Common Law


Definition of "Common law"

System of jurisprudence that is based on court decisions instead of statutes passed by a legislative body. It is based on the principles decided by the courts.



Search Real Estate Glossary

 

Related Real Estate Glossary terms

Freddie Mac

One of two federal agencies that purchase home loans from lenders. The other is Fannie Mae. ...

Underwriting

The process of making a final determination on approval or rejection of a loan application. Underwr ...

Paramedical Examination

Medical check of an applicant for life or health insurance by a medical professional who is not a ph ...

Termination Rate

Measure of the rate at which policies are cancelled or allowed to lapse. The termination rate is a f ...

Original Cost

Actual price paid for property when it was acquired. The original cost might apply to a piece of jew ...

Receipt

receiving something such as a cash payment. Written statement that something has been received su ...

Related Real Estate FAQ

What Is Title Insurance?

Title insurance is insurance that protects the lender and buyer against any losses incurred from dis ...

What Is An Assessed Value?

The public tax assessor value of a property as determined for the purpose of taxation. ...

What Are Discount Points?

Discount points are a type of point paid by the borrower to reduce the interest rate. ...

What Is Accession?

The right of a property owner to have and enjoy all of the advantages of property ownership includin ...

What Is A Buyer’s Agent?

An agent hired by buyers to help them find and negotiate the purchase of a home. This agent works fo ...

What Is An Appreciation?

Changes in the market conditions, or improvements to the property that increase the value of the pro ...

Read why Real Estate Agent rates 5 Stars in 10 Agent Reviews
Read Reviews

Agents join here
Add our widget on your Website

Real Estate Advice

Is it better to buy or sell a home first How To Get A Loan with Bad Credit Why Use a Real Estate Agent? 7 Tips for a First Time Homebuyer What do Real Estate Attorneys do?

FAQ

What is the difference between being prequalified and preapproved for a loan? What are the benefits of Business Owners Insurance? What is a lien? What is an APR and what does it include? What is a lifetime rate cap?