Here are twenty business words and terms often used in property and real estate. With definitions. Vocabulary for ESL learners and teachers.
Introduction
Are you involved in the property business? If so, it's important to have a good understanding of the vocabulary used in this sector. Here are some key terms and their definitions:
Elements
sublease
lease or rent all or part of to another person
easement
the legal privilege of using something that is not your own
lease
a contract granting use or occupation of property
real estate broker
a person who is authorized to act as an agent for the sale of land
real estate
property consisting of houses and land
San Diego
a picturesque city of southern California on San Diego Bay near the Mexican border; site of an
important naval base
breach of contract
a breach of a legal duty
real estate agent
a person who is authorized to act as an agent for the sale of land
estate agent
a person who is authorized to act as an agent for the sale of land
transaction
conducting business within or between groups
foreclosure
proceedings initiated to repossess the collateral for a loan
homeowner
someone who owns a home
litigation
a legal proceeding in a court
transactions
a written account of what transpired at a meeting
eviction
expulsion of someone, especially a tenant, from a property
vacate
leave behind empty; move out of
estate
extensive landed property retained by the owner
documentation
confirmation that some fact or statement is true
encroachment
any entry into an area not previously occupied
misrepresentation
a misleading falsehood
Conclusion
These are just a few of the many terms used in property business. By familiarizing yourself with the vocabulary, you will be better equipped to understand the industry and make informed investment decisions.
