Real Estate Glossary
From 'Abstract of Title' to 'Walk-up', the arcana of real estate explained.
Browse alphabetically by choosing a letter from the list below.
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| Term | Description | | Abstract of Title: | A chronological summary of the recorded instruments and proceedings on the tile of a property. | | Air Rights: | The right to build above or add square footage to a structure. These buildable rights are determined by city zoning regulations and public need. Air rights can be sold to adjoining structures for a negotiated price between land owners. Many of the city taller structures have risen to their final height as a result of purchasing additional air rights from neighboring structures. Case in point is the Trump World Tower currently being built on East 48th Street. | | Appraisal: | The process of determining the value of an apartment usually against values of apartments in the same building or similar-type buildings in the immediate neighborhood. | | Assignment: | The right to transfer a contract or a lease from one party to another. The term is often used to describe the process of assigning ones primary lease to that of a second party until the end of the term. | | Attended Elevator: | Some older buildings in the city have manual elevators that need to be operated by an elevator operator on a full-time basis.. In some pre-war buildings, these operators also serve as a form of full-time security for residents. Usually these operators also control access into the building by a video security system. In some of the citys full-service buildings, the staff of the building will include elevator operators. |
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