Century 21 Advance Realty
Dan Fabbri

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 Glossary of Terms
 
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ABANDONMENT - The voluntary surrender or relinquishment of possession of real property with the intention of terminating one's possession or interest, but without vesting this interest in any other person.
ABATEMENT - A reduction or decrease in amount, degree, intensity or worth.
ABSORPTION RATE- An estimate of the rate at which a particular classification of space - such as new office space, new housing, new condominium units and the like - will be sold or occupied each year.
ABSTRACT OF TITLE- A concise, summarized history of the title to a specific parcel of real property, together with a statement of all liens and encumbrances affecting the property. The abstract of title does not guarantee or assure the validity of the title of the property. It merely discloses those items about the property which are of public record, and thus does not reveal such things as encroachments, forgeries, and the like.
ACCELERATED DEPRECIATION - A method of calculating the depreciation of certain property (that property which is used in a trade or business, or which is held for the production of income) at a faster rate than would be achieved from using the straight line method of depreciation.
ACCELERATION CLAUSE - A clause in a promissory note, agreement of sale, or mortgage which gives the lender the right to call all sums due and payable in advance of the fixed payment date upon the occurrence of a specified event, such as a sale, default, assignment or further encumbrance of the property.
ACCEPTANCE - The expression of the intention of the person receiving an offer (offeree, usually the seller) to be bound by the terms of the offer.
ACCESS - A general or specific right of ingress and egress to a particular property.
ACCRETION - The gradual and imperceptible addition to land by alluvial deposits of soil through natural causes, such as shoreline movement caused by streams or rivers.
ACCRUED - That which has accumulated over a period of time such as accrued depreciation, accrued interest or accrued expenses.
ACKNOWLEDGEMENT - A formal declaration made before a duly authorized officer, usually a Notary Public, by a person who has signed a document.
ACRE- A measure of land equaling 43,560 square feet; 4,840 square yards; 160 square rods.
ADHESION CONTRACT- A contract which is very one-sided and favors the party who drafted the document.
AD VALOREM - Latin for "according to valuation," usually referring to a type of tax or assessment.
ADVERSE POSSESSION - The acquiring of title to real property owned by someone else, by means of open, notorious and continuous possession for the statutory period of time (20 years in Hawaii).
AFFIDAVIT - A sworn statement reduced to writing and made under oath before a Notary Public or other official authorized by law to administer an oath.
AGENCY - A relationship created when one person, the "principal," delegates to another, the "agent," the right to act on the principal's behalf in business transactions and to exercise some degree of discretion while so acting. An agency gives rise to a fiduciary relationship and imposes on the agent, as the fiduciary of the principal, certain duties, obligations and high standards of good faith and loyalty.
AGENT - One who is authorized to represent and to act on behalf of another person (called the principal). A real estate broker is the agent of his client, be it the seller or buyer, to whom he owes a fiduciary obligation. A salesman is the agent of his broker and does not have a direct personal contractual relationship with either the seller or buyer.
AGREEMENT OF SALE - An agreement between the seller (vendor) and buyer (vendee) for the purchase of real property.
AIR RIGHTS- The rights to the use of the open space or vertical plane above a property. Ownership of the land includes the right to all air above the property.
ALIENATION CLAUSE - A clause in a promissory note or mortgage which provides that the balance of the secured debt becomes immediately due and payable at the option of the mortgagee upon the alienation of the property by the mortgagor.
ALLODIAL SYSTEM - The free ownership of land by individuals.
AMENITIES - Features, both tangible and intangible, which enhance and add to the desirability of real estate.
AMORTIZATION- The gradual repayment of a debt by means of systematic payments of principal and interest over a set period, where at the end of the period there is a zero balance.
ANCHOR TENANT - Major department or chain stores which are strategically located at shopping centers so as to give maximum exposure to smaller satellite stores.
ANNUAL PERCENTAGE RATE - The relationship of the total Finance Charge to the total amount to be finance as required under the Federal truth-in-Lending Law.
APPRAISAL - The process of estimating, fixing, or setting the market value of real property. An appraisal may take the form of a lengthy report, a completed form, a simple letter, or even an oral report.
APPRECIATION - An increase in the worth or value of property due to economic or related causes, which may prove to be either temporary or permanent.
APPURTENANT - Belonging to; adjunct; appended or annexed.
ARBITRATION - The non-judicial submission of a controversy to selected third parties for their determination in the manner provided by agreement or by law.
ASSESSED VALUATION - The value of real property as established by the state government for purposes of computing real property taxes.
ASSESSMENT - A specific levy for a definite purpose, such as adding curbs or sewers in a neighborhood. Individual condominium owners are subject to special assessments benefiting the project as a whole and not funded through regular maintenance charges.
ASSIGNMENT - The transfer of the right, title and interest in the property of one person, the assignor, to another, the assignee. In real estate, there are assignments of mortgages, contracts, agreements of sale, leases, and options, among others.
ASSUMPTION OF MORTGAGE - The act of acquiring title to property which has an existing mortgage on it and agreeing to be personally liable for the terms and conditions of the mortgage, including payments.
ATTACHMENT - The legal process of seizing the real or personal property of a defendant in a lawsuit, by levy or judicial order, and holding it in the custody of the courts as security for satisfaction of the judgment which the plaintiff may recover in any action upon a contract, express or implied.
ATTORNEY-IN-FACT - One who is authorized by another to act in his place under a power of attorney.
ATTORNMENT - The act of a tenant formally agreeing to become the tenant of a successor landlord; as in attorning to a mortgagee who has foreclosed on the leased premises.
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BALLOON PAYMENT - The final payment of a note or obligation, which is substantially larger than the previous installment payments, and which repays the debt in full; the remaining balance which is due at the maturity of a note or obligation.
BARGAIN AND SALE DEED - A deed which recites a consideration and conveys all of the grantor's interest in the property to the grantee.
BASE LINE AND MERIDIAN - An imaginary set of lines used by surveyors to locate and describe land under the Rectangular Survey Method of property description used in most mainland states.
BASIS - The financial interest which IRS attributes to the owner of an asset for purposes of determining annual depreciation and gain or loss on sale of the asset.
BENCH MARK - A mark affixed to a permanent reference or monument, such as an iron post or a brass marker (usually embedded in a cement sidewalk), used to establish elevations and altitudes over a surveyed area.
BENEFICIARY - A person who receives the benefits from the gifts or acts of another, such as one who is designated to receive the proceeds from a will, insurance policy or trust.
BILATERAL CONTRACT - A contract in which each party promises to perform an act in exchange for the other party's promise to perform.
BILL OF SALE - A written agreement by which one person sells, assigns or transfers his right to, or interest in, personal property to another.
BLANKET MORTGAGE - A mortgage which is secured by several structures or a number of lots. A blanket mortgage is often used to finance proposed subdivisions or development projects, especially cooperatives.
BLUE SKY LAWS - State securities laws designed to protect the public from fraudulent practices in the promotion and sale of securities, e.g., through limited partnerships, syndications, bonds.
BOOT - Money or other property given to make up any difference in value or equity between two exchanged properties.
BOUNDARIES - The perimeters or limits of a parcel of land as fixed by legal description which is usually a metes and bounds description.
BREACH OF CONTRACT- Violation of any of the terms or conditions of a contract without legal excuse; default, non-performance, such as failure to make payment when due.
BROKER- One who acts as an intermediary between parties to a transaction. A real estate broker is a properly licensed person who, for a valuable consideration, serves as an agent to others to facilitate the sale or lease of real property.
BROKERAGE - That aspect of the real estate business which is concerned with bringing together the parties and completing a real estate transaction. Brokerage involves exchanges, rentals, trade-ins and management of property, as well as sales.
BUDGET MORTGAGE - A mortgage with payments set up to cover more than interest and principal reductions.
BUFFER ZONE - A strip of land separating one parcel from another.
BUILDING PERMIT - A written permission granted by the County Building Department and required prior to beginning the construction of a new building or other improvement (including fences, fence walls, retaining walls and swimming pools).
BUILDING RESIDUAL TECHNIQUE - A method of determining the value of an improvement normally used in appraising income property.
BULK TRANSFERS - Any transfer in bulk, and not in the ordinary course of the seller's business, of a major part of the materials, inventory or supplies of an enterprise.
BUNDLE OF RIGHTS - An ownership concept describing all those legal rights which attach to the ownership of real property, including the right to sell, lease, encumber, use, enjoy, exclude, will, etc.
BUSINESS DAYS - Days of the week excluding Saturdays, Sundays, and holidays; normal working days.
BUSINESS OPPORTUNITIES - Any type of business which is for sale.
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CANTILEVER - A projecting beam or overhanging portion supported at one end only.
CAPITAL GAIN - The taxable profit derived from the sale of a capital asset.
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.
CAPITALIZATION - A mathematical process for converting net income into an indication of value, commonly used in the income approach to appraisal.
CAP RATE (CAPITALIZATION RATE) - The percentage selected for use in the income approach to valuation of improved property. The cap rate is designed to reflect the recapture of the original investment over the economic life of the improvement, to give the investor an acceptable rate of return (yield) on the original investment, and to provide for the return on borrowed capital.
CERTIFICATE OF REASONABLE VALUE (CRV) - A certificate issued by the Veterans Administration setting forth a property's current market value estimate, based upon a VA approved appraisal.
CERTIFIED CHECK - A check which the bank guarantees to be good, and against which a stop payment is ineffective.
CERTIFIED PROPERTY MANAGER - A professional property manager who has qualified for membership in and is a member of the Institute of Real Estate Management, and is designated a CPM.
CHAIN OF TITLE - The recorded history of matters which affect the title to a specific parcel of real property, such as ownership, encumbrances and liens, usually beginning with the original recorded source of the title.
CHATTEL - Personal property which is tangible and moveable. CLEAR TITLE - Title to property that is free from liens, defects or other encumbrances, except those which the buyer has agreed to accept, such as mortgage to be assumed, the ground lease of record, and the like; established title; title without clouds.
CLIENT TRUST ACCOUNT - An account set up by a broker to keep client's monies segregated from the broker's general funds.
CLOSING - The final stage of consummating a real estate transaction when the seller delivers title to the buyer, in exchange for the purchase price.
CLOSING COSTS - Expenses of the sale which must be paid in addition to the purchase price (in the case of the buyer's expenses), or be deducted from the proceeds of the sale (in the case of the seller's expenses).
CLOSING STATEMENT - A detailed cash accounting of a real estate transaction prepared by an escrow officer or other person designated to process the mechanics of the sale, showing all cash that was received, all charges and credits which were made, and all cash that was paid out in the transaction; also called a settlement statement.
CLOUD ON TITLE - Any document, claim, unreleased lien or encumbrance which many impair or injure the title to property or make the title doubtful because of its apparent or possible validity.
CLUSTER DEVELOPMENT - The grouping of housing units on less than normal size homesites, with the remaining land being devoted to common areas.
CODE OF ETHICS - A written system of standards of ethical conduct. The Code of Ethics of the National Association of Realtors, first written in 1913, establishes the high standards of conduct for members of the Realtor community.
COLLATERAL - Something of value given or pledged as security for a debt or obligation. The collateral for a real estate mortgage loan is the mortgaged property itself, which has been hypothecated.
COLOR OF TITLE - A condition which has the appearance of good title, but which in fact is not valid title, as where title is founded on some written document which on its face appears valid and effective, but which is actually invalid.
COMMERCIAL PROPERTY- A classification of real estate which includes income producing property such as office buildings, gasoline stations, restaurants, shopping centers, hotels and motels, parking lots and stores, and other similar uses.
COMMINGLING - To mingle or mix; for example, to deposit client funds in the broker's personal or general account. A licensee found guilty of commingling can have the license suspended or revoked by the Real Estate Commission.
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.
COMMITMENT - A pledge or promise to do a certain act, such as the promise of a lending institution to loan a certain amount of money at a fixed rate of interest to a qualified buyer, provided the loan is obtained on or before a certain date. COMMON AREAS - Land or improvements designated for the use and benefit of all residents, property owners and tenants.
COMMON ELEMENTS - Parts of the property which are necessary or convenient to the existence, maintenance and safety of the condominium, or are normally in common use by all of the condominium residents.
COMMON LAW - That body of law which is based on usage, general acceptance, and custom, as manifested in decrees and judgments of the courts; judge-made law, as opposed to codified or statutory law.
COMMON WALL - A wall separating two living units.
COMMUNITY PROPERTY - A system of property ownership based on the theory that each spouse has an equal interest in property acquired by the efforts of either spouse during marriage.
COMPARABLES - Recently sold properties which are similar to a particular property being evaluated, and which are used to indicate a reasonable fair market value for the subject property.
COMPOUND INTEREST - Interest which is computed upon the principal sum plus accrued interest.
CONCESSIONS - Discounts given by landlords to prospective tenants to induce them to sign a lease.
CONDEMNATION - Either a judicial or administrative proceeding to exercise the power of eminent domain, i.e., the power of the government to take private property for public use.
CONDOMINIUM OWNERSHIP - An estate in real property consisting of an individual interest in an apartment or commercial unit, and an undivided common interest in the common areas such as the land, parking areas, elevators, stairways, and the like.
CONSIDERATION - An act or forbearance, or the promise thereof, which is offered by one party to induce another to enter into a contract; that which is given in exchange for something from another.
CONSTRUCTIVE EVICTION - Acts done by a landlord which so materially disturb or impair the tenant's enjoyment of the leased premises that a tenant is effectively forced to move out and terminate the lease without liability for any further rent.
CONSTRUCTIVE NOTICE - Notice of certain facts which are implied bylaw to a person because he could have discovered the fact by reasonable diligence or by inquiry into public records.
CONTINGENCY - A provision placed in contract which requires the completion of a certain act or the happening of a particular event before a contract is binding.
CONTRACT- A legal agreement between competent parties who agree to perform or refrain from performing certain acts for a consideration. In real estate, there are many different types of contracts, including listings, contracts of sale, options, mortgages, assignments, leases, deeds, escrow agreements, and loan commitments, among others.
CONVEYANCE - The transfer of title to real property by means of a written instrument such as a deed or an assignment of lease.
COOPERATING BROKER - A broker who joins with another broker in the sale of real property.
COOPERATIVE OWNERSHIP- Cooperative ownership of an apartment unit means that the apartment owner has purchased shares in a corporation which holds title to the entire apartment building.
CO-TENANCY - A form of concurrent property ownership in which two or more persons own an undivided interest in the same property.
COUNTER-OFFER - A new offer made as a reply to an offer received from another; this has the effect of rejecting the original offer, which cannot thereafter be accepted unless revived by the offeror's repeating it.
COURTESY TO BROKERS - The practice of sharing commissions with cooperating brokers.
COVENANT- A written agreement or promise of two or more parties by which either pledges to perform or not to perform specified acts on a property, or which specifies certain uses or non-uses of the property.
COVENANTS AND CONDITIONS - Covenants are promises contained in contracts, the breach of which would entitle a person to damages. Conditions, on the other hand, are contingencies, qualifications or occurrences upon which an estate or property right would be gained or lost.
COVENANTS RUNNING WITH THE LAND - Covenants which become part of the property and benefit or bind successive owners of the property.
CUL DE SAC - A street which is open at one end only, and which usually has a circular turnaround; a blind alley.
CUSTOMER TRUST FUND (CTF) - An impound account maintained for the purpose of setting up a reserve to pay certain periodic obligations such as real property taxes, insurance premiums, lease rent, and maintenance fees.
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DEALER - An IRS designation for a person who regularly buys and sells real property.
DEBT SERVICE - The amount of money needed to meet the periodic payments of principal and interest when a debt is amortized.
DECLARATION OF RESTRICTIONS - A statement of all the covenants, conditions and restrictions ("CC&R's") which affect a parcel of land.
DEDICATION - The application of privately owned land to the public for no consideration, with the intent that the land will be accepted and used for public purposes.
DEED - A written instrument by which a property owner "grantor" transfers to a "grantee" an ownership in real property.
DEED OF TRUST- A legal document in which title to property is transferred to a third party trustee as security for an obligation owed by the trustor (borrower) to the beneficiary(lender).
DEFAULT - Failure to fulfill a duty or promise or failure to perform any obligation or required act. The most common occurrence of default on the part of a buyer or lessee is non-payment of money.
DEFERRED COMMISSIONS - Commissions which are earned but not yet fully paid.
DEFICIENCY JUDGEMENT - A judgment against a borrower, endorser, or guarantor for the balance of the debt issued when the security for a loan is insufficient to satisfy the debt.
DENSITY - A term, frequently used in connection with zoning requirements, which means the maximum number of building units per acre or the number of occupants or families per unit of land area (acre, square mile, etc.); usually the ratio of land area to improvement area.
DEPOSIT- Money offered by a prospective buyer as an indication of good faith in entering into a contract to purchase; earnest money; security for the buyer's performance of a contract.
DEPRECIATION (APPRAISAL) - A loss in value due to any cause; any condition which adversely affects the value of an improvement.
DEPRECIATION (TAX) - For tax purposes, depreciation is an expense deduction taken for an investment in depreciable property.
DEPTH TABLE- Tables of percentage designed to provide a uniform system of measuring the additional value to lots which accrues because of added depth, with the extra depth valued according to the added utility which it creates.
DESCENT - The acquisition of an estate by inheritance, where an heir succeeds to the property by operation of law. Descent literally means the hereditary succession of an heir to property of an ancestor who dies intestate.
DESCRIPTION- The portion of a conveyance document which defines the property being transferred.
DEVELOPER- One who attempts to put land to its most profitable use by the construction of improvements.
DEVISE - A transfer of real property under a will.
DISCLAIMER - A statement denying legal responsibility, frequently found in the form of, "There are no promises, representations, oral understandings or agreements except as contained herein."
DISCOUNT POINTS - An added loan fee charged by a lender to make the yield on a lower-than-market interest VA or FHA loan competitive with higher interest conventional loans.
DISCRIMINATION - The act of making a distinction against or in favor of a person on the basis of the group or class to which the person belongs; the failure to treat people equally.
DISTRAINT - The right of a landlord, pursuant to a court order, to seize a tenants belongings for rents in arrears.
DOMICILE - The state where an individual has his true, fixed, permanent home and principal business establishment and to which place he has the intention of returning whenever he is absent.
DOUBLE ESCROW - An escrow set up to handle the concurrent sale of one property and purchase of another property by same party.
DOWER - The legal right or interest a wife acquires in property her husband held or acquired anytime during marriage.
DUAL AGENCY - Representing both principals (buyer and seller) to a transaction.
DUE ON SALE CLAUSE- A form of acceleration clause found in some mortgages, especially savings and loan mortgages, requiring the mortgagor to pay off the mortgage debt when selling the secured property, thus resulting in automatic maturity of the note at the lender's option.
DUPLEX - A structure that provides housing accommodations for two families by having separate entrances, kitchens, bedrooms, lanais, living rooms and bathrooms. A two-family dwelling.
DURESS- Unlawful constraint or action exercised upon a person whereby he is forced to perform some act against his will. A contract entered into under duress is void.
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EASEMENT - A property interest which one person has in land owned by another entitling the holder of the interest to limited use or enjoyment of the other's land.
EASEMENT IN GROSS - The limited right of one person to use another's land (servient estate), which right is not created for the benefit of any land owned by the owner of the easement; that is, there is no dominant estate, as the easement attaches personally to the owner, not to the land.
EMBLEMENTS - Growing crops (called "fructus industriales"),such as rice and taro, which are produced annually through labor and industry.
EMINENT DOMAIN - The right of government, both state and federal, to take private property for a necessary public use, with just compensation paid to the owner.
ENCROACHMENT - An unauthorized invasion or intrusion of a fixture or other real property wholly or partly upon another's property, thus reducing the size and value of the invaded property.
ENCUMBRANCE - Any claim, lien, charge or liability attached to and binding upon real property which may lessen the value of the property but will not necessarily prevent transfer of title.
ENTIRETY, TENANCY BY - A form of joint ownership of property between husband and wife with the right of survivorship.
ENVIRONMENTAL IMPACT STATEMENT - A report which includes a detailed description of a proposed development project with emphasis on the existing environment setting, viewed from both a local and regional perspective, and a discussion of the probable impact of the project on the environment during all phases.
EQUITY - That interest or value remaining in property after payment of all liens or other charges on the property. A owner's equity is normally the monetary interest over and above the mortgage indebtedness.
ERRORS AND OMISSIONS INSURANCE - A form of insurance which covers liabilities for errors, mistakes and negligence in the usual listing and selling activities of a real estate office or escrow company.
ESCHEAT - The reversion of property to the state when a decedent dies intestate and there are no heirs capable of inheriting, or when the property is abandoned.
ESCROW - The process by which money and/or documents are held by a disinterested third person (a "stakeholder") until the satisfaction of the terms and conditions of the escrow instructions (as prepared by the parties to the escrow).
ESTOPPEL - A legal doctrine by which a person is prevented from asserting rights or facts which are inconsistent with a previous position or representation he had made by his act, conduct or silence.
ETHICS - A system of moral principles, rules and standards of conduct.
EVICTION - The legal process of removing a tenant from possession of the premises for some breach of the lease contract.
EXCHANGE- A transaction in which all or part of the consideration for the purchase of real property is the transfer of property of a like kind.
EXCLUSIVE AGENCY - A written listing agreement giving one agent the right to sell property for a specified time, but reserving to the owner the right to sell the property himself without payment of any commission.
EXCLUSIVE LISTING - A written listing of real property in which the seller agrees to appoint only one broker to sell the property for a specified period of time. The two types of exclusive listings are the exclusive agency and the exclusive right to sell.
EXECUTIVE - The act of making a document legally valid, such as formalizing a contract by signing, or acknowledging and delivering a deed.
EXECUTOR- A person appointed by a testator to carry out the directions and requests in the last will and testament, and to dispose of property according to the provisions of the will.
EXECUTORY CONTRACT - A contract in which one or both of the parties has not yet performed.
EXTENDER CLAUSE - A "carry over" clause (referred to as a safety clause) contained in a listing which provides that a broker is still entitled to a commission for a set of period of time after the listing has expired if the property is sold to a former prospect of the broker.
EXTENSION- An agreement to continue the period of performance beyond the specified period.
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FAIR MARKET VALUE - The highest monetary price which a property would bring, if offered for sale for a reasonable period of time in a competitive market, to a seller who is willing but not compelled to sell, from a buyer, willing but not compelled to buy, both parties being fully informed of all the purposes to which the property is best adapted and is capable of being used.
FARM AREA - A selected geographical area or one specific building to which a real estate salesperson devotes special attention and study.
FEASIBILITY STUDY - An analysis of a proposed project with emphasis on the attainable income, probable expenses, and most advantageous use and design.
FEDERAL HOUSING ADMINISTRATION (FHA) - The FHA was set up in1934 under the National Housing Act to encourage improvement in housing standards and conditions, to provide an adequate home financing system by insurance of housing mortgages and credit, and to exert a stabilizing influence on the mortgage market.
FEDERAL TAX LIEN - A federal lien which attaches to real property, either if the federal estate tax is not paid, or if the taxpayer has violated the federal income tax or payroll tax laws.
FEDERAL TRADE COMMISSION (FTC) - A federal agency created to investigate and eliminate unfair and deceptive trade practices in business.
FEE SIMPLE - The largest estate one can possess in real property. A fee simple estate is the least limited interest and the most complete and absolute ownership in land: it is of indefinite duration, freely transferable and inheritable. Fee simple title is sometimes referred to as "the fee.
FIDUCIARY - A relationship which implies a position of trust or confidence wherein one is usually entrusted to hold or manage property or money for another. Among the obligations a fiduciary owes to the principal are duties of loyalty; obedience; full disclosure; the duty to use skill, care and diligence; and the duty to account for all monies.
FILLED LAND - An area where the grade has been raised by depositing or dumping dirt, gravel or lava rock.
FINANCE CHARGE - The total of all costs imposed directly or indirectly by the creditor and payable either directly or indirectly by the customer, as defined under the federal truth-in-Lending Law.
FINANCE FEE - A mortgage brokerage fee to cover the expenses incurred in placing the mortgage with a lending institution; a mortgage service charge or origination fee.
FINANCIAL STATEMENT - A formal statement of the financial status and net worth of a person or company, setting forth and classifying assets and liabilities as of a specified date.
FINDER'S FEE - A fee paid to someone for producing a buyer to purchase or a seller to list property; also called a referral fee.
FIRM COMMITMENT- A definite undertaking by a lender to loan a set amount of money at a specified interest rate for a certain term.
FIRST REFUSAL, RIGHT OF - The right of a person to have the first opportunity either to purchase or lease real property.
FISCAL YEAR - A business year used for tax, corporate or accounting purposes, as opposed to a calendar year.
FIXTURE - An article which was once personal property but has been so affixed to the real estate that it has become real property (e.g. stoves, bookcases, plumbing, etc.). If determined to be a fixture, then the article passes with the property even though it is not mentioned in the deed.
FLAG LOT - A land parcel having the configuration of an extended flag and pole. The pole represents access to the site which is usually located to the rear of another lot fronting a main street.
FLOOR AREA RATIO - The ratio of floor area to land area expressed as a percent or decimal, which is determined by dividing the total floor area on a zoning lot by the lot area.
FLOOR DUTY- A frequent practice in real estate brokerage offices of assigning one sales agent the responsibility for handling all telephone calls and office visitors for a specified period of time.
FORECLOSURE - A legal procedure whereby property used as security for debt is sold to satisfy the debt in the event of default in payment of the mortgage note or default of other terms in the mortgage document.
FRAUD - Any form of deceit, trickery, breach of confidence or misrepresentation by which one party attempts to gain some unfair or dishonest advantage over another.
FREE AND CLEAR TITLE - Title to real property which is absolute and unencumbered by any liens, mortgages, clouds or other encumbrances.
FRONTAGE - The length of a property abutting a street or body of water; that is, the number of feet that "front" the street or water.
FUNCTIONAL OBSOLESCENCE - A loss in value of an improvement due to functional inadequacies, often caused by age or poor design.
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GARNISHMENT - A legal process designed to provide a means for creditors to safeguard for themselves the personal property of a debtor which is in the hands of a third party ("garnishee").
GENERAL AGENT - One who is authorized to perform any and all acts associated with the continued operation of a particular job or a certain business.
GENERAL CONTRACTOR - A construction specialist who enters into a formal construction contract with a land owner or master lessee to construct a real estate building or project.
GENERAL PARTNER - A co-owner of a partnership who is empowered to enter into contracts on behalf of the partnership and who is fully liable for all partnership debts.
GIFT TAX - A graduated federal tax paid by a donor upon making a gift.
GOOD FAITH - Bona fide. An act is done in good faith if it is in fact done honestly, whether it be done negligently or not.
GOOD WILL - An intangible, salable asset arising from the reputation of a business.
GOVERNMENT SURVEY - A system of land description in which large blocks of land are divided into tracts bounded by imaginary lines conforming to the true meridian.
GRADUATED RENTAL LEASE - A lease in which the rent payments commence at a fixed, often low rate, but "step up" or increase at set intervals as the lease term matures.
GRANDFATHER CLAUSE - Common expression used to convey the idea that something which was once permissible continues to be permissible despite changes in the controlling law.
GRANTEE - The person who receives from the grantor a grant of real property.
GRANTOR - The person transferring title to, or an interest in, real property. A grantor must be competent to convey; thus, for example, an insane person cannot convey title to real property.
GROSS AREA - The total floor area of a building measured from the exterior of the walls (excluding those unenclosed).
GROSS INCOME MULTIPLIER - A useful rule of thumb to estimate market value of income producing residential property. The multiplier is derived by using comparable sales divided by the actual or estimated monthly rentals and arriving at an acceptable average.
GROSS LEASE - A lease of property under which the lessee pays a fixed rent, and the lessor pays the taxes, insurance, and other charges regularly incurred through ownership.
GUARDIAN - One who is given the lawful custody and care of another(called a ward).
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HABENDUM CLAUSE - That part of the deed beginning with the words "to have and to hold," following the granting clause and reaffirming the extent of ownership that the grantor is transferring.
HABITABLE - Being fit to live in. The residential landlord has an obligation to keep the leased premises in a habitable condition.
HEIR - A person who inherits under a will or a person who succeeds to property by the laws of descent if the decedent dies without a will (intestate).
HIGHEST AND BEST USE - That use which, at the time of appraising the property, is most likely to produce the greatest net return to the land and/or the building over a given period of time.
HIGH RISE - A popular expression for a condominium or apartment building generally higher than six stories.
HOLD HARMLESS CLAUSE - A clause inserted in a contract whereby one party agrees to indemnify and protect the other party from any injuries or lawsuits arising out of the particular transaction.
HOLDOVER TENANT - One who stays on the leased premises after his lease has expired. The landlord normally has the choice of evicting the holdover tenant or permitting him to remain and continue to pay rent.
HOMEOWNER'S ASSOCIATION - A non-profit association of homeowners organized pursuant to a declaration of restrictions or protective covenants for a subdivision, a PUD, or a condominium.
HOMESTEAD - A home which is used as a personal residence.
HOUSE RULES - Rules of conduct adopted by a board of directors of a condominium and designed to promote harmonious living among the owners and occupants.
HUD - A federal cabinet department officially known as the Department of Housing and Urban Development.
HYPOTHECATE - To pledge specific real or personal property as security for an obligation, without surrendering possession of it.
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IMPLIED WARRANTY OF HABITABILITY - A legal doctrine imposing on the landlord a duty to make the leased premises acceptable to live in and ready for occupancy and to continue to maintain them in a state of repair throughout the entire term of the lease.
IMPOUND ACCOUNT - A trust account established to set aside funds for future needs.
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.
IMPROVEMENTS - Valuable additions made to property, amounting to more than repairs, costing labor and capital and intended to enhance the value of the property. Improvements of land would include grading, sidewalks, sewers, streets, utilities, etc. Improvements on land would include buildings, fences, and the like.
IMPUTED INTEREST - Interest implied by the federal tax law.
INCOME APPROACH - An approach to the valuation or appraisal of real property as determined by the amount of net income the property will produce over its remaining economic life.
INCOME PROPERTY- Property purchased primarily for the income to be derived plus certain tax benefits, such as accelerated depreciation. Income property can be commercial, industrial or residential.
INCORPOREAL RIGHTS - Intangible or non-possessory rights in real property such as easements, licenses, profits and the like.
INDEPENDENT CONTRACTOR - One who is retained to perform a certain act, but who is subject to the control and direction of another only as to the end result and not as how he performs the act. The critical feature, and what distinguishes an independent contractor and an employee or agent, is the right to control.
INDUSTRIAL PARK- An area zoned industrial and containing sites for many separate industries and developed and managed as a unit, usually with provisions for common services for the users.
INJUNCTION - A legal action which forbids a party defendant from doing some act; it requires a person to whom it is directed to refrain from doing a particular thing.
INNOCENT PURCHASER FOR VALUE - One who purchases real property without notice, actual or constructive, of any superior rights or interests in the real property.
INSPECTION - A visit to and review of the premises. A prudent purchaser of property always inspects the premises before closing.
INSTITUTIONAL LENDER - Financial institutions such as banks, insurance companies, savings and loans or any lending institution whose loans are regulated by law.
INTEREST - The sum paid or accrued in return for the use of money.
INTERIM FINANCING - A short-term loan usually made during the construction phase of a building project; often referred to as the "construction loan."
INTESTATE - To die without a valid will.
INVENTORY - An itemized list of property. Many brokers recommend that their clients attach to the sales contract an inventory of property to be included in the sale of a residential property, including a condominium dwelling.
INVERSE CONDEMNATION - An action for "just compensation "brought by one whose property has been effectively "taken" or substantially interfered with or taken without just compensation
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JOINT AND SEVERAL LIABILITY - A situation in which more than one party is liable to repay a debt or obligation and a creditor can obtain compensation from one or more parties, either individually or jointly, whichever he chooses.
JOINT TENANCY - A form of property ownership by two or more persons in which the joint tenants have one and the same interest, arising by one and the same conveyance, commencing atone and the same time and held by one and the same possession(the concept of "four unities").
JOINT VENTURE- The joining of two or more people in a specific business enterprise such as the development of a condominium project or a shopping center.
JUDGMENT LIEN - A lien binding on all the real estate of a judgment-debtor and giving the holder of the judgment a right to levy (i.e. to seize) the land for satisfaction of the judgment.
JUDICIAL FORECLOSURE - A method of foreclosing upon real property by means of a court supervised sale. After an appraisal, the court determines an upset price below which no bids to purchase will be accepted.
JUNIOR MORTGAGE - A mortgage which is subordinate in right or lien priority to an existing mortgage on the same realty, such as a second mortgage.
JURISDICTION - The authority or power to act, such as the authority of a court to hear and render a decision that binds both parties.
JUST COMPENSATION- An amount of compensation to be received by a party for the taking of property under the power of eminent domain.
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LAND- The surface of the earth extending down to the center and upward to the sky, including all natural things thereon such as trees, crops, or water; plus the minerals below the surface and the air rights above.
LAND CONTRACT - Another name for an installment purchase contract, by which the buyer obtains equitable title (the right to use the property) while the seller retains legal title (recorded title)as security for payment of the balance of the purchase price.
LAND DESCRIPTION - A description of a particular piece of real property.
LAND LEASEBACK - A creative financing device often used with raw land which a developer wants to improve, in which the developer sells the land to an investor who leases the land back to the developer under a long-term net lease and subordinates his fee ownership to the lender providing development financing.
LAND, TENEMENTS AND HEREDITAMENTS - A feudal phrase used to describe all types of immovable realty including the land, buildings and all appurtenant rights thereto.
LAND TRUST - An association organized by common owners of real property, which holds title to the real property in the name of one or more trustees for the benefit of the owners, whose beneficial interests may be represented by trust certificates.
LANDLOCKED - Real property having no access to a public road or way.
LANDLORD - The lessor or the owner of leased premises. The landlord retains a reversion interest in the property so that when the lease ends the property will revert to the landlord.
LANDMARK - A stake, stream, cliff, monument or other object or feature which is used to fix or define land boundaries; also a prominent feature of a landscape or property that is the symbol for the place.
LANDSCAPING - Shrubs, bushes, trees and the like, on the grounds surrounding a structure.
LATERAL AND SUBJACENT SUPPORT - The support received by a parcel of real property from the land adjoining it is called lateral support. Subjacent support is that support which the surface of the earth receives from its underlying strata.
LAW DAY - The date an obligation becomes due; sometimes refers to the closing date.
LEASE - A lease is both a contract between lessor (landlord)and lessee (tenant) and a conveyance or demise of the premises by the lessor to the lessee. A lease is a contract in that item bodies the agreement between the parties.
LEASEHOLD - A less-than-freehold estate which a tenant possesses in real property.
LEGAL DESCRIPTION - A description which is complete enough that an independent surveyor could locate and identify a specific piece of real property.
LEGAL NOTICE - That notice which is either implied or required by law. Constructive notice under the recording laws is also referred to as legal notice.
LEGAL RATE OF INTEREST - The maximum interest rate permitted bylaw, with anything above that rate being usury.
LESSEE - The person to whom property is rented or leased; called a "tenant" in most residential leases.
LESSOR - The person who rents or leases property to another. In residential leasing, the lessor is often referred to as a landlord.
LESS-THAN-FREEHOLD ESTATE - An estate held by one who rents or leases property. This classification includes an estate for years, periodic tenancy, estate at will, and estate at sufferance.
LETTER OF CREDIT - An agreement or commitment by a bank("issuer") made at the request of a customer ("account party")that the bank will honor drafts or other demands of payment from third parties ("beneficiaries") upon compliance with the conditions specified in the letter of credit.
LETTER OF INTENT - An expression of intent to invest, develop or purchase without creating any firm legal obligation to do so.
LEVEL PAYMENT MORTGAGE - A mortgage which is scheduled to be repaid in equal periodic payments which include both principal and interest.
LEVERAGE - The use of borrowed funds to purchase investment property with the anticipation that the property acquired will increase in return so that the investor will realize a profit not only on his own investment, but also on the borrowed funds; the employment of a smaller investment to generate a larger rate of return through borrowing.
LICENSEE - A person who has a valid license. A real estate licensee can be a salesperson or a broker, active or inactive, an individual, a corporation, or a partnership.
LIEN- A charge or claim which one person (lienor) has upon the property of another (lienee) as security for a debt or obligation. Liens can be created by agreement of the parties(mortgage) or by operation of law (tax liens).
LIFE ESTATE - Any estate in real or personal property which is limited in duration to the life of its owner or the life of some other designated person.
LIMITED COMMON ELEMENTS - That special class of common elements in a condominium reserved for the use of a certain apartment(s) to the exclusion of other apartments.
LIMITED PARTNERSHIP - A partnership formed by two or more persons having as members one or more general partners and one or more limited partners.
LINE OF CREDIT - A maximum amount of money a bank will lend one of its more reliable and credit worthy customers without need for any formal loan submission.
LIQUIDATED DAMAGES - An amount predetermined by the parties to an agreement as the total amount of compensation an injured party should receive in the event the other party breaches a specified part of the contract.
LIQUIDITY - The ability to sell an asset and convert it into cash at a price close to its true value.
LIS PENDENS - A legal document recorded at the County Recorder or Regitrar of Deeds, which gives constructiv notice that an action has been filed in either a state or federal court affecting a particular piece of property.
"Lis Pendens" is a Latin term which means "action pending" and is in the nature of a quasi-lien.
LISTING - A written employment agreement between a property owner and a broker authorizing the broker to find a buyer or a tenant for a certain real property.
LITTORAL LAND - Land bordering on the shore of a sea or ocean and thus affected by the tide currents.
LOAN COMMITMENT - A commitment by a lender of the amount he will loan to a qualified borrower on a particular piece of real estate for a specified amount of time under specific terms.
LOAN-TO-VALUE RATIO - The ratio that the amount of the loan bears to the appraised value of the property or the sales price, whichever is lower.
LOCUS SIGILLI - Latin for "under seal", used in the abbreviated form, "L.S.," at the end of signature line in some formal legal documents; used instead of the actual seal.
LOSS PAYEE - The person designated on an insurance policy to be paid in case the insured property is damaged or destroyed.
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MAINTENANCE - The care and work put into a building to keep it in operation and productive use; the general repair and upkeep of a building. If maintenance is deferred, the building will suffer a loss in value.
MALL - A landscaped public area set aside for pedestrian traffic.
MARGINAL LAND - Land which is of little value because of some deficiency, such as poor access, lack of adequate rainfall, or steep terrain.
MARKETABLE TITLE - Good or clear title reasonably free from risk of litigation over possible defects; also referred to as merchantable title. Marketable title need not, however, be perfect title.
MARKET VALUE- The highest price, estimated in terms of money, which a property will bring if exposed for sale in the open market, allowing a reasonable time to find a purchaser who buys with knowledge of all the uses to which the property is adapted and for which it is capable of being used.
MASTER PLAN - A comprehensive plan to guide the long-term physical development of a particular area.
MEANDER LINE- An artificial line used by the surveyors to measure the natural, uneven, winding property line formed by rivers, streams and other watercourses bordering a property.
MECHANIC'S LIEN - A statutory lien created in favor of materialmen and mechanics to secure payment for materials supplied and services rendered in the improvement, repair or maintenance of real property.
METES AND BOUNDS - A common method of land description that identifies a property by specifying the shape and boundary dimensions of the parcel, using terminal points and angles.
MILITARY CLAUSE- A clause inserted in some residential leases to allow the military tenant to terminate the lease in case of transfer, discharge or other circumstances making termination appropriate.
MINERAL RIGHTS - Rights to subsurface land and profits. Normally, when real property is conveyed, the grantee receives all right and title to the land including everything above and below the surface, unless excepted by the grantor.
MISREPRESENTATION - A false statement or concealment of a material fact made with the intent to induce some action by another party.
MONEY - The cash deposit (including initial and additional deposits) paid by the prospective buyer of real property as evidence of his good faith intention to complete the transaction; called hand money or a binder in some states.
MONTH-TO-MONTH TENANCY - A periodic tenancy where the tenant rents for one month at a time. In the absence of rental agreement (oral or written), a tenancy is deemed to be month-to-month, or in the case of boarders, week-to-week.
MONUMENTS - Visible markers, both natural and artificial objects, which are used to establish the lines and boundaries of a survey.
MORTGAGE - A legal document used to secure the performance of an obligation. In effect, the mortgage states that the lender can look to the property in the event the borrower defaults in payment of the note.
MORTGAGE BANKER - A corporation or firm which normally provides its own funds for mortgage financing.
MORTGAGE BROKER - A person or firm which acts as an intermediary between borrower and lender; one who, for compensation or gain, negotiates, sells or arranges loans and sometimes continues to service the loans.
MORTGAGEE - The one who receives and holds a mortgage as security for a debt; the lender; a lender or creditor who holds a mortgage as security for payment of an obligation.
MORTGAGOR - The one who gives a mortgage as security for a debt; the borrower; usually the landowner; the borrower or debtor who hypothecates or puts up his property as security for an obligation.
MULTIPLE LISTING SERVICE (MLS) - An organization created by Realtors to facilitate the sharing of listings among member brokers.
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NATIONAL ASSOCIATION OF REALTORS - Formerly known as the National Association of Real Estate Boards (NAREB), it is the largest and most prestigious real estate organization in the world.
NEGATIVE CASH FLOW- The investment situation where cash expenditures to maintain an investment (taxes, mortgage payments, maintenance, etc.) exceed the cash income received from the investment.
NEGOTIABLE INSTRUMENT - Any written instrument which may be transferred by endorsement or delivery so as to vest legal title in the transferee.
NEGOTIATION - The transaction of business aimed at reaching a meeting of minds among the parties; bargaining.
NET INCOME - The sum arrived at after deducting from gross income the expenses of a business or investment, including taxes and insurance, and allowances for vacancy and bad debts; what the property will earn in a given year's operation.
NET LEASE - A lease, usually commercial, whereby the lessee pays not only the rent for occupancy, but also pays maintenance and operating expenses such as tax, insurance, utilities and repairs. Thus the rent paid is "net" to the lessor.
NET WORTH - The value remaining after deducting liabilities from assets.
NOMINAL CONSIDERATION - A consideration bearing no relation to the real value of the contract. A deed often recites a nominal consideration, such as "ten dollars and other valuable consideration."
NON-COMPETITION CLAUSE - A provision in a contract or lease prohibiting a person from operating or controlling a nearby business which would compete with one of the parties to the contract.
NONCONFORMING USE - A permitted use which was lawfully established and maintained but which no longer conforms to the current use regulations because of a change in the zoning.
NONDISTURBANCE CLAUSE - A clause inserted in a mortgage whereby the mortgagee agrees not to terminate the tenancies of lessees who pay their rent if the mortgagee forecloses on the mortgagor-lessor's building.
NORMAL WEAR AND TEAR- That physical deterioration which occurs in the normal course of the use for which a property is intended, without negligence, carelessness, accident or abuse of the premises (or equipment or chattels) by the occupant, members of household, or their invitees or guests.
NOTE - A document signed by the borrower of a loan, stating the loan amount, the interest rate, the time and method of repayment and the obligation to repay. The note is the evidence of the debt. When secured by a mortgage, it is called a mortgage note.
NOTICE - (1) Legal notice is notice which is required to be made by law, or notice which is imparted by operation of law as a result of the possession of property or the recording of documents. (2) Notice which is required by contract, for example, when the parties agree to terminate a contract by the written notice of either party 30 days prior to termination.
NOTICE OF COMPLETION - Document filed to give public notice that a construction job has been completed and that mechanics' liens must be filed within ,say, 45 days to be valid.
NOTICE OF DEFAULT- A notice to a defaulting party that there has been a default, usually providing a grace period in which to cure the default.
NOTICE OF NONRESPONSIBILITY - A legal notice designed to relieve a property owner from responsibility for the cost of improvements ordered by another person.
NOTICE TO QUIT - A written notice given by a landlord to his tenant, stating that the landlord intends to regain possession of the leased premises and that the tenant is required to quit and remove himself from the premises either at the end of the lease term or immediately if there is a breach of lease or if the tenancy is at will or by sufferance; sometimes refers to the notice given by the tenant to the landlord that he intends to give up possession on a stated day.
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.
NUISANCE - Conduct or activity which results in an actual physical interference with another person's reasonable use or enjoyment of his property for any lawful purpose.
NULL & VOID - Having no legal force or effect; of no worth; unenforceable; not binding.
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OBSOLESCENCE - A type of depreciation of property.
OFFER - A promise by one party to act or perform in a specified manner provided the other party will act or perform in the manner requested.
OFFER AND ACCEPTANCE - The two components of a valid contract; a "meeting of the minds."
OFFICE EXCLUSIVE - A listing in which the seller refuses to submit the listing to Multiple Listing Service, even after being informed of the advantages of MLS, and signs a certification to that effect.
OFFSITE COSTS- Costs such as for sewers, streets, utilities, etc., which are incurred in the development of raw land, but are not connected with the actual construction of the buildings(onsite costs).
OPEN-END MORTGAGE - A mortgage in which the borrower is given a limit up to which he may borrow, with any incremental advances of money up to but not exceeding the original borrowing limit to be secured by the same mortgage.
OPEN HOUSE - The common real estate practice of showing a listed home to the public during established hours, frequently on Sunday afternoons.
OPEN LISTING - A listing given to any number of brokers. The first broker who secures a buyer ready, willing and able to purchase at the terms of the listing is the one who earns the commission.
OPEN SPACE - Certain portion of the landscape which has not been built upon and which is sought either to be reserved in its natural state or used for agricultural or recreational purposes(such as parks, squares, and the like).
OPERATING EXPENSES - Those periodic and necessary expenses which are essential to the continuous operation and maintenance of a property.
OPINION OF TITLE - An opinion by a person competent in examining titles, usually a title attorney, as to the status of the title of a property.
OPTION- An agreement to keep open, over a set period, an offer to sell or purchase property.
ORIGINATION FEE - The finance fee charged by a lender for placing a mortgage, which covers initial costs such as preparation of documents and credit, inspection and appraisal fees.
OVERIMPROVEMENT - An improvement which by reason of excess size or cost is not the highest and best use for the site on which it is placed.
OVERRIDE - A commission paid to managerial personnel (e.g. principal broker) on sales made by their subordinates, usually calculated as a percentage of the gross sales commissions earned by the salesperson.
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PACKAGE MORTGAGE - A method of financing in which the loan that finances the purchase of a home also finances the purchase of personal items such as a washer and dryer, refrigerator, stove and other specified appliances.
PARCEL- A specific portion of a larger tract; a lot.
PARTIAL RELEASE - A clause found in a mortgage which directs the mortgagee to release certain parcels from the lien of the blanket mortgage upon the payment of a certain sum of money.
PARTICIPATION MORTGAGE- A mortgage in which the lender participates in the income of the mortgaged venture beyond a fixed return, or receives a yield on the loan in addition to the straight interest rate.
PARTITION - The dividing of common interests in real property owned jointly by two or more persons.
PARTNERSHIP - "An association of two or more persons to carry on as co-owners a business for profit," as defined in the Uniform Partnership Act, which is in force in a majority of the states.
PARTY WALL- A wall which is located on or at a boundary line between two adjoining parcels and is used or is intended to be used by the owners of both properties in the construction or maintenance of improvements on their respective lots.
PENTHOUSE- An apartment located on the roof of a building, or more commonly, an apartment on the top floor of a building.
PERCENTAGE LEASE - A lease whose rental is based on a percentage of the monthly or annual gross sales made on the premises.
PERCOLATION TEST- A hydraulic engineer's test of soil to determine the ability of the ground to absorb and drain water.
PERFORMANCE BOND - A bond, usually posted by one who is to perform work for another, which assures that a project or undertaking will be completed as per agreement or contract.
PERIODIC TENANCY- A leasehold estate which continues from period to period, such as month to month, year to year. All conditions and terms of the tenancy are carried over from period to period, and continue for an uncertain time until proper notice of termination is given.
PERMANENT FINANCING- A long-term loan, as opposed to an interim loan.
PERSONAL PROPERTY - Things which are tangible and moveable; property which is not classified as real property; chattels; personalty.
PIGGYBACK LOAN- A joint loan with two lenders sharing a single mortgage.
PLANNED UNIT DEVELOPMENT (PUD)- A modern concept in housing designed to produce a high density of dwellings and maximum utilization of open spaces.
PLAT - A map or a town, section, or subdivision indicating the location and boundaries of individual properties.
PLOTTAGE - The merging or consolidating of adjacent lots into one larger lot, with the consequent result of improved usability and increased value; also called assemblage.
POCKET LISTING - A listing which is retained by the listing broker or salesperson, who does not make it available to other brokers in the office or to other Multiple Listing Service members.
POINT OF BEGINNING - The starting point in a metes and bounds description of property, which is usually a street intersection or a specific monument.
POINTS - A generic term for a percentage of the principal loan amount which the lender charges for making the loan; each point is equal to one percent of the loan amount.
POLICE POWER - The constitutional authority and inherent power of a state to adopt and enforce laws and regulations to promote and support the public health, safety, morals and general welfare.
PORTE COCHERE - A roofed structure extending from the entrance of a building over an adjacent driveway to shelter those getting into or out of vehicles.
POSSESSION - The act of either actually or constructively possessing or occupying property.
POWER OF ATTORNEY - A written instrument authorizing a person(the attorney-in-fact) to act as the agent on behalf of another to the extent indicated in the instrument.
POWER OF SALE - A clause written into a mortgage authorizing the mortgagee to sell the property in the event of default.
PREMISES - The subject property, such as the property which is deeded or the unit that is leased.
PREPAID INTEREST - The paying of interest before it is due.
PREPAYMENT PENALTY - The amount set by the creditor as a penalty to the debtor for paying off the debt prior to its maturity. The prepayment penalty is charged by the lender to recoup a portion of interest that he had planned to earn when he made the loan.
PREPAYMENT PRIVILEGE - The right of the debtor to pay off part or all of the debt without penalty prior to maturity, such as in a mortgage or agreement of sale.
PRE-SALE - A pre-construction sale program by a condominium developer who is required to sell a certain percentage of units before a lender will commit to finance construction of the project.
PRESCRIPTION - The acquiring of a right in property, usually in the form of an intangible property right such as an easement or right-of-way, by means of adverse use of property that is continuous and uninterrupted for the prescriptive period.
PRESENT VALUE OF ONE DOLLAR - A doctrine which is based on the fact that money has a time value. The present worth of a payment to be received at some time in the future is the amount of the payment less the loss of interest.
PRIME RATE - The minimum interest rate charged by a commercial bank on short-term loans to its largest and strongest clients(those with the highest credit standings).
PRINCIPAL - The capital sum; interest is paid on the principal. NOT spelled principle.
PRINCIPAL BROKER- The licensed broker directly in charge of and responsible for the real estate operations conducted by a brokerage company.
PRIVATE MORTGAGE INSURANCE- A special form of insurance designed to permit lenders to increase their loan-to-market-value ratio, often up to 95 percent of the market value of the property.
PROBATE - The formal judicial proceeding to prove or confirm the validity of a will. The will is presented to the probate court, and creditors and interested parties are notified to present their claims or to show cause why the provisions of the will should not be enforced by the court.
PROCURING CAUSE - That effort which brings about the desired result, as in producing the buyer for the listed property.
PRO FORMA STATEMENT - A projection of future income and expenses.
PROMISSORY NOTE - An unconditional written promise of one person to pay a certain sum of money to another, or order, or bearer, at a future specified time.
PROPERTY- The rights or interests a person has in the thing owned; not, in the technical sense, the thing itself. These rights include the right to possess, to use, to encumber, to transfer and to exclude, commonly called the "bundle of rights."
PROPERTY MANAGEMENT- That aspect of real estate devoted to the leasing, managing, marketing and overall maintenance of the property of others.
PROPERTY REPORT - A disclosure document required under the federal interstate land sales act where applicable to the interstate sale of subdivided lots.
PROPRIETARY LEASE- A written lease in a cooperative apartment building, between the owner-corporation and the tenant-stockholder, in which the tenant is given the right to occupy a particular unit.
PRORATE - To divide or distribute proportionately.
PROSPECT- A person or corporation who may be interested in buying or selling real property. The prospect does not become a client until the parties establish a fiduciary relationship, such as upon signing a listing contract or upon executing a DROA.
PROSPECTUS - A printed statement distributed to describe, advertise and give advance information on a business, venture, project or stock issue.
PUFFING - Exaggerated or superlative comments or opinions not made as representations of fact and thus not a grounds for misrepresentation. A statement such as "the apartment has a fantastic view," is puffing because the prospective buyer can clearly assess the view in each case.
PUNCH LIST - A discrepancy list showing defects in construction which need some corrective work to bring the building up to standards set by the plans and specifications.
PURCHASE MONEY MORTGAGE- A mortgage given to the seller as part of the buyer's consideration for the purchase of real property, and delivered at the same time that the real property is transferred as a simultaneous part of the transaction.
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QUALIFIED FEE- An estate in fee which is subject to certain limitations imposed by the owner.
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.
QUIET ENJOYMENT - The right of a new owner or a lessee legally in possession to uninterrupted use of the property without interference from the former owner, lessor or any third party claiming superior title.
QUIET TITLE ACTION - A circuit court action intended to establish or settle the title to a particular property, especially where there is a cloud on the title.
QUITCLAIM DEED - A deed of conveyance which operates, in effect, as a release of whatever interest the grantor has in the property; sometimes called a release deed.
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RANGE - A measurement, used in the government survey system, consisting of a strip of land six miles wide, running in a north-south direction.
RATE OF RETURN - The relationship (expressed as a percentage)between the annual net income generated by a business and the invested capital, or the appraised value, or the gross income, etc., of the business.
RAW LAND - Unimproved land; land in its unused natural state prior to the construction of improvements such as streets, lighting, sewers, and the like.
REAL ESTATE - The physical land and appurtenances, including any structures; for all practical purposes synonymous with real property.
REAL PROPERTY - All land and appurtenances to land, including buildings, structures, fixtures, fences, and improvements erected upon or affixed to the same; excluding, however, growing crops.
REALTOR - A registered word which may only be used by an active real estate broker who is a member of the state and local real estate board affiliated with the National Association of Realtors. The use of the name REALTOR and the distinctive seal in advertising is strictly governed by the rules and regulations of the National Association.
REALTY- Land and everything permanently affixed thereto.
REBATE - A reduction or kickback of a stipulated charge.
RECAPTURE CLAUSE - A clause usually found in percentage leases, especially in shopping center leases, giving the landlord the right to terminate the lease (and thus "recapture" the premises)if the tenant does not maintain a specified minimum amount of business.
RECEIVER - An independent party appointed by a court to impartially receive, preserve and manage property which is involved in litigation, pending final disposition of the matter before the court.
RECORDING- The act of entering into the book of public records the written instruments affecting the title to real property, such as deeds, mortgages, contracts of sale, options, assignments, and the like. Proper recordation imparts constructive notice to all the world of the existence of the recorded document and its contents.
REDEMPTION, EQUITABLE RIGHT OF - The right of a mortgagor who has defaulted on the mortgage note to redeem or get back his title to the property by paying off the entire mortgage note prior to the foreclosure sale.
REDUCTION CERTIFICATE - An instrument which shows the amount of the unpaid balance of a mortgage, the rate of interest and the date of maturity.
REFINANCE - The act of obtaining a new loan to pay off an existing loan; the process of paying off one loan with the proceeds from another.
REFORMATION - A legal action to correct or modify a contract or deed which has not accurately reflected the intentions of the parties due to some mechanical error, such as a typo graphical error in the legal description.
RELEASE- The discharge or relinquishment of a right, claim or privilege. Releases involving real property transactions should be acknowledged and recorded.
RELEASE CLAUSE - A provision found in many blanket mortgages enabling the mortgagor to obtain partial releases of specific parcels from the mortgage upon the payment of, typically, a larger-than-pro-rata portion of the loan.
REMAINDER ESTATE - A future interest in real estate created at the same time and by the same instrument as another estate, and limited to arise immediately upon the termination of the prior estate.
RENEWAL OPTION - A covenant in some leases which gives the lessee the right to extend the lease term for a certain period, on specified terms.
RENT - Fixed periodic payment made by a tenant or occupant of property to the owner for the possession and use thereof, usually by prior agreement of the parties.
RENT CONTROL - Regulation by state or local governmental agencies restricting the amount of rent landlords can charge their tenants; such regulation is a valid exercise of the state's police power.
RENTAL AGREEMENT - An agreement, written or oral, which establishes or modifies the terms, conditions, rules, regulations, or any other provisions concerning the use and occupancy of a dwelling unit and premises; a lease on residential property.
RENTAL POOL - A rental arrangement whereby participating owners of rental apartments agree to have their apartment units available for rental as determined by the rental agent, and then share in the profits and losses of all the rental apartments in the pool according to an agreed formula.
REPRODUCTION COST- The cost, on the basis of current prices, of reproducing a new replica property with the same or fairly similar material.
RESCISSION - The legal remedy of canceling, terminating or annulling a contract and restoring the parties to their original positions; a return to the status quo.
RESERVE FUND - Monies set aside as a cushion of capital for future payment of items such as taxes, insurance, furniture replacement, deferred maintenance, etc.; sometimes referred to as an impound account.
RESIDUAL PROCESS - An appraisal process used in the income approach to estimate the value of the land and/or the building, as indicated by the capitalization of the residual net income attributable to it.
RESTRICTIONS - Limitations on the use of property. Private restrictions are created by means of restrictive covenants written into real property instruments, such as deeds and leases.
RESTRICTIVE COVENANT - A private agreement, usually contained in a deed, which restricts the use and occupancy of real property.
RETALIATORY EVICTION - An act whereby a landlord evicts the tenant in response to some complaint made by the tenant.
REVERSION- A future estate in real property created by operation of law when a grantor conveys a lesser estate than he has. The residue left in the grantor is called a reversion which commences in possession in the future upon the end of a particular estate granted or devised, whether it be freehold or less-than-freehold.
RIGHT OF SURVIVORSHIP- The distinctive characteristic of a joint tenancy (also tenancy by entirety) by which the surviving joint tenant(s) succeeds to all right, title and interest of the deceased joint tenant without the need for probate proceedings.
RIGHT-OF-WAY- The right or privilege, acquired through accepted usage or by contract, to pass over a designated portion of the property of another.
RIPARIAN- Those rights and obligations which are incidental to ownership of land adjacent to or abutting on watercourses such as streams and lakes.
RISK OF LOSS- Responsibility for damages caused to improvements. The risk of loss passes to the vendee when either title or possession passes, and he should protect himself by securing proper insurance.
RUNNING WITH THE LAND - Rights or covenants which bind or benefit successive owners of a property are said to run with the land, such as restrictive building covenants in a recorded deed which would affect all future owners of the property.
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SALE AND LEASEBACK - A transaction in which, typically, an owner sells his improved property and as part of the same transaction signs a long-term lease and remains in possession.
SCHEMATICS - Preliminary architectural drawings and sketches; basic layouts not containing the final details of design.
SECOND MORTGAGE - A mortgage which is junior or subordinate to a first mortgage; typically, an additional loan imposed on top of the first mortgage, which is taken out when the borrower needs more money.
SECONDARY MORTGAGE MARKET- A market for the purchase and sale of existing mortgages, designed to provide greater liquidity for mortgages; also called secondary money market.
SECURITY AGREEMENT - A security document which creates a lien upon chattels, including chattels intended to be affixed to land as fixtures; known as a chattel mortgage prior to the adoption of the Uniform Commercial Code.
SECURITY DEPOSIT - Money deposited by or for the tenant with the landlord, to be held by the landlord for the following purposes: to remedy tenant defaults for damage to the premises (be it accidental or intentional), for failure to pay rent due, or for failure to return all keys at the end of the tenancy.
SEPTIC TANK - A sewage settling tank in which part of the sewage is converted into gas and liquids before the remaining waste is discharged by gravity into a leaching bed underground.
SETBACK- Zoning restrictions on the amount of land required surrounding improvements; the amount of space required between the lot line and the building line.
SETTLEMENT- The act of adjusting and prorating the various credits, charges and settlement costs to conclude a real estate transaction.
SEVERALTY - Sole ownership of real property.
SHELL LEASE - A lease wherein a tenant leases the unfinished shell of a building, as in a new shopping center, and agrees to complete construction himself by installing ceilings, plumbing, heating and air conditioning systems, and electrical wiring.
SHOPPING CENTER - A modern classification of retail stores, characterized by off-street parking and clusters of stores, subject to a uniform development plan, and usually with careful analysis given to the proper merchant mix.
SHORELINE - The dividing line between private land and public beach on beachfront property.
SIMPLE INTEREST - Interest computed on the principal balance only.
SPECIAL ASSESSMENT - A tax or levy customarily imposed against only those specific parcels of realty which will benefit from a proposed public improvement, as opposed to a general tax on the entire community.
SPECIAL WARRANTY DEED- A deed in which the grantor warrants or guarantees the title only against defects arising during the period of his tenure and ownership of the property and not against defects existing before the time of his ownership.
SPECIFIC PERFORMANCE- A legal action brought in a court of equity to compel a party to carry out the terms of a contract.
SPOT LOAN - A loan on a particular property, usually a condominium unit, by a lender who has not previously financed that particular condominium building.
STANDING LOAN - A commitment by the interim or construction lender to keep the money already funded in the project for a specified period of time after the expiration of the interim loan, usually until permanent take-out financing is secured.
STATUTE OF FRAUDS - That law which requires certain contracts to be in writing and signed by the party to be charged therewith in order to be legally enforceable.
STATUTE OF LIMITATIONS - That law pertaining to the period of time within which certain actions must be brought to court.
STEP-UP LEASE - A lease with fixed rent for an initial term and provision for pre-determined rent increases at specified intervals and/or increases based upon periodic appraisals; sometimes called a graduated lease.
STRAIGHT NOTE- A promissory note evidencing a loan in which "interest only" payments are made periodically during the term of the note, with the principal payment due in one lump sum upon maturity.
SUBJECT TO MORTGAGE - A grantee taking title to real property "subject to mortgage" is not personally liable to the mortgagee for payment of the mortgage note. In the event the grantor-mortgagor defaults in paying the note, the grantee could, however, lose property, and thus his equity, in a foreclosure sale.
SUBORDINATION AGREEMENT- An agreement whereby a prior mortgagee agrees to subordinate or give up their priority position to an existing or anticipated future lien.
SUMMARY POSSESSION- A legal process used by a landlord to regain possession of the leased premises if the tenant has breached the lease or is holding over after the termination of tenancy.
SURRENDER - A premature conveyance of a possessory estate to a person having a future interest, as when a lessee surrenders the leasehold interest to the owner of the reversion interest, the lessor, before the normal expiration of the lease.
SURVEY - The process by which boundaries are measured and land areas are determined; the on-site measurement of lot lines, dimensions, and position of houses in a lot including the determination of any existing encroachments or easements.
SURVIVORSHIP- The right of survivorship is that special feature of a joint tenancy whereby all title, right and interest of a decedent joint tenant in certain property passes to the surviving joint tenants by operation of law, free from claims of heirs and creditors of the decedent.
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TAKE-OUT FINANCING - Long-term permanent financing.
TAX LIEN- A general statutory lien imposed against real property for failure to pay taxes. There are federal tax liens and state tax liens.
TAX SHELTER - A phrase often used to describe some of the tax advantages of real estate investment, such as deductions for depreciation, interest, taxes, etc., which may offset the investor's other ordinary income to reduce the investor's overall tax payment.
TENANCY AT SUFFERANCE - A tenancy which exists when a tenant wrongfully holds over after the expiration of a lease, without the landlord's consent, as where the tenant fails to surrender possession after termination of the lease.
TENANCY AT WILL - A tenancy in which a person is in possession of real estate with the permission of the owner, for a term of unspecified or uncertain duration, as when an owner permits a tenant to occupy a property until it is sold.
TENANCY BY THE ENTIRETY - A special joint tenancy between a lawfully married husband and wife, which places all title to the property into the marital unit, with both spouses having an equal, undivided interest in the whole property.
TENANCY FOR YEARS - A less-than-freehold estate in which the property is leased for a definite, fixed period of time, be it for 60 days or any fraction of a year, a year, ten years, etc.
TENANCY IN COMMON- A form of concurrent ownership of property between two or more persons, in which each has an undivided interest in the whole property; frequently found when the parties acquire title by descent or by will.
TENANCY IN SEVERALTY - Ownership of property vested in one person alone, and not held jointly with another; also called Several Tenancy or Sole Tenancy.
TENANT - In general, one who holds or possesses property, such as a life tenant or a tenant for years; commonly used to refer to a lessee under a lease.
TIME IS OF THE ESSENCE - The clause in a contract which emphasizes that punctual performance is an essential requirement of the contract.
TIME SHARING - A modern approach to communal ownership and use of real estate which permits multiple purchasers to buy undivided interests in real property (which is usually in a resort condominium or hotel) with a right to use the facility for a fixed or variable time period.
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.
TITLE SEARCH - An examination of the public records to determine what, if any, defects there are in the chain of title.
TOWNHOUSE - A type of dwelling unit normally having two floors, with the living area and kitchen on the base floor and the bedrooms located on the second floor.
TOWNSHIP - A piece of property, used in the government survey system of land description, which is 6 miles square, and contains36 sections, each 1 mile square; and consists of 23,040 acres.
TRADE FIXTURES - Articles of personal property annexed to leased premises by the tenant, as a necessary part of the tenant's trade or business.
TRIPLE NET LEASE - A net, net, net lease, where in addition to the stipulated rent, the lessee assumes payment of all expenses associated with the operation of the property.
TRUST DEED- A real property security device (also called a deed of trust) very similar to a mortgage, except that there are three parties, the trustor, the trustee, and the beneficiary (the lender).
TRUST FUND ACCOUNT - An account set up by a broker at a bank or other recognized depository, into which the broker deposits all funds entrusted to him by his principal or others.
TURNKEY PROJECT - A development term meaning the complete construction package from ground breaking to the completion of the building. All that is left undone is to turn over the keys to the buyer.
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UNILATERAL CONTRACT - A contract in which one party makes an obligation to perform without receiving in return any express promise of performance from the other party, such as an open listing contract, where the seller agrees to pay a commission to the first broker who brings in a ready, willing and able buyer.
UPSET PRICE - A minimum price set by a court in a judicial foreclosure, below which the property may not be sold by a court appointed commissioner at public auction; the minimum price which can be accepted for the property after the court has had the property appraised.
USEFUL LIFE- That period of time over which an asset, such as a building, is expected to remain economically feasible to the owner.
USURY - Charging a rate of interest in excess of that permitted by law.
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VACANCY FACTOR - An allowance or discount for estimated vacancies(unrented units) in a rental project. The vacancy rate is the ratio between the number of vacant units and the total number of units in a specified project or area.
VALUE- The power of a good or service to command other goods in exchange for the present worth of future rights to income or amenities; the present worth to typical users and investors of future benefits arising out of ownership of a property.
VARIANCE - Permission obtained from governmental zoning authorities to build a structure or conduct a use which is expressly prohibited by the current zoning laws; an exception from the zoning laws.
VENDEE - The purchaser of realty; the buyer. The buyer under an agreement of sale.
VENDOR - The seller of realty. The seller under an agreement of sale.
VOID - Having no legal force or binding effect; a nullity; not enforceable. A contract for an illegal purpose (i.e. gambling)is void.
VOIDABLE - A contract which appears valid and enforceable on its face, but is subject to rescission by one of the parties who acted under a disability, such as being a minor or being under duress or undue influence; that which may be avoided or adjudged void but which is not, in itself, void.
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WAIVER- To voluntarily give up or surrender a right.
WAREHOUSE- A building used to store merchandise and other materials or equipment.
WAREHOUSING - A term used in financing to describe the process which loan correspondents employ, assembling into one package a number of mortgage loans which the correspondent has originated and selling them in the secondary mortgage market.
WARRANTY- A guaranty by the seller, covering the title as well as the physical condition of the property.
WARRANTY DEED - A deed in which the grantor fully warrants good clear title to the premises. Also called a general warranty deed.
WASTE - An improper use or abuse of property by one in possession of land, who holds less than the fee ownership, such as a tenant, life tenant, mortgagor, or vendee.
WEAR AND TEAR - The gradual physical deterioration of property, resulting from use, passage of time and weather. Only property subject to wear and tear is depreciable.
WRAP-AROUND MORTGAGE- A method of refinancing in which the new mortgage is placed in a secondary or subordinate position. In essence, it is an additional mortgage in which another lender refinances a borrower by lending an amount over the existing first mortgage amount, without cashing out or distributing the existence of the first mortgage.
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YEAR-TO-YEAR TENANCY- A periodic tenancy in which the rent is reserved from year to year.
YIELD - The return on an investment or the amount of profit, stated as a percentage of the amount invested.
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ZONING- The regulation of structures and uses of property within designated districts or zones. Zoning regulates and affects such things as use of the land, types of structure permitted, building heights, setbacks, and density (the ratio of land area to improvement area).
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What our clients are saying  

"Dan went above & beyond what we expected. His assistant Terry was also fantastic. Dan always responded when called or texted. I would strongly recommend Dan & his team.."

 

~ Maurenn O'Malley

"Dan Fabbri and his team were exceptional to work with. Everything was done expeditiously and professionally. All the last minute details were handled by Dan and Terry thus eliminating any stress related to the closing. I would highly recommend Dan and his team for any future Real Estate transactions."

 

~ Helen Lennox

"Dan did a great job with getting our house sold. Very knowledgeable of the market. Helped us price right and had it sold in a week. Highly recommend Dan & his team." ChuckSilva 30 Autumn St, Everett, MA 02149

 

~ 2017

Dan Fabbri and his team were terrific handling the sale of my two-family house. Dan is an incredibly honest agent, who actually told me back in 2011 NOT to sell my house, because the market would not deliver the true value of the house. I didn’t sell. But 6 years later, I went back to Dan and he sold the house for hundreds of thousands more than just 6 years before. His honest advice is hard to find in the real estate market. I recommend Dan and his team to anyone hoping to sell their home at a fabulous price.

 

~ 2017

Dan did a great job helping myself and my family sell our house" Chuck Silva

 

~ 2017

Sold in under a week! I would definitely recommend Dan and Terry from Century 21! Mike Mahen

 

~ 2017

"Dan Fabbri is extremely thorough and attentive. He was with us for every step of the process. He is very knowledgeable of the market and we were confident of his abilities to negotiate the best offer for us. I would highly recommend Dan Fabbri as an agent"

 

~ 2017

"I was impressed with the direct mail letter I received and kept it so I could refer back to it. Though we were not quite ready to sell, I did contact Dan Fabbri to tell him we were interested in his services but it would be several months. Dan was great when we finally knew we had to sell, but in all that time Dan never pushed or pressured us to use his services. The best thing I ever did was to keep the initial direct mail letter sent by Dan. This would be for Dan and any office staff I dealt with. Dan understood the market and knew the plus and minus factors of our old house. Dan Fabbri had everything under control and made the process so much easier for us as we had already moved out of town. He took care of all the minutiae involved in the selling of the house. He totally understood the condition of the house, location and price range." Judy & Bill Woods, East Falmouth, Massachusetts (Seller)

 

~ 2017

Dan is a true professional having not only the knowledge and expertise to price and market a property but Dan has a critical understand of when to act and when to communicate to facilitate a smooth transaction.

 

~ David Rufo - Everett

Dan is straight up and very responsive with his communications, and he knows his business and markets. More real estate agents should be like him. He always answered the phone, or called me back right away. He was helpful in guiding me through the process, and did it with a sense of humor!

 

~ Zillow user 20792473

Highly likely to recommend 09/08/2016 - user20792473 Sold a Single Family home in 2016 in Everett, MA. Local knowledge: Excellent Process expertise: Excellent Responsiveness: Excellent Negotiation skills: Excellent Dan is straight up and very responsive with his communications, and he know his business and markets. More real estate agents should be like him. He always answered the phone or called back right away. He was helpful in guiding me though the process, and did it with a sense of humor!

 

~ 2106

Dan and his team are very experienced with selling houses. Dan is knowledgeable which successfully helped me sell my house. He did a great job marketing my house. He is responsive and answered all of my questions. I was pleased to receive reasonable offers in a short period of time. In the future, I will recommend all my friends and relatives to him if they have a house to sell.

 

~ sanhchau75

10/18/2016 "Dan and his team are absolutely top notch. Every aspect of this transaction went smoothly. Dan met with me and was fully prepared for the meeting with a detailed description of the comps in the area and a full analysis of what he felt the property was currently worth. The end result was exactly as Dan had explained. I was impressed with his detail and attention throughout the process. Dan's team was great too. Always accessible and ready to help or answer any questions I had. My experience with Dan and his team was great from start to finish." Ken Simmons 12-Sep-2016

 

~ 2016

12-Sep-2016 Dan was highly knowledgeable about the local market conditions and suggested the right pricing strategy to have the property sold quickly and profitably. Ravi Selvaraj, Milpitas, CA September 2016, "The service and understanding by Dan and his staff were the best I could have hoped for. They were so professional, that, I still have not met Dan. All done by phone and e-mail. These people performed just as they said they would. I can't believe how good they were at what they do. THE BEST!" Donna Sullivan

 

~ 2016

20-Aug-2016 Scheduling site visit was easy and efficient. Dan provided expert market analysis online and provided excellent collateral written material. Broker's commision rate sealed the deal. Dan's assistant, Terry, was super efficient, friendly and knowledgable. Gave me confidence from first to last contact. Dan has almost old world style manners. From first contact liked him. Communication in person, by phone or email always gracious, timely and knowledgeable. Norma and Ed Mahoney, Medford 7/20/2016

 

~ 2016

"dan is a true professional,extremely knowledgeable in all aspects of his business, as well are his staff. first buyer gave us a problem of dragging us down a dead end street that ended in his inability to get a mortgage, dan and I felt the same about him, the second buyer could not have worked out any better: flawless." Patricia Grande I would recommend Dan to family and friends. I felt like I made a friend. He made me feel important and that he was working very hard for me. He made it a pleasure. Laurie Canning, Malden, MA

 

~ 2016

June 7th, 2016 We were incredibly impressed with Dan Fabbri's knowledge of the area and market expertise. He always explained things in a clear concise manner and didn't hesitate to elaborate if we needed further explanation. We never felt rushed, pressured or pushed into making any decisions on selling our home that we were not comfortable with. Our condo sold incredibly fast, only 4 days on the market, who couldn't love that! Dan Fabbri made selling our home as easy and seamless as possible. His staff at the office was incredibly helpful and responsive. We would absolutely use Dan Fabbri again and recommend him to anyone looking to sell their home!! Shannon & Matt Johnston

 

~ 2016

"Dan and his team are very experienced with selling houses. Dan is knowledgeable which successfully helped me sell my house. He did a great job marketing my house. He is responsive and answered all of my questions. I was pleased to receive reasonable offers in a short period of time. In the future, I will recommend all my friends and relatives to him if they have a house to sell" Sanh Tho Chau

 

~ 2016

June 8, 2016 went smoothly and very satisfied with Dan Fabbri and his team. a pleasure to deal with everyone involved Don Meninger,everett,ma.

 

~ 2016

June 8, 2016 Thank you Dan for a great job done. Dan Fabbri and his team at Century 21 Advance, did a great job selling my mothers house. He was professional, pays attention to detail and did a great job show casing my mother's home on line. - Denise sarnie

 

~ 2016

May, 2016 Dan always made me feel he had my best interest at heart, and help get some difficult repairs done for me. Steve, Malden MA

 

~ 2016

March, 2016 "Dan Fabbri recently helped us sell our commercial building. He knew the market very well and did a great job marketing the building. The pictures came out fantastic and he added a nice detailed description. He was always there to answer any of our questions. I would highly recommend him for your real estate needs." Marco Malden, Ma

 

~ 2016

3-March-2016 "Dan Fabbri helped my family in the purchase and sale of two residences in Medford. He is a real professional and knows the market extremely well. We had confidence in him as our broker and his advice proved to be right on target." William & Catherine Galanes

 

~ 2016

5-Jan-2016 " Dan and his team provided superlative service throughout the sales process. Any questions we had were answered before we even had to ask. Most importantly, we quickly got a great price for our property and the transaction was trouble-free. In my day job I teach real estate agents how to be successful marketers. Dan did everything I try to teach my clients and more. If you want a top-notch sales professional to ensure you get the best price for your home, you can’t do better than Dan and his team." Andrew

 

~ 2016

31-Dec-2015 " Dan knows his stuff and made things happen!" Fran Healy, Asheville, NC

 

~ 2015

31-Dec-2015 " Dan knew the market and the values associated with it. He understood the strengths and weaknesses of the property and maximized the value of the home. He was patient and understanding in dealing with a situation that included having multiple sellers of the property in different states and dealing with the issues that the situation presented. I would hire Dan again in a heartbeat and would recommend him to all my friends and family." Robert Mierzykowski

 

~ 2015

14-Dec-2015 "Dan was a pleasure to work with his assessment of the property was perfect and had my house under agreement in his a couple of days" Phillip LoChiatto & William Sawyer

 

~ 2015

5-Nov-2015 Dan Fabbri, has a real good understanding of the Medford market & a solid marketing plan & that became apparent after a few conversations with him. Dan was outstanding in delivering what he said he would deliver. He followed through on all aspects of the process and worked very closely with me as the seller. He provided the advice, such as ripping up the carpet to expose the hardwood floors, and I followed his tips and it worked out great. Offer over asking price. Having bought & sold 2 houses in my past has afforded me the experience of working with real estate brokers in my past. Dan Fabbri, is a true professional, he is good at what he does. He is not number 1 in Medford real estate by accident! Before working with Dan I interviewed several other brokers in the local area, and my biggest take away was that Dan is a Real Estate Professional. Go with Dan, he will give you the right asking price, & then follow it with a sold marketing plan for success. Joel Z; Medford MA.

 

~ 2015

He (Dan) is responsive and went out of his way including helping me find a contractor. He helped facilitate a quick sell while still getting close to my asking price. I would definitely recommend him. - Rosalina

 

~ 2015

Dan, We would like to take this opportunity to express our thanks to you for selling our home. We appreciate all of your hard work and professionalism. You really know exactly how to price and market our home ~ as it was sold immediately!! Your staff was wonderful to us and always had time to answer our questions. We also want to thank you for recommending Rich Worob to help us find a new place. He was very patient and kind to us and got us just the house we wanted ~ exactly where we wanted to live!! He was terrific. Again ~ we will always be grateful to you and will highly recommend you to our family & friends. Sincerely, Norm & Trudy Clough P.S. Thanks so much for the cookies!

 

~ 2015

Dan and his team did an excellent job marketing my home. I was pleased to receive approximately 16% premium of the list price and it sold within 24 hours of listing. Dan and his team's knowledge of the area and professionalism were very much appreciated. I strongly recommend the Fabbri team to any seller or buyer. 8/23/2015 Bernie

 

~ 2015

I had the pleasure of working with Dan Fabbri and team when I purchased my "forever" home. The team was very attentive to my needs and acted immediately on my behalf to ensure that my dream came true. I have settled in and am happier than I have ever been. It is all thanks to the quick, professional and dedicated work of Team Fabbri!!! Denise 8/17/2015

 

~ 2015

Dan is a Pro, motivated and honest. Got the house sold quickly. " Michael Carriere

 

~ 2105

Having worked with Dan before on a prior purchase, gave me a high level of comfort and trust. On Dan's team, Terry is quite detailed oriented, so her valuable assistance was extremely important. She walked me through everything so that I understood all that was happening and provided the necessary guidance. Although this is my "forever" move, I would never hesitate to steer anyone toward Dan and his team. Very professional, caring and dedicated. I was thrilled at how smoothly it all went!! Team Dan/Terry were always available to take calls, answer questions and keep me informed. Every step of the way, team Dan/Terry were readily available. Buying a home is a huge deal and I'm happy to say, I would not have gone to anyone else to help me through this process. Thanks to team Dan/Terry I will shortly be in my dream condo! Denise F. in Everett

 

~ 2015

I first met Dan back in October of 2013 when I was thinking of selling my house. Dan gave me a professional proposal of what he thought my home would sell for & how he intended to market it. I wasn't ready to sell at the time, but Dan never hounded me or put pressure on me. A year & a half later, I was ready to sell, called Dan & he came over within a few days. I was impressed that he saved all his notes from our first meeting in 2013. The most critical piece of advice Dan gave me this time was that "time was of the essence". He suggested I put my house on the market as soon as possible, rather that wait until Spring. Within two weeks I had the house in showable condition and gave Dan the green light. My house went on the market on a Thursday. Within a day there were approximately 30 showings lined up for the weekend and by Monday morning, Dan called me with two offers! I accepted an offer & over the next two months, Dan walked me through every step of the process. Joe D. Malden, MA

 

~ 2015

I had a fantastic experience working with Dan Fabbri and his team. Dan's team assisted with every part of the sale process with great expertise. I felt completely comfortable leaving the sale entirely in his hands. He gave great advice on preparing the property, staging the home and pricing. I loved that the sale of the house was handled completely by his team with little work on my part. Although I was not directly involved in the process, I was very much kept informed of the progress of the sale. I received emails and feedback from each showing and direct feedback from Dan when offers were made. The best part of the experience was the way the sale went so quickly, which was my goal. We were able to get full asking price and able to close in only 6 weeks! Thanks Dan and Team Fabbri!

 

~ 2015

Good morning Dan and Terri, How very nice to receive the letter from you on my 6mths anniversary of selling my home. I am very happy in the new apartment and am waiting with baited breath for this warm weather. It was a rough winter and I think I would still be shoveling snow at the house in Everett or at least paying someone to do it for me…I surely will keep Dan in mind if I have any friends that are interested in selling their house. I was very happy dealing with both of you, you both made the selling of my home a bit easier for me and I surely received a great amount of exposure. I will refer you to anyone I know that needs help selling their property…Dan I have not been cooking as much but will keep you in mind when I make something I think you would enjoy. I might even call you to come by and get something for you and Terry…Enjoy the great weather we should be getting very shortly. Thank you again, Camille Casarano 4/13/2015

 

~ 2015

Hey Dan, Just wanted to send you a quick note of thanks. I never worried about the house for one second after I turned it over for you to handle. You did everything you said you were going to do, and I always knew I could get a hold of you if I had questions about anything. Stellar communication throughout the whole process, which was especially important to us since we were out of state. Please feel free to ever use me as a reference as I will give you (and Terry) the highest of praise. As my wife and I are expecting a child at the end of this month, this is a load off my mind. Thank you and take care, Nick 4/3/2015

 

~ 2015

Dear Dan; I want to take a moment and thank you for the great job you did in selling my house recently. As you may or may not realize, I found your name in the Yellow Pages. Of course, people said I was crazy for choosing someone from there. Something in my head told me they were wrong. Then, once I met you, I knew in my heart you were the one to sell this house. It was obvious you knew what you were doing, and that you weren't just interested in "making a buck". It sold on the first day of showings, I realize this is rare, but again, I feel as though it was your marketing strategies and diligence of your team (Terri, Kristen and Marilyn, to name a few) showed in letting the tenants know about any showings they had scheduled and the level of professionalism every member of your team displayed In closing Dan, I want to say a big "thank you" to you! I have no regrets of the decision I made to sell Sincerely, Maureen Romeo" 3/10/2015

 

~ 2015

Dan Fabbri was a super great broker he is a++ Sophia & Roger Khan 2/9/15

 

~ 2015

"Dan Fabbri is a PROFESSIONAL in every sense of the word in the real estate field! He and his team get the job done!!!!" John Bianchi 2/21/15

 

~ 2015

I interviewed several RE brokers and Dan by far seemed to be the most competent and he proved to be that. Dan had one open house on Sunday the w/e after we signed the agreement hiring Century 21 and he had approximately 50 people coming thru the open house. We received multiple offers that Monday. I am very happy with the performance of Dan and would recommend him to anyone I know selling a property. Dan Fabbri went out of his way to help with several issues that developed prior to us actually closing on the property. We had several blizzards in the area and he arranged to have the property shoveled and driveway plowed for us. He also arranged to have a plumber come out to the house to take care of some issues we had while we were out of town. I am sure that anyone would be very happy with his and his staff's services. Elaine Ford 2/25/15

 

~ 2015

Very Professional and very knowledgeable Corey 12/3/14

 

~ 2014

Dan was very responsive to helping me sell my condo. He helped me set it up so that it shows up well to buyers. I was out of state but I was able to reach Dan on the phone without any issues. He has a good team, including Terry who was very helpful in keeping me posted. Every time a buyer would come to visit the unit, I would get notified by the system, including any feedback the buyers gave on the unit. Thanks to Dan. Gautam 10/17/14

 

~ 2014

After meeting with several realtors, we selected Dan based on his knowledge and presentation of the local market. It went exactly like he said it would from listing to offer to close. Nothing beats delivering on expectations. Jean & Stacey 8/4/14

 

~ 2104

From the moment Dan sat in our dining room and explained his approach and methodology to selling our home, I knew we were in good hands. Dan and his team were fantastic throughout the process. There are many decisions you need to make when selling your home. Choosing Dan and his team is by far one of the better decisions I made. 7/16/14

 

~ 2014

Dan did what he promised which is to sell my condo and fast too! I was in a hurry to relocate, and he took care of everything which is just what I needed. I definitely suggest working with him if you want your sale to go smoothly. 7/14/14

 

~ 2014

I could not be any happier. Dan was a true professional. He sold my house in 3 hours. I would recommend Dan to anyone who is selling their home. Babe175 7/10/14

 

~ 2014

Words cannot express how professional, seasoned and efficient Dan is. He is reliable, curteous, kind and business savvy. His strategy is straightforward and clear cut. It ws a pleasure working with him and we are extremely happy with his stellar service and his friendly team. Bruce & Cherishma 7/2/14

 

~ 2014

Dan Fabbri was our realtor during the recent sale of our house. He was most professional, very knowledgeable about the market and the neighborhood, presented all the comps and came with a great staff including Atty Schiavo who works with him. I highly recommended him to family and friends who used him with the same great results. He is a member of Century 21 who was most professional in general. Kathleen 6/11/14

 

~ 2014

Dan is a pleasure to do business with and always has an eye out for his customers best interests Chris 5/12/14

 

~ 2014

Overall wonderful experience w/ Dan Fabbri who came with a great staff including Attorney, Marco Schiavo who had one set price regardless of issues. Dan is by far the most knowledgeable realtor in the area and a most successful one who can really move your property while getting top dollar! Highly recommend Dan Fabbri bkw69 5/9/14

 

~ 2014

Overall wonderful experience w/ Dan Fabbri who came with a great staff including Attorney, Marco Schiavo who had one set price regardless of issues. Dan is by far the most knowledgeable realtor in the area and a most successful one who can really move your property while getting top dollar! Highly recommend Dan Fabbri bkw69 5/9/14 Best in the business. Sold my condo in 2 weeks. Professional to a "T". Can't say enough good things about Dan. Totally worth the money. Great person. Wonderful back up team. Knows the real estate business cold. I would recommend Dan to anyone 1/18/14

 

~ 2014

This was my first experience with house selling. Dan Fabbri and his team took the anxiety away with his knowledgeable and self-confident approach. Despite the condition of the property, the sale occurred within a very reasonable time-frame and at a satisfactory price. If you want a stress-free and professional experience I would certainly recommend Dan. 1/18/14

 

~ 2014

Dan Fabbri has to be one of the most professional realtors I have met and worked with. He sold my mother's home in Malden in a period of 2 months. On our initial interview he came fully prepared on very short notice with neighborhood comps and he knew the area very well. He made numerous recommendations about what was necessary to show the property effectively. He had the house photographed and placed on many sites. He was always available and always kept me informed on the status of the property. He brought his entire team of contractors and other professionals together to quickly expedite everything that needed to be done. His marketing skills resulted in numerous showings and a number of offers. I highly recommend Dan Fabbri to anyone thinking of selling a property. Steve, Malden, Ma.

 

~ 2014

Dan Fabbri is very professional. Anyone who wants to sell his/her home, do not hesitate contacting him. I highly recommend him and his team. Jean Bobrun

 

~ 2014

When Dan was interviewed by my brother and Mother, I was not there and I asked for him to come back so I can interview him as well. Dan was very professional, had excellent advice and went over all the details and expenses for a sale of a home. He had told us during the interview that he would have my Mom's home sold right away, we were really shocked that on the 3rd day of it being on the market, we got an offer and it was sold!! Terri his assistance was very knowledgeable when I had quesitons and gave some suggestions that was very helpful. They are an outstanding team together. If you need to sell your home, Dan is the man for the job. Maria DiMeo

 

~ 2014

I had my property on the market with another broker for four months and did not receive much action and no offers! Once the listing expired Dan Fabbri called and said he would guarantee his marketing plan and that my home would be sold within two months. We accepted his challenge and sure enough he sold our home for 97% of our asking price! I would recommend Dan to anyone! Dan, Thanks for all your help in making our "dream home" a reality. You are truly a professional. Tom & Tina, Medford, Massachusetts

 

~ 2014

In all our dealings with Realtors over the past ten years, we have never met anyone as kind, helpful and energetic as you have been. Without hesitation, we would highly recommend your service to anyone who is looking for an experienced, caring Realtor who gets things done! Thanks for taking such good care of us! Frank & Laurie, Medford, Massachusetts

 

~ 2013

Thank you Dan so much for taking the extra effort to make our first home purchase successful. You were there guiding us through all the crucial and important steps! Dan sold us our first home. He walked us through what seemed an endless array of paperwork and unfamiliar terms. Our closing went very smooth and Dan was there for us every step of the way. Bill and Sonya, Medford, Massachusetts

 

~ 2013

Hi Dan, Terry, & the Century 21 staff, We are more than happy to tell the world of your customer service! We can't say enough about Dan's professional presentation, to his personal style when he interacted with bidders, & to his &Terry's thoroughness in handling all the details of house inspection & closing. We knew every detail of the process & every question we had was handled promptly & thoroughly. It was a long & stressful closing process, but every issue was handled with one objective: to have a successful sale. And when the Fabbri Team works together, they get it done! Even though our house was sold in October, we still received a water bill a few weeks ago. One call to Terry, (one of the most competant assistants I've ever worked with) & she confirmed the bill had already been paid at closing. So even though months had passed, we still got prompt service with a smile. I strongly recommend the Fabbri Team for your local real estate success! Linda and Buddy Scola

 

~ 2013

I would like to express my appreciation for the excellent job that you did selling our house. You displayed a thorough knowledge of the market , and your insight in advising us in preparing the house for sale and guiding us through the entire process was invaluable. My contact with members of your team and yourself was always pleasant and courteous. I believe that we sold the house in a very short time frame as a result of your understanding of the entire process. Joe Rovatti

 

~ 2013

Hi Dan, Thanks for the opportunity to provide some feedback. You are a true professional and did everything that you said you would do. I was pleasantly surprised about the time you put in to make sure we got to our closing date and time without any delays, especially with the issues we had with the alarm/smoke detectors. While being at Cape Cod when all that was going on, you were right there to handle it for us. Thanks again. Rick

 

~ 2013

I thought that working with Century 21 was a great and relaxing experience. It was like working with a well-oiled machine with all your ducks in a row. Everything was done in a very professional manner. Dan, I would refer you and Century 21 Advance Realty to any prospect that might come my way. Tish and Ken Trecartin

 

~ 2013

Very professional, efficient, friendly, and all-in-all very smooth transaction. I would like to recommend your services to anybody. Thanks again. Aarno Hatinen

 

~ 2013

Thanks to Dan Fabbri and his staff we sold our house in April of 2010. We were very impressed with the way in which the house was marketed. Since we were not living in the house at the time we were sent e-mails every time there was a viewing. Any questions or issues that came up were dealt with promptly and efficiently. Dan is a true professional, highly skilled in his field. We would highly recommend him to anyone planning to sell their property. Bernie Bono

 

~ 2013

Hi Dan, My wife and I were very pleased with the services you offer. You did an excellent job selling our home in less than 2 weeks! Your company gives clients extensive access to technology and your work is done in a team approach. The customer service of your team is top notch. Many, many thanks. David and Carolyn Powers

 

~ 2013

Hi Dan, I wanted to thank you again for your help in analyzing the appraisal of my house (25 Fulton St. Medford) and offering different comps, explanations, etc. It was a huge help. Believe it or not, after reading your message the appraiser came up $50,000 ($230k to $280k), no questions asked, which would seem to be a sign that she's not familiar with Medford and probably not particularly good at her job. It was still a bit lower than we needed for 80/20 LTV ($284k), but it was close enough that we paid down the difference, consolidated, and lowered our rate by a full point on a no points/no closing refi. We finally closed last month. So, thank you again for the information and your time. It made all the difference! When we're looking to sell, we'll be back in touch and I'll be sure to send people your way in the meantime... Happy Holidays! -Doug Tribou

 

~ 2013

Working with Dan Fabbri in selling my home was a great experience. all expectations were met, the sale was fast and if I had a question, getting hold of him was not hard. Dan and his team were nice and gave great advice. I would without a doubt sell my house with him again. Amarildo Ramos

 

~ 2012

The selling of my mother's house was very emotional to say the least. After meeting Dan, I was very confident that he would sell the house. The pictures of the house were done very professionally and presented beautifully on the virtual tour. Dan communicated all aspects of the progress of the showings. We were always informed of the outcomes while never having to be present. We followed Dan's advice and took his suggestions to have the house outstandingly presentable. A solid offer was made on the house in less than three weeks and was sold! Dan and his TEAM certainly met our expectations and worked with me every step of the way, especially Terry, his assistant. I would highly recommend Dan and his team to sell any house. Thanks Dan. Linda Santamaria

 

~ 2012

Dan Fabbri has got to be the most experienced and knowledgeable realtor in the Malden/Medford area, he really knows his business. His office exceeded my expectations with great communication, marketing and advice concerning the sale of my condo in Malden. I can't say enough about him and his staff, if you want to sell your home, call this guy. John Rennau

 

~ 2012

Because the pricing was set right from the start, the sales process was short and straightforward. I definitely feel that we got a fair market price - with multiple bidders from which to choose - and a painless process. Mary Grimm

 

~ 2012

Dan Fabbri exceeded our expectations when selling our condo. He was always professional, honest and quick to respond. He gave us good advice and we were able to sell our condo in a timely manner in a not so great market. I would highly recommend Dan Fabbri when either buying or selling a home. Thank you Dan! Becky Basnet

 

~ 2012

Yes...it was a wonderful experience....the house sold in one day! The whole process was very quick and precise. I would highly recommend you folks. We are still, though, very upset that the lawyer you recommended didn't change the deed on the spot. This could have been done. The deed was in my name, my sister's and my dad's. My dad was (still is) in a nursing home and both my sister and I had to pay capital gains tax on something that really wasn't even ours since the monies had to pay for the nursing home. The lawyer should have recognized that immediately. So, we weren't happy about that at all...and left a bad taste in our mouth about the whole experience. Otherwise, everything else was fine and we were very happy with your services. Linda Liadis

 

~ 2012

Dan was a great help in helping us to sell our father's home in Burlington. From the beginning he outlined the process and gave us much needed advice which helped us immensely. He was always there to answer any questions we had. I'd also like to add that his staff was also there to answer questions for us. Thanks for everything. We will always remember Century 21 Advance for the good experience. Benito & Marinella Ursino

 

~ 2012

Dan thank you for the cookies and your nice note. I wouldn't deal with anyone else because your office is very professional and did a great job selling my house. Let's hope the Chelsea house sells as quick. I would certainly reccomend you to anybody I know that is selling or looking to buy a home. Sandy Synnott

 

~ 2012

Dan and his Team were great! He knew the market and guided us to selecting the right price to put our home and he was right on. We sold our house and he and his Team made it very easy for us. I would not hesitate using Dan and his Team for any future real estate transaction that I may have. Wayne and Gilda Cacciola

 

~ 2012

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