|
A sum of money paid by a potential purchaser
as proof of her intention to complete the purchase transaction.
Held in trust, usually by the Listing Agent, and credited to
Purchaser off purchase price. May be forfeited if Purchaser
fails to complete transaction.
The right of the owner of one parcel
of land to use all or part of the land of another for a specific
purpose. Runs with the land. Requires one property to be in
dominant position (enjoys the benefit of the easement) and
one property to be in servient position (is subject to the
right).
A land owner's right to make use of
the property of another (or a portion of it) for a specific
purpose, when such use is required to allow the land owner
to enjoy his own land.
The continuing, unchallenged use of
all or part of a property by the owner of a neighboring or
nearby property for a specific period of time (20 years in
many jurisdictions) such that, by law, the using owner gains
a legal right to continue that use.
A house which is remarkable for its
three-dimensional ornamentation following a nineteenth-century
style.
The commercial or industrial foundation
of a community which provides opportunities for employment.
The decline in value of a property
which is caused by reasons outside of the property itself.
The length of time an improvement to
real estate can be expected to provide more value than its
operating or upkeep costs.ck to Top
An appraisal term for the age of improvements
to a property based on an assessment of their current condition
(i.e. a well-maintained 100-year-old house could have an effective
age of 10 years while a ramshackle, un maintained 20-year-old
house could have an effective age of 50 years). Opposite of
"actual age".
1. For borrowers, the actual amount
of money earned from stable sources over a set period (i.e.
a month) before taxes and expenses are deducted.
2. For rental properties, the amount of income the property
will produce if leased at market value before costs, taxes,
upkeep and discounts for vacancy are deducted.
The actual rate (or interest or return)
once all factors are accounted for (factors include compounding
of interest or costs of earning the return).
A comparison of the space in a building
available for lease to the total space of the building.
A term for a small dwelling unit in
which kitchen and sometimes bath areas are combined with the
living area. Also known as "bachelor apartment"
or "studio apartment".
Means of exit from a room, building
or property (often to a road).
Legal proceeding to evict a tenant
without a lease.
A two-story or two-and-a-half store,
English-style house which has the upper store overhanging
the first, often with stone and stucco walls and half-timber
beams.
The right of a body of government (often
a state) to expropriate private property, while paying appropriate
compensation to the owner.
Middle-aged or older couples whose
children have grown up and "left the nest" to live
on their own. Often looking to sell a larger house and buy
a smaller one.
The intrusion across the property line
and into one property of an improvement to a neighboring property.
May result in a claim for adverse possession if the encroachment
is unchallenged for a long period of time.
Any right, interest or other claim
against land which is registered on title and affects the
owner's ability to sell the property.
The person who signs a document to
represent the transfer of property to another.
A description of a property which has
special features aimed at reducing use of electrical or heating
power (i.e. insulation, double-insulated windows, high-efficiency
furnace, etc.).
A tax break given to property owners
who took steps to save energy in their property such as installing
insulation.
1. The legal right to a benefit or
program.
2. Name for the VA home loan benefit.
A report on the anticipated effect
of a development on the local environment. May be required
for federal funding for the development.
U.S. government agency for the protection
of the environment.
U.S. federal law aimed at affording
people of all races, genders, religions, ages etc. an equal
chance to borrow money.
Agency with a mandate to ensure fairness
in property tax assessments.
A common law doctrine which treats
a Vendor under an Agreement for the sale of property as holding
the property in trust for the Purchaser even before the transaction
has been completed such that the Vendor is liable to the Purchaser
for any damage negligently caused to the property.
The common law interest of the Purchaser
in the property for which she has entered an Agreement to
Purchase prior to the completion of the transaction.
The difference, in dollars, between
the market value of a property and the principal owing on
debts secured against the property. The amount of money the
owner will be able to keep from a sale transaction once the
mortgages are paid out. Also known as "owner's interest".
The increase over time of the owner's
interest in a property, the difference between the value of
the property and the amount owed on the mortgage.
A loan to a home owner secured against
the equity the owner enjoys in the property.
The right a borrower has to pay out
in full a mortgage against a property that has gone into foreclosure
or power of sale proceedings, thus redeeming the property.
The gradual diminishing of land or
soil as a result of the action of water, wind, rain, etc.
Professional protection from liability
for mistakes, negligence, etc.
Part of a net lease. A provision that
increases the rent payable under a lease when certain costs
of the building increase (i.e. taxes, utility charges, etc.).
Any provision in a contract that allows
one or more parties to end the contract upon the occurrence
of certain events.
The reversion of title to a property
to the state. Can occur when an owner dies with no legal heirs
or when a corporate owner is dissolved by act of law or by
voluntary act while holding legal title to the property.
A state wherein consideration, benefits,
legal rights, money, documents or other valuables are transferred
to another party in advance of that party's legal entitlement
to them, on the basis that the legal entitlement will arise
at a given point in the future. A form of trust.
A form of trust account in which advance
payments are held on behalf of the payer until the contract
allows their use by the payee or a third party.
Any independent third party who receives
items to be held in escrow, holds such items until transfer
is allowed, and then delivers them.
The completion of a transaction whereby
documents, consideration etc. are held in trust (either by
the parties and their representatives or by an independent
third party) pending the completion of certain conditions,
at which time the items held in escrow are released and the
transaction is completed.
Moneys taken in by the agent and set
aside for future payments as required by the contract (i.e.,
in a mortgage situation, for taxes, insurance, etc. on the
property). Also known as "escrow deposits", "impounds"
or "reserves".
Similar to "escrow collections",
the deposit of funds for the purpose of future payments required
under the contract.
The payment out of escrow funds of
taxes, insurance, etc. as required by the contract. Also known
as "escrow payments".
The return to the borrower of left
over funds held in escrow once the debt has been paid out.
1. The nature and extent of a person's
interest in real property.
2. The term used to described the collection of assets of
a deceased person.
:
The continued occupation of a premises
by a tenant after the lease has expired or after the landlord
has taken legal and appropriate steps to remove the tenant.
The occupation of a premises by a tenant
for an undefined period, which either party may terminate
at will.
Also known as "Life Estate".
A legal interest in property which ends with the death of
the person who is entitled to the interest.
Entitlement to land which allows a
person to occupy, use and enjoy the land for a specified period
of time.
The right of an owner to re-occupy
land once the estate he has granted to another person (such
as an estate for years or an estate for life) has come to
an end.
A government levy against the property
in the estate of a deceased person, payable out of the estate.
A legal doctrine which blocks a person
from taking a position on any fact which is contrary to a
position that same person previously took on that same fact.
Also blocks a party from re-opening an issue that has previously
been decided by a court.
A document issued by an interested
party setting out certain facts to which the issuer agrees
to be bound. May be issued by a Condominium Corporation (setting
out the common element fees for a particular unit, the amount
in the corporation's reserve account, any special assessments
against unit owners, etc.), by a mortgagor or mortgagee (setting
out the terms, conditions, interest rate and principal outstanding)
or by a tenant in a building to be purchased (setting out
amount of rent, the amount of any rental deposit, etc.).
Latin meaning "and others".
Latin meaning "and husband".
Latin meaning "and wife".
An analysis of a property regarding
its potential uses rather than its current value.
The forced removal of a tenant from
occupation of a property. Also known as "Actual eviction".
See also "constructive eviction".
Instruments or documents that provide
any proof or information regarding ownership of land.
Similar to a sub search: a review of
the current title to a property for the purposes of establishing
current apparent owners and encumbrances.
An exclusion from coverage in a policy
of insurance, usually referring to a known risk or defect
for which the insurer assumes no responsibility.
A contract whereby the owner of a property
grants a single agent or broker the right to market the property
for sale.
The term of a mortgage giving the borrower
the right simply to surrender the property to the lender as
payment for the loan without personal liability to the borrower
for any shortfall.
1. A contract which has been completely
carried out by the parties.
2. A contract which has been signed by the parties.
1. The act of signing a legal document.
2. A writ filed with a Sheriff of a jurisdiction evidencing
a legal claim against the person named in the Writ. May attach
to real property owned by the person named in the writ.
The person or people appointed in a
will to give effect to the wishes of the testator (the maker
of the will) as set out in the will. A female executor may
be called "Executrix".
A contract which has not yet been completely
fulfilled by one or more of the parties.
A comparison of the costs of owning
and operating something to its potential gross income.
A term used to describe the presence,
through advertising, of a property that is for sale in the
marketplace.
:
The postponement of the completion
date of an Agreement, agreed to by the parties to the Agreement.
|
