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RM Reports / RM Warehouse

Real Estate Word Wizard

Welcome back to RealtyMyths weekly word wizard! Here are some real estate terms that you must know.

Bequest: A provision in a will providing for the distribution of personal property.

Bilateral contract: A contract in which each party promises to perform an act in exchange for the other party’s promise to perform.

Blanket mortgage: A mortgage that covers more than one parcel of real estate and provides for each parcel’s partial release from the mortgage lien on repayment of a definite portion of the debt.

Breach of contract: The failure, without legal excuse, of one of the parties to a contract to perform according to the contract.

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