Glossary - Sumitomo Real Estate NY - Sumitomo Real Estate Sales New York

Glossary

Agency

The relationship between principal and agent that arises out of a contract either expressed or implied, written or oral, wherein an agent is employed by a person to do certain acts on the person's behalf in dealing with a third party. For example, when you ask Sumitomo to sell your home, there is an agency relationship between you and Sumitomo.

Agent (or Broker)

One who undertakes to transact some business or to manage some affairs for another by the authority of the latter. When you ask Sumitomo to sell your home, we become your agent.

Alcove

A recessed part or addition to a room.

Amortization

Payment of debt in regular, periodic installments of principal and interest, as opposed to interest-only payment.

Assessment

A charge against real estate made by a unit of government to cover a proportionate cost of an improvement such as a street or sewer.

Bona Fide

In good faith, without fraud.

Caveat Emptor

Let the buyer beware. The buyer must examine the goods or property and proceed at the buyer's own risk.

Closing Date

The date upon which the property is conveyed by the seller to the buyer.

Deed

An instrument in writing duly executed and delivered that conveys title to real property. Sellers usually sign the deed on the closing date.

Exclusive Right to Sell

An agreement for employment of a broker under which the exclusive right to sell for a specified period is granted to the broker. If a sale during the term of the agreement is made by the owner or by any other broker, the broker holding such exclusive right to sell is nevertheless entitled to compensation.
This type of agreement ensures that Sumitomo will make the best possible effort for you.

Joint Tenancy

Ownership of real property by two or more persons, each of whom has an undivided interest with the "right of survivorship."

Junior Four

Large-sized 1 bedroom which usually consists of dining room (hence the "fourth" room).

Listing

An employment contract between principal and agent, authorizing the agent to perform services for the principal involving the latter's property.

Meeting of the Minds

Whenever all parties to a contract agree to the substance and terms thereof.

Mortgage

An instrument in writing duly executed and delivered that creates a lien upon real estate as security for the payment of a specified debt, which is usually in the form of a bond.

Number of Bedrooms

The following table was prepared by The Real Estate Board of New York, Inc.

Number of Bedrooms Square Footage Total Room Count
Studio, Alcove Studio 650 or less 2.0 -2.5
1 651 - 850 3.0 - 3.5
1, or "Junior 4" 851 - 1,000 3.5 - 4.0
2 1,001 - 1,500 4.5 - 5.0
2 - 3 1,501 - 1,800 5.0 - 6.0
3, and larger 1,801 - 2,000 6.0 - 7.0

Pied-a-Terre

A home away from one's primary residence, usually modest in size and located in a big city. Also known as place kept available as temporary quarters when needed.

Room

Room Count living room, Bedrooms, Kitchen Room - 2 (Studio) Room - 3 (1 Bed Room) Room - 4 (2 Bed Room)

Title

Evidence that an owner of property is in lawful possession thereof; evidence of ownership.

Title Insurance

A policy that indemnifies the holder for any loss sustained by reason of defects in the title.