Legal Aspects of International Real Estate Transactions
Expert-defined terms from the Professional Certificate in International Business Consulting in the Real Estate Sector course at London School of Business and Administration. Free to read, free to share, paired with a globally recognised certification pathway.
Legal Aspects of International Real Estate Transactions Glossary #
Legal Aspects of International Real Estate Transactions Glossary
A #
A
Acquisition #
The process of obtaining ownership or control of real estate through purchase, exchange, or other means.
Ad Valorem Tax #
A tax imposed on the value of real estate or personal property.
Agent #
A person authorized to act on behalf of another in a real estate transaction.
Agreement of Sale #
A contract between a buyer and a seller outlining the terms and conditions of a real estate transaction.
Appraisal #
An estimate of the value of real estate by a qualified professional.
B #
B
Broker #
A licensed real estate professional who acts as an intermediary between buyers and sellers.
Building Code #
Regulations that govern the construction and maintenance of buildings to ensure safety and compliance with standards.
C #
C
Closing #
The final step in a real estate transaction where the property is transferred from the seller to the buyer.
Condominium #
A type of real estate ownership where individuals own a unit in a building along with shared common areas.
Contract #
A legally binding agreement between parties outlining the terms and conditions of a real estate transaction.
Conveyance #
The transfer of ownership of real estate from one party to another.
D #
D
Deed #
A legal document that transfers ownership of real estate from one party to another.
E #
E
Easement #
The right to use another person's land for a specific purpose.
Encumbrance #
A claim or lien on real estate that affects its value or use.
Escrow #
A third party holds funds or documents in trust until the completion of a real estate transaction.
Expropriation #
The government takes private property for public use with compensation to the owner.
F #
F
Fee Simple #
The highest form of ownership in real estate where the owner has full control and rights.
Foreclosure #
The legal process where a lender takes possession of real estate due to non-payment of a mortgage.
G #
G
Grantor #
The person transferring ownership of real estate to another party.
H #
H
Homeowners Association (HOA) #
An organization that manages common areas and enforces rules in a condominium or planned community.
I #
I
Inspector #
A professional who evaluates the condition of a property before a real estate transaction.
Insurance #
Protection against financial loss due to damage, liability, or other risks related to real estate.
J #
J
Joint Tenancy #
Co-ownership of real estate by two or more parties with the right of survivorship.
K #
K
Know Your Customer (KYC) #
Due diligence process to verify the identity of clients to prevent money laundering and fraud.
L #
L
Lease #
A contract granting possession of real estate for a specified period in exchange for rent.
Lien #
A claim against real estate to secure payment of a debt.
Listing #
A property for sale or rent represented by a real estate agent.
M #
M
Market Value #
The price at which real estate would sell in a competitive market.
Mortgage #
A loan used to purchase real estate with the property as collateral.
N #
N
Notary #
A public official authorized to witness and certify legal documents.
O #
O
Offer #
A proposal by a buyer to purchase real estate at a specific price and terms.
P #
P
Power of Attorney #
Legal authority granted to a person to act on behalf of another in real estate transactions.
Q #
Q
Quiet Title #
Legal action to establish ownership of real estate and clear any disputes or claims.
R #
R
Real Estate Investment Trust (REIT) #
A company that owns, operates, or finances income-producing real estate.
Residential #
Real estate used for living purposes such as houses, apartments, or condominiums.
S #
S
Survey #
A professional measurement of a property's boundaries, structures, and features.
T #
T
Tenant #
A person who rents or leases real estate from a landlord.
Title #
Legal ownership of real estate evidenced by a deed.
U #
U
Underwriting #
The process of evaluating a borrower's creditworthiness for a mortgage loan.
V #
V
Valuation #
The process of determining the value of real estate for sale, purchase, or investment.
W #
W
Warranty Deed #
A deed that guarantees the title to real estate is free from defects or encumbrances.
This glossary provides a comprehensive overview of legal aspects in internationa… #
Understanding these terms is crucial for navigating the complex regulatory landscape and ensuring successful transactions in the global real estate market.