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Real Estate Dictionary

How Long Does a Title Report Take?

A title report typically takes 1 to 2 weeks to complete in most states. However, the exact timeline depends on the complexity of the title history, county record accessibility, and whether any issues arise during the title search.

November 22, 2025

How do Verbal Offers Work in Real Estate?

A verbal offer is when a buyer communicates their proposed purchase terms—price, contingencies, timing, and other conditions—orally instead of in writing. While verbal offers can move a negotiation forward, they have no binding legal force in real estate transactions.

November 22, 2025

What is a Ground Lessee in Real Estate?

A Ground Lessee in real estate is the tenant under a ground lease—a long-term lease (often 30–99 years) in which the tenant leases land only, while any building or improvements on the land are typically constructed, owned, and maintained by the tenant during the lease term.

November 22, 2025

What is Quiet Title Action in New York?

A Quiet Title Action in New York is a legal proceeding used to establish clear ownership of real property when there’s a dispute, defect, or uncertainty about title.

November 22, 2025

How long does a title search take in New York?

In New York, a standard title search typically takes 3 to 5 business days, though it can be faster in straightforward residential transactions.

November 22, 2025

What is a Sponsor Unit in NYC?

In New York City real estate, a Sponsor Unit is a condominium or cooperative apartment that has never been sold before by the original developer (the “sponsor”).

November 22, 2025

Who Pays Transfer Tax in NY?

In New York, both the seller and the buyer may owe transfer taxes, depending on the type of tax.

November 22, 2025

What is a Millage Rate in Real Estate?

In real estate, the millage rate (also called the mill rate) is the tax rate used to calculate property taxes. It represents the amount of tax payable per $1,000 of a property’s assessed value.

October 29, 2025

What is a Target IRR in Real Estate?

In real estate, a Target IRR (Internal Rate of Return) is the return that investors or sponsors aim to achieve on a project or investment over its holding period. It is a forward-looking benchmark that helps guide decisions about acquisitions, developments, or value-add strategies.

September 26, 2025

What is an Entry Note in Real Estate?

In real estate, an Entry Note is a type of promissory note that documents the borrower’s initial promise to repay a loan.

September 26, 2025
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