The
expense of keeping a property in a good state of repair.
Charge to a unit holder in a condominium
or cooperative complex for that person's share of costs of
keeping the common-use portions of the complex in a good state
of repair.
1. More than 50%.
2. The age of majority is the age in years at which a community
considers a human being capable of handling his own affairs
and legally liable for his actions.
Commonly used to refer to the entire
shopping complex but properly a reference to the pedestrian
area of the mall that connects shopping areas.
A contract between an owner of a property
and a property management firm in which the firm accepts periodic
payments for acting as supervisor of the affairs of the property.
The property manager's compensation.
A written document in which the property
manager sets out its goals and the approaches it will use
to accomplish those goals in a given period of time for the
property.
A lender's written promise to deliver
certain funds at specified dates upon terms set out in the
commitment.
Known as "pre-fab" housing,
any dwelling that is assembled out of components (i.e. walls,
floors, roof) constructed off-site and then brought to the
building lot.
The difference or the added amount.
In mortgages, the difference between the index interest rate
and the interest rate charged on the variable or adjustable
rate mortgage. Expressed in the contract as a percentage (i.e.
"prime plus three per cent").
Land whose value is limited. The cost
of making it capable of producing income is generally very
close to the income it would produce.
A facility located on a body of water
which provides docking, storage, maintenance and other facilities
for boats.
The consideration actually paid for
an asset in an arm's-length transaction.
Also known as economic rent, the amount
the owner could charge and obtain for the lease of a property
in the current economic circumstances.Back
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The possibility that the market rent
for a property will change due to changing market forces,
making a long-term, fixed rent lease more or less desirable.
Analyzing sub-markets within a greater
market.
An analysis of the reaction of the
market to influences such as location, demand, extra-market
economic events, etc.
An estimation of the price that could
be obtained for a particular asset if it were sold in an arm's
length transaction on the current market.
Ownership of land that is without competing
claims or other defects, such that it could be sold without
complication.
A written description of how a salesperson
intends to advertise a given property to obtain the best price
within a reasonable time.
An organization of homeowners in a
large condominium or planned unit development (PUD) which
includes representatives from other, smaller homeowner organizations.
The dominant lease in a property, under
which one or more sub-leases may exist.
A contravention of the terms of a contract
by one of the parties that is so large that it changes the
very nature of the agreement between the parties and allows
the innocent party to treat the contract as being at an end
and pursue legal remedies (recision, damages, specific performance)
from the contravening party.
An important fact about one or more
of the issues involved in the contract which, if known to
all parties, may result in a different contract or no contract
at all.
The date upon which a mortgage loan
comes due and payable.
The level to which the water rose on
an average day over a previous period of time (years or decades).
A vivid description of the measurement
used in surveying to set out the boundary of a water course
(i.e. a stream or river).
A claim against property that arises
as a statutory right of any person who supplies work or materials
to a property and is not compensated for that work. See also
"construction lien".
In order for a contract to be enforceable,
the parties to it must come to a common understanding of the
terms of their agreement. If no such common understanding
has occurred with regard to a material clause in the contract,
the contract may be voidable. This common understanding is
referred to at common law as a "meeting of the minds".
A spiffy new term for urban sprawl,
situations where the expansion of several cities in a particular
area has created one continuous city, even if the different
parts retain their own name (Boston, New York, Philadelphia,
etc.).
Coercion, pressure. A threatening act
which is aimed at forcing a person to act against their wishes.
The combining of two or more independent
bodies into a single body.
Used in government survey method, lines
which form the north-south portion of the grid.
Also known as metre. The metric system's
basic unit for linear measurement, equal to 39.37 inches.
1/10th of a meter is a decimeter; 1/100th is a centimeter;
1/100th is a millimeter.
An older way of describing land in
registered instruments. Starting at a recognizable point (the
meeting of two roads, the corner of a lot), the description
then describes the boundaries of the land by indicating distances
and directions for each boundary (i.e. "South 100 feet"
or "South 73 degrees, five minutes west for a distance
of 100 feet"), returning at the end of the description
to the beginning point.
The land which is located in a city
and in the surrounding areas which can be said to be still
part of the economic or political sphere of the city.
A slang description for a person who
acts to bring together the parties to a transaction.
Linear measurement equaling 5,280
feet, 1,760 yards, 1,609 kilometers, or 8 furlongs. Note,
a nautical mile is equal to 6,080 feet.
A term of a residential lease which
allows a tenant who is a member of the military to terminate
the lease upon being transferred to another place without
suffering any penalty.
10 per cent of a penny. In many jurisdictions,
property tax assessments are based on a mill rate
An instrument which transfers to the
purchaser only an interest in the subsurface portion of the
property, while retaining to the vendor the surface and air
rights.
A contract between the owner of a property
and another party allowing the other party to explore and
exploit any mineral deposits found on the property for a limited
period of time in return for a periodic payment.
The legal interest in the valuable
items found below the surface of a property.
The least amount of money a purchaser
can provide toward the purchase price of a house under a mortgage
loan program.
The smallest size allowable for an
independent parcel of property under a zoning by-law or ordinance
provision.
The lowest amount a borrower is allowed
to pay toward a loan, line of credit or other debt in a given
period of time.
The bare essentials in the way of construction
and lot location required by the Federal Housing Administration
(FHA) before it will underwrite a mortgage on a residential
property.
The lowest amount the landlord will
accept under a lease contract with a variable rent.
A lease whereby the landlord is paid
periodic rent as a percentage of the gross (or net) sales
of the tenant of the premises but where the tenant agrees
that the rental payments shall not drop below a specified
amount.
A person who is too young to be considered
legally competent according to the laws of the jurisdiction.
An error regarding a name.
A statement of a fact that turns out
to be false. May be innocent, negligent or fraudulent.
:
An innocent error. If a mistake is
made by all parties to a contract about a material fact, the
contract may be voidable.
A development which is designed to
mix two or more "uses" of land together (i.e. a
shopping center which offers office space for dentists, etc.)
A dwelling that sits on wheels and
may be moved, often under its own power.
An area specifically designed to allow
for permanent or semi-permanent stationing of mobile homes.
A dwelling built first by a developer
to allow potential purchasers to see what the finished product
will look like once the other homes in the development are
completed.
A change to the terms of a contract.
See "manufactured housing".
Any kind of marker to indicate the
boundary or corner of a parcel of land, used by surveyors.
The periodic payments required to remain
current on all outstanding loans.
Periodic payment that is applied toward
accumulated interest and reduction of principal.
The total of the costs of maintaining
a home per month, including financing, realty taxes and house
insurance.
The total when monthly housing expense
is added to monthly debt service.
A temporary ban or halt to a specific
activity.
A term used in metes and bounds descriptions
and in Agreements between Vendors and Purchasers of land to
indicate that the measurement given may not be exact.
A loan which is secured against property
(i.e. registered on title as a claim or encumbrance on the
property). Often used to purchase the property itself.
Also known as a "vendor take-back
mortgage". Financing of a purchase of property whereby
the vendor accepts only a portion of the purchase price up
front and accepts a mortgage (with periodic payments and interest
chargeable) for the remainder.
A firm that offers mortgages for property
purchases but, at times, may require financial support from
larger institutions to help cover the outlay of cash.
A middleman who serves to bring borrowers
together with lenders. Offers the service of doing the shopping
for the borrower while often collecting a fee from the chosen
lender rather than from the borrower.
See "commitment letter".
An authorized agent of a lender for
a geographic area.
A policy of insurance which promises
to pay periodic mortgage payments for the borrower during
any future period that borrower may be disabled from working
and, therefore, incapable of making the payments himself.
A policy of insurance which promises
to pay out the amount owing in the event that the borrower
defaults.
A tax break for people who pay mortgage
interest on their homes.
A policy of insurance which promises
to pay out the remaining balance owing on a mortgage should
the borrower die. The amount payable by the insurer declines
as the mortgage is paid down and the policy ends upon the
paying out of the mortgage.
The lender's actions in collecting
mortgage payments, allocating payments to principal, interest
and escrow accounts, paying out property taxes and insurance
over the life of the loan.
The action of reviewing an application
for a loan and then advising the lender as to the risk factor
in making the loan.
The bundle of features of a particular
kind of mortgage offered to the public.
The estimate worth of a particular
asset which is established for the purposes of obtaining financing
secured against that asset.
The lender in a mortgage transaction.
Also known as "chargee". to
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A lender that has taken over control
and occupancy of a property upon default of the borrower to
collect income from the property and prepare for foreclosure
and sale.
The borrower, purchaser or homeowner
in a mortgage transaction. Also known as "chargor".
An estimation of the price a property
is most likely to realize in a given market.
A property which may have one owner
but offers a number of homes for separate people or families.
Similar to multi-dwelling units, a
building which features two or more family dwellings within
the same structure. May require special zoning.
Also known as multi-dwelling unit.
A service created and run by real estate
professionals which gathers all of the property listings into
a single place so that purchasers may review all available
properties from one source. The MLS also deals with commission
splitting and other relations between brokers and agents.
The city, street and number on the
street by which a property is known. Also known as "mailing
address" but not the same as "legal description".
A rule set down by a local government.
A generic name for any organized local
government (a city, town, etc.).
Written documents which may be used
to prove an owner's title to a property.
A shared acceptance by two or more
parties.
The act of ending a contract by obtaining
the agreement of all parties to the contract to treat the
contract as being at an end.
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