Glossary Of Real Estate Terms

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Abstract of Title:
A chronological summary of the recorded instruments and proceedings on the tile of a property.
 
Agency:
Relationship wherein an agent is employed by a principal to perform certain acts on the principle's behalf.
 
Air Rights:
The right to use the space above a property.
 
Appraisal:
The process of determining the value of an apartment usually against values of apartments in the same building or similar-type buildings in the immediate neighborhood.
 
Assignment:
The right to transfer a contract or a lease from one party to another.