Property


Definition of "Property"

Annette Failla-Phelps
Annette Failla-Phelps Keller Williams Realty

Ownership rights to real or other types of tangible or intangible property. Property rights include exclusive occupancy, possession, use, and the right of disposition. Individuals groups, organizations, and governments may own property.

Have a question or comment? We're here to help.

 
 
 
*** Your email address will remain confidential.
 
 

Search Real Estate Terms

 

Popular Real Estate Terms

Chartered Property And Casualty Underwriter (cpcu)

Professional designation earned after the successful completion of 10 national examinations given by the American Institute for Property and Liability ...

Gift Tax

Tax assessed on a transfer of property made without adequate legal consideration. This tax is based on the appraised value of the property at the time ...

Action In Personam

Judicial proceeding against the person rather than against the person's property. Seeks to have the individual perform the terms of a contract, provid ...

Agreed Amount Clause

In property insurance, a stipulated agreement between the insurance company and the insured that the amount of insurance coverage under the policy is ...

Functional Utility

A property's usefulness to the owner or lessee. For example, room size may be sufficient to a professional who wants to use his house also as an offic ...

Actual Notice

Actual and direct knowledge by a potential property purchaser of the terms of a property transaction. Such knowledge would include all details in the ...

Popular Real Estate FAQ

Is Depreciation Common?

Generally, real property never depreciates in value, or more so, it is not very common for property to depreciate. This is why it\'s a great investme ...

What Does An Appraisal Mean?

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

What Is Zoning?

Zoning is the laws that establish how a property can be used and what codes must be followed when erecting new buildings. ...

What Is Hazard Insurance?

Hazard insurance is insurance coverage that compensates for physical damage to a property from natural disasters such as fire or other hazards. ...

What Is Title Insurance?

Title insurance is insurance that protects the lender and buyer against any losses incurred from disputes over the title of a property. ...

What Is A Lien?

A lien is a claim against a property. ...

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

4 Effective Ways to Market Real Estate to Millennials What Costs Do Buyers and Sellers Pay On Big Day When Escrow Closes? Tax Breaks for the First Time Home Buyer 5 Things Home Sellers Always Forget How To Choose A Realtor®

FAQ

What is flood insurance? What are prepayment penalties? What is the difference between being prequalified and preapproved for a loan? What if the computer I want to insure is homemade or custom-built? What do I need to know about Auto Insurance?