law. Examples: a real property lease for more than one year; an agent’s authorization to sell real estates.

STEWARDSHIP CONCEPT OF OWNERSHIP
Obliges owners to utilize their property in a manner that will benefit not only their interest but also the general welfare. When the extent of one’s ownership exceeds the requirements of his necessities or when property utilization is not conductive to general welfare, then the state may exercise its power and authority to regulate or control ownership.

SUBORDINATION CLAUSE
A clause in a junior or second lien permitting retention of priority for prior liens. A subordination clause may also be used in a first deed of trust permitting it to be subordinated to subsequent liens, as, for example: the liens of construction loans.

SUBPOENA
A process to cause a witness to appear and give testimony.

SUBSTITUTION PRINCIPLE OF
The value of replaceable property tends to be indicated by the value of an equally desirable substitute property.

SURETY
One who guarantees the performance of another. Guarantor.

TAX SALE
A sale of property after a period of non-payment of taxes.

TENANCY IN COMMON
Ownership by two or more persons who hold undivided interest, without right or survivorship, interest need not be equal.

TENURE IN LAND
The mode or manner by which a man has an estate in lands.

TIME IS OF THE ESSENCE
One of the essential requirements to forming of a binding contract: contemplates a punctual performance.

TITLE
Evidence that the owner of land is in lawful possession thereof; an instrument evidencing the ownership.

TITLE INSURANCE
Insurance written by a title company to protect a property owner against loss of the title.

TOPOGRAPHY
The nature of the surface of land; topography may be level, rolling, mountainous.

TORRENS TITLE
A system of title records provided by law; a certificate issued by register of deeds.

TRUST DEED
A deed given by a borrower to a trustee to be held pending fulfillment of an obligation, which is ordinarily repayment of a loan to a beneficiary.

TRUSTEE
One who holds property in trust for another to secure the performance of an obligation.

TRUSTOR
One who deeds his property to a trustee to hold as security until he has performed his obligation to a lender under terms of a deed of trust.

UNEARNED INCREMENT
Increase in value of real property without any effort of or cost to the owner.

UNDER-IMPROVEMENT
An improvement which is not suitable to the site on which it is placed due to deficient size or cost.

URBAN LAND
Land which partakes the nature of both rural land and urban land; usually found of a city, which has a characteristics or atmosphere of a province while enjoying the amenities of an urban land.

URBAN PROPERTY
City property; closely settled property.

USURY
On a loan, claiming a rate of interest greater than that permitted by law.

VALID
Having force or binding force; legally sufficient and authorized by law.

VALUATION
Estimated worth of price: Estimate, the act of valuing by appraisal.

VENDEE
A purchaser; a buyer.

VENDOR
A seller: one who disposes of a thing in consideration of money.

VERIFICATION
A sworn statement before a duly qualified officer to the correctness of contents of an instrument.

VESTED
Bestowed upon someone; secured by someone, such as title to 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.

VOLUNTARY LIEN
Any lien is placed on property with the consent, or as a result of the voluntary act of the owner.

WAIVE
To relinquish or abandon to forego a right to enforce or require anything.

WARRANTY DEED
A deed used to convey real property which contains warranties of titles and quite possession. In a warranty deed, the grantor agrees to defend the premises against the lawful claims of third person.

ZONE
The area set off by the proper authorities for specific use; subject to certain restrictions or restraints.

ZONING
The act of city or municipal authorities specifying the type of use to which property may be put in specific area.

source: www.rpmlx.com

Leave a Reply

Full Name (required)

Email (required)

Contact #s (required)

Please note: Comment moderation is enabled and may delay your comment. There is no need to resubmit your comment.