Here are some common real estate terms and their definitions:
Deed- A written instrument, which when properly executed and delivered, conveys title to real property.
Easement- The right to use the land of another.
Encumbrance- Anything that burdens (limits) the title to property, such as a lien, easement, or restriction of any kinds.
Equity- The value of real estate over and above liens against it. It is obtained by subtracting the total liens from the value.
Fannie Mae- Nickname for Federal National Mortgage Corporation (FNMA), a tax paying corporation created by congress to support the secondary mortgages insured by FHA or guaranteed by VA, as well as conventional loans.
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