Glossary of Real Estate Terms

A | C | E | F | G | I | L | M | P | Q | R | S | T | W

A

Abandonment

The act of giving up ownership or interest in a property (such as an easement) by ceasing use and showing intent to relinquish rights.

Adverse Possession

A method of obtaining ownership rights by the open, notorious, exclusive, and hostile possession of private real property for a statutory period of ten years in Arizona. (For more information regarding adverse possession, see the Arizona State Legislature search page).

Annexation

The process of permanently incorporating additional land into a city or jurisdiction.

C

Chain of Title

A chronological record of property ownership, tracing the conveyance from the original owner to the present owner.

Common Area

The area owned by the owners of a planned unit development (PAD) or home in a subdivision (i.e., retention basin).

E

Easement

An interest in land, owned by another that entitles its holder to a specific limited use or enjoyment.

Eminent Domain

A right of a government to take private property for public use by authority of the superior dominion of the sovereign power over all lands within its jurisdiction.

Encroachment

Entering onto the property of another (i.e., construction of a wall or sign on another property owner's land).

Encumbrance

A claim or liability attached to a property (e.g., a lien) that may limit its transferability.

Escrow

Funds or property held by a neutral third party until specified conditions are fulfilled by buyer and seller.

F

Fee Simple

The most complete form of property ownership, granting full control with minimal restrictions.

G

Grantee

The individual or entity receiving property or property rights.

Grantor

The individual or entity transferring property or property rights.

I

Ingress/Egress

Legal rights to enter and exit a property.

L

Lessee

A person who rents or leases property from another (the lessor).

Lessor

The property owner who leases it to another (the lessee).

Lien

A legal claim against property for unpaid debts, either voluntary or involuntary. All liens are encumbrances, but not all encumbrances are liens.

Lis Pendens

A recorded notice of a pending legal action involving real property, affecting future interests.

M

Metes and Bounds

A method of describing land using physical boundaries, directions, and distances.

P

Public Utility Easement (PUE)

An easement granting utility companies access to land for infrastructure like electric, water, or sewer lines.

Public Utility and Facilities Easement (PUFE)

An easement allowing placement of utilities and public infrastructure, such as hydrants, streetlights, curbs, and signage.

Q

Quit-Claim Deed

A deed that transfers any ownership interest without warranties or guarantees of title.

R

Real Property

Land and anything permanently attached to it (e.g., buildings, improvements).

S

Special Warranty Deed

A deed in which the current owner guarantees title only for the time they held the property.

T

Taking

The acquisition of private property, typically through eminent domain, for public use.

W

Warranty Deed

A deed in which the grantor fully guarantees a clear title, free of all liens or encumbrances.