Also known as a "like-kind" exchange. This is a way for owners of business and investment real estate to buy other "like-kind" property and defer Capital Gains Tax.

A subordinate use, building or structure usually incidental to and located on the same lot occupied by the main use building or structure.  Possible examples:  garage, shed, swimming pool.

Land that is or is part of an agricultural land reserve under the Agricultural Land Reserve Act.  It is land where the use is limited to farming, animal husbandry, etc. It usually has limitations on structures that can be built upon it such as barns.

Estimate of a properties value by an appraiser who should be an expert in the field.

Protects the areas of land which provide recharge to existing or planned public drinking water supply wells.  These areas have additional or "overlay" zoning to protect the land from inappropriate use, including over clearing of the land.

Federal Body responsible for regulating waterways and drainage.

Words used in a contract indicating that the seller makes no guarantees about the property.

These cover more than one lot of land and are used frequently to finance subdivision developments.

An architect or engineers plan for a building indicating layout [floor plan], dimensions and specifications for a builder to follow.

A homeowner selling one property and buying another may need interim financing if one home is closing before the other.  This type of temporary loan is called a bridge or swing loan.

Regulations established by the state and local governments stating the requirements for building.

An area where one can build that is determined by set by setbacks, coverage and clearance restrictions.

A line set at a certain distance from the front, side or rear sides of a lot beyond which no building can project.

A shore protection structure which protects uplands by completely separating the land from the water.

Verifications that a construction project meets certain standards.

The grouping of home sites within a subdivision on only a percentage of the total subdivision to allow the remaining land be unused or used for common areas.

These are to finance improvements on real estate.  Payments are made on a scheduled basis to the owner or builder or contractor for work that has been completed since the last installment.  The interest rate is generally higher for a construction loan as the risk is greater to the lender.

A contract containing the complete terms of the agreement between buyer and seller for the sale of a particular parcel of real estate.

Agreements written into a deed insuring certain acts will or will not be performed.

New York Department of Environmental Conservation.  Among other things, they are responsible for permits in wetland areas.

A written document that when executed and delivered conveys title to an interest in real estate.

An imposed restriction in a deed that limits the use of the land by future owners.  It "goes with the land".

This program is in place to preserve farmland.  Land stays in private ownership and the town acquires non-agricultural development rights.  These rights are usually valued as the difference between the full market value of the property for its "highest and best use" [full value] minus the value of the agricultural rights [residual value].  The owner files property covenants limiting the use of the property to agricultural production.

Report detailing the effect of a proposed development on the environment, including possible measures to remedy environmental damage.

"EXCLUSIVE RIGHT TO SELL" listing means that if the owner of the property finds a buyer for the house/property, or if another broker finds a buyer, the owner must pay the agreed commission to the broker. "EXCLUSIVE AGENCY" listing means that if the owner of the property finds a buyer, the owner will not have to pay a commission to the broker.  However, if another broker finds a buyer, the seller will owe a commission to both the selling broker and the owners present broker.

Heating, Ventilation, Air Conditioning systems.

A right given by law to certain creditors to have their dept paid out of the property of a defaulting debtor.

Also known as a 1031 Exchange.  This is a way for owners of business and investment real estate to buy other "like-kind" property and defer Capital Gains Tax.

A contract between a landowner and a licensed real estate broker that employs the broker as agent to sell real estate on the owners terms within a given time and an agreed upon commission or fee.

Ownership rights to land bordering navigable lakes and oceans up to the high water mark.

The portion of the lot area that can be cleared of all vegetation.

The portion of the lot area covered by the area of a building or buildings.

Study of the local market to provide information about the economic conditions, supply, demand and similar competing properties.

The actual selling price of a property.

The probable price a buyer would be willing to pay a seller.

One who brings a borrower and lender together...an intermediary.

Use of land that is not allowed by the current local zoning ordinance.

Any lot legally existing in single and separate ownership that does not conform to the existing dimensional regulations of current local zoning.

Offer and Acceptance:  Two essential components of a valid contract; a "meeting of the minds" when all parties agree to the terms.

A listing contract where the broker's commission is contingent on the broker's producing a ready, willing and able buyer before the property is sold by the owner or another broker.

This includes not only the real estate, but would be used if you are buying furniture on the premises should you want to finance both.

The right of an owner or a person legally in possession to the use of the property without interference.

A portion of the earth's surface extending downward to the center of the earth and upward infinitely into space, including all things permanently attached to the property either by a person or nature.

Real Estate plus all the interests, benefits, and rights inherent in ownership.

Provisions placed in a deed by the grantor, restricting future uses for the property.

A sloping shore protection made of stone or concrete and engineered to prevent erosion of landward sediments.

A payment by a tenant, held by the landlord during the lease term and kept [all or part] on default or destruction for he premises by the tenant.

The practice of representing the seller in a real estate transaction.

The broker who successfully finds a ready, willing and able buyer for a property.  May or may not be the listing broker.

The amount of space local zoning regulations require between a lot line and a building line.

The process by which boundaries are measured and land areas determined: the on-site measurement of lot lines, dimensions and position of houses in a lot, including determination of any existing encroachments, easements, party walls and compliance with setback requirements.

This is a permanent loan that a borrower arranges for once the construction is completed.

A means where one investment property can be exchanged for a similar property of equal value, with no immediate or capital gain tax consequences.

A homeowner selling one property and buying another may need interim financing if one home is closing before the other.  This type of temporary loan is called a bridge or swing loan.

Evidence that the owner of land is in lawful possession - evidence of ownership.

A policy insuring the owner or mortgagee against loss by reason of defects in the title to a parcel of real estate, other than the encumbrances, defects and matters specifically excluded by the policy.

An examination of the public records to determine the ownership and encumbrances affecting real property.

A special form designed to detail all financial details of a transaction.

Permission obtained from zoning authorities to build a structure or perform a use that is prohibited by the current zoning laws; an exception from the zoning ordinances.

A buyer under a land contract or contract of sale.

A seller under a land contract or contract of sale.

Land areas where groundwater is at or near the surface of the ground for enough of each year so as to produce a wetland plant community, such as swamps, floodplains and marshes.  Because these areas are susceptible to flooding, they are subject to many federal, state and local controls, including environmental protection and zoning for special preservation and conservations.

The outer limit of the vegetation, submerged lands and/or water specified in the definition of freshwater, brackish or tidal wetlands.  The wetland boundary is usually defined and flagged at the point where existing wetland and upland plants mix together in a transition zone.

An intensive examination of property coordinated by the U.S. Army Corps of Engineers to determine whether or not it should be classified and protected as a wetland.

An open unoccupied space on the same lot with a building situated between the nearest roof portion of the principal building and the front lot line of the lot and extending from side lot line to side lot line in the case of interior lots.  Corner lots usually have two front yards.

A space on the same lot with a building, situated between the nearest roofed portion of the principal building and the rear lot line of the lot and extending from side lot line to side lot line.

An area set off by the authorities for specific use subject to certain restrictions and restraints.

A municipality's means of regulating and controlling the character and use of property.