Real Estate Glossary
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foreclosurea legal procedure in which property pledged as a security is sold to satisfy the debt. This procedure brings the rights of the parties and all junior lien holders to a conclusion. | |
four unitiesrefers to the necessary elements of Possession, Interest, Time, Title to be satisfied for the ownership form of joint tenancy to be created. The four unities are often remembered by the acronym of PITT. | |
frauddeception to cause a person to give up property or a lawful right. Fraud can be active or passive. | |
Freddie Mac(Federal Home Loan Mortgage Corporation) a government sponsored enterprise established to purchase primarily conventional mortgage loans in the secondary mortgage market. | |
freehold estateAn estate in land in which ownership is for an indeterminate length of time, in contrast to a leasehold estate. | |
frontageis most commonly used to describe the length of a property’s boundary on a public right of way, e.g. highway frontage. It can also be used to describe a property’s boundary that is adjacent to a lake, river, golf course, or other beneficial or non-beneficial land use. | |
functional obsolescenceis a loss in value that generally occurs as a result of the changes in the tastes and desires of the typical purchaser. Outmoded or outdated systems or fixtures are likely to be a source of functional obsolescence. Functional obsolescence can also result from inadequacies in a structure (poor floor plan) or component (tub with no shower) as well as over-improvements in a structure or component (often referred to as a super-adequacy). | |
further assurance | |
future interestA person's present right to an interest in real property that will not result in possession or enjoyment until some time in the future, such as a reversion or right or re-entry. | |