Patent

Definition of "Patent"

Exclusive right granted by the government to a company or person to use, manufacture, and sell a product or process for a 17-year period without interference or infringement by other parties. As a practical matter, the useful life is usually less than 17 years because of changes in the market place and new technology. If a patent is assigned to others, royalties may be obtained.

Search Real Estate Glossary

Related Real Estate Glossary terms

Cash Throw-off

Difference between cash revenue less cash expenses before taxes associated with rental property or a ...

Stop Clause

Provision in a lease agreement indicating the maximum amount of operating expenditures that must be ...

Equity Lending

Bank financing to a homeowner based on his dollar equity in the home. The interest rate typically fl ...

Documentary Evidence

Any written evidence or tangible material which can be reproduced as written material which is coher ...

Uniform Policy Provisions, Health Insurance

Basic contract language in individual health and accident insurance policies. These provisions are r ...

Loft

Space just below the roof of a house, barn, or other structure. Upper story of a factory or war ...

Related Real Estate FAQ

What Is A Foreclosure?

A foreclosure is the legal process by which a mortgage property is seized due to default and then so ...

What Is A Lifetime Rate Cap?

A lifetime rate cap is an adjustable-rate mortgage (ARM), this cap limits the amount the interest ra ...

What Is Accession?

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

What Is An APR And What Does It Include?

An APR stands for an ANNUAL PERCENTAGE RATE. This rate includes the costs of any points paid, mortga ...

What Is A Lock In?

A lock in guarantees a certain interest rate for a certain period of time. ...

What Does An Appraisal Mean?

An appraisal is an estimate of the value of a certain property by a qualified, independent individua ...

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

Agents join here

Add our widget on your Website

Real Estate Advice

How Does The Home Loan Underwriting Process Work? Short Sale Homes What Costs Do Buyers and Sellers Pay On Big Day When Escrow Closes? Foreclosure - The Pros and Cons of Buying Home Prices - The Extra Costs

FAQ

What is an assumable mortgage? What is a lock in? What is an inspection? What is a commitment letter? What do I need to know about Term Life Insurance?