Adding an extra period of time to the term of a contract.
1. Government acquisition of land through
condemnation.
2. Restrictions on the use of land that are so harsh as to
block any reasonable use of the property.
A joint program of the Government National
Mortgage Association (GNMA) and the Federal National Mortgage
Association (FNMA) to provide low-interest home loans.
Assets that can be touched, that have
a physical existence.
1. To strain or push to the point
of exhaustion.
2. To levy an assessment against, usually by government powers.
Unpaid taxes usually form a special lien on property owned
by the taxpayer, ahead of registered mortgages.
3. The money charged as an assessment.
See "escrow account".
The pool of property, value or income
from which a government may draw assessments.
The instrument of conveyance when a
property is sold by a government body to pay for arrears of
taxes.
The process leading up to the sale
of a property to pay for arrears in taxes.
A claim registered against a property
by a government authority for non-payment of assessed taxes.
A pictorial representation of the properties
in a municipality, showing dimensions and other information
about each property for tax purposes.ack
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Also known as "assessment roll",
the listing of all properties in a jurisdiction that are subject
to taxation, including owners' names, assessed value of each
property, municipal addresses, legal descriptions and assessment
roll number.
Sale of property by a governmental
body for non-payment of taxes, ether by tender or auction.
A property that is not subject to realty
taxes.
A lower interest rate charged on an
adjustable or variable rate mortgage for a brief, introductory
period as an inducement to the borrower to accept the loan
from the lender.
The right to use and occupy all or
part of a property under a rental agreement.
Form of tenancy created when a tenant
remains in occupation of the premises after the end of the
lease. The landlord is at liberty to evict the tenant at any
time, subject only to the local tenancy laws.
Form of tenancy created by written
agreement in which the landlord may evict the tenant at any
time.
See "joint tenants".
See "life estate".
Form of tenancy created by a written
agreement in which the tenant has the right to occupy the
premises for a stated period of time.
A form of tenancy in which the tenant's
right to occupy the premises lasts for a stated period of
time but may be extended by mutual consent for another period.
Ownership of property in which several
owners each own a stated portion of the property (a percentage).
Each owner may deal with her portion of the property as she
wishes (giving it away, mortgaging it, selling it, bequeathing
it, etc.) and, upon her death, her share becomes part of her
estate.
Ownership of property by a single person.
:
Items added to a leased premises by
a tenant that might normally be considered fixtures (and,
therefore, part of the premises) but that, by contract or
law, the tenant is entitled to remove at the end of the lease
period.
A person who owns property with one
or more others, where each owns a stated portion of the property
and is free to deal with his portion as he wishes.
1. To deliver payment or an item one
is obliged to deliver.
2. To produce evidence of one's ability to meet one's obligations
under a contract for the purposes of preserving one's right
to sue another party to the contract who is not able to carry
out the contract.
1. A legal word for a property or fixed
asset (see dominant or servient tenement regarding easements).
2. Term for units in an aging apartment complex or building.
The fashion in which an owner holds
title to land.
A loan that comes due on a given date,
often before the periodic payments would pay the loan out.
Term: The period of time during which
the loan contract is active, during which the borrower makes
periodic payments to the lender and at the end of which the
balance of the loan becomes due and payable.
Amortization: The period of time after which, if all periodic
payments are made on time and in full, the loan will be paid
out. Term may not be the same as amortization: a normal mortgage
may be amortized over 25 years with just a five year term
at which time the borrower has to re-finance.
A term in an Agreement for sale which
allows the Purchaser to inspect for termites. If any are found,
the Vendor may be required to treat the problem or the Purchaser
may rescind. Many clauses now refer more generally to "wood-damaging
or destroying insects".
The examination of a building for wood
destroying insects.
The various clauses that make up a
contract. Sometimes used to described the financial portions
of the contract only.
Another word for a will.
The transfer of ownership of an asset
by way of a will.
To die leaving a valid Will. Opposite
of "intestate".
The person who makes a will.
The clause in a legal instrument that
sets out the date and other information regarding the signing
of the instrument.
A person who is not a party to a contract
but may become involved in an indirect way or be affected
by it.
A standard statement in a contract
which ensures that all dates and times of day noted in the
contract are important and cannot be ignored by any of the
parties without the consent of the others except in breach
of the contract.
A form of joint ownership of property
where numerous owners share title and enjoy use or occupation
of the property according to a specific schedule.
:
The legal term for one's ownership
interest in land.
Also known as "title insurance
company" or "title insurer". A corporation
which is in the business of selling policies of insurance
guaranteeing the ownership and quality of title to land.
Clauses and promises inserted into
instruments of conveyance which are designed to give the Purchaser
assurances that she is receiving good title.
A claim against or competing interest
in a property which affects the title of the registered owner.
A form of insurance contract which
guarantees to indemnify an owner or mortgagee of property
for damages suffered as a result of undiscovered title defects
which arise later.
Also known as "abstract plant".
An assemblage, available to the public, of information and
documents relating to title to a particular property.
A document which sets out the current state of title to a
property.
The act of examining in detail the
public records relating to ownership of a parcel of land to
ensure that the current owner has clear title, free of any
liens, claims, mortgages or competing and adverse interests.
Usually performed by a lawyer, qualified title searcher, or
title insurance company on behalf of a proposed purchaser
or mortgagee.
Jurisdictions in which ownership of
land is divided into two interests: legal title and equitable
title. When an owner registers a mortgage in favor of a lender,
legal title is transferred to the lender while the owner retains
equitable (or beneficial) title. Once the mortgage is paid
out, legal title is transferred back to the owner.
The form and structure of the surface
of land (i.e. hilly, flat, etc.)
Developed in Australia, a system of
the registration of interests in land in which documents are
closely regulated, monitored and examined by the recording
authority to ensure that they are correct and that title is
transferred without flaw. Property may not be transferred
if uncorrected title defects exist.
Comparison of the total costs of living
for a person (including debt, food, utilities) over a given
period with the gross income of that person.
A calculation of all interest paid
on a loan over its life.
A type of dwelling which shares at
least one common wall with neighboring dwellings.
A charge for making a withdrawal on
a line of credit or other bank account.
See "land transfer tax".
Entry onto or possession of the property
owned by another without the owner's consent.
A rental agreement which requires the
tenant to pay all operating costs of the building.
A bank account held by a professional
for the purposes of keeping money held on behalf of clients
separate from the funds of the professional or her business.
An instrument of conveyance of title
to property wherein the transferee will be holding the title
to the property on behalf of another person.
A person who holds title to property
on behalf of another (a "beneficiary of the trust").
Sale conducted by a trustee (often
the lender) under the terms of the deed of trust.
A federal law which requires lenders
to disclose all terms of a loan arrangement to the borrower
in a specified form.
A heavy looking, fortress like style
of home in the English style. Stone and brick construction,
may also feature stucco and exposed timbers. Windows feature
stone trim.
A mortgage contract in which the interest
rate changes after a given period of time, such that the rate
charged is lower for the first part of the term of the mortgage
and then market rate or higher later in the term.Back
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