The total cost of building, including overhead and profits as well as land, labor, and materials.

Short term financing of real estate construction. Generally followed by long term financing called a “take out” loan, issued upon completion of improvements.

(1) Regarding a landlord and tenant relationship, constructive eviction is any act by the landlord which substantially interferes with the tenant’s use and enjoyment of the leased property, but is not actual eviction. (2) The inability of the buyer to obtain possession because of a superior title of a third party. This constitutes a breach of the covenant of quiet enjoyment warranted by the seller.

See: Equitable Mortgage.

Notice given by publishing in a newspaper, recording, or other method which legally notifies the parties involved, but may not actually notify them.

The controlling by the taxpayer of funds from the sale of the relinquished property under a 1031 exchange rather than direct reinvestment into the replacement property. This will cause the taxpayer to lose the tax free status.

A trust created by operation of law to change an inequitable situation. If one acquires title to property through fraud, the court will hold that the legal owner holds in trust for those who really should have ownership. Also called an involuntary trust.

Loans made for personal property, such as automobiles, appliances, etc.

See: Cost of Living Index.

See: Credit Bureau.

A general term encompassing any number of modern designs which do not conform to any traditional architectural styles.

Near or close to, whether actually touching or not. Generally refers to actual touching or bordering on.

Commonly, the dependence upon a stated event which must occur before a contract is binding. For example: The sale of a house, contingent upon the buyer obtaining financing.

One who, under the terms of a will or trust, may or may not share in the estate upon the happening of an uncertain event. Example: A leaves property to B when B reaches 30, stipulating that if B dies before 30, property goes to C. C is the contingent beneficiary.

Fees to be paid only in the event of a future occurrence. A broker’s commission is paid only if the property is sold or leased (unless otherwise agreed upon). Attorneys (especially in negligence cases) may be paid based on winning the suit and collecting damages.

An interest subject to the occurrence of a specified but uncertain event.

A remainder interest uncertain as to the persons in interest or the occurrence of an event. Example: A grants to B for life, then to the children of C. At the time of the grant C has no children but may have when B dies.

Furrows plowed laterally across a slope to control water running down the slope.

(1) A line showing the shape (outline) of a parcel of land or body of water. (2) A line on a topographical map connecting all portions of the property which have the same elevation.

A map which uses lines (most always curved) to outline the configuration and elevation of surface areas.

A legally enforceable promise or agreement consisting of offer, acceptance and consideration or a legally acceptable consideration substitute.