Glossary

The hypothetical price that a willing buyer and seller will agree upon when they are acting freely, carefully, and with complete knowledge of the situation.

Person who acts on behalf of another and transacts business or handles money regarding property not the persons own. The relationship is characterized by trust and confidence.

A mortgage with payments that remain the same throughout the life of the loan because the interest rate and other terms are fixed and do not change.

Personal property attached to the land or improvements that become part of the real property.

A procedure whereby property pledged as security for a debt is sold to pay the debt in the event of default in payment or terms.

If your home is freehold, then the parcel of land on which your house sits is yours. If it is leasehold, then your ‘ownership’ of the land is set for a period of time, usually 99 years. After this time the land returns to the freeholder.