Real Words

Real Estate Lingo, Jargon & Definitions

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Easement – the right, privilege, or interest that one party has in the land of another.

Example: The right of public utility companies to lay their lines across others’ property is a utility easement.

Reserves for replacements – money to be put aside for repairs (annual repairs, unexpected repair/replacement items, wear and tear, etc.)

Termites – insects that bore into wood and destroy it.

Example: Termites are a threat to any wooden structure or members of a structure. Termites generally act to weaken support members in proximity to the ground or in contact with it. Termites are often confused with winged adult ants.

Definitions provided by the Dictionary of Real Estate Terms and Brandi Wells.