To
voluntarily give up a legal right or claim.
The voluntary giving up of a right
or claim. A document to evidence such a relinquishment.
A physical examination of the property
which usually takes place immediately prior to closing to
ensure that no changes have taken place and no new damage
has been done to the property. May also be used to confirm
that fixtures and chattels included in the sale remain on
the premises.
A small apartment building with rental
units on upper floors and no elevator. The tenant literally
has to walk up to her apartment unit.
A large building used for receiving
and storing goods, materials or merchandise.
Charge to a borrower to cover the costs
of the lender taking short term loans from other lenders to
cover the borrower's mortgage.
The process of assembling mortgages
for sale to the secondary mortgage market.
A signed statement which guarantees
the condition or continued usefulness of an asset or guarantees
the truth of the facts set out in the statement. The person
signing is legally liable if the statement turns out to be
untrue or if the asset proves in worse condition than stated.
Allowing or causing a property to suffer
damage or undue wear and tear to the detriment of another
person who has an interest in or claim to the property.
1. (With "The"), A classic
American poem of the early 20th Century by Thomas Stearns
Eliot.
2. A property which cannot be developed for profitable use.
Any conduit of running water which
occurs naturally on land: a river, stream, brook.
The legal right to use water from a
water course or body of water on a property.
The natural accumulation of water either
above or below ground, often used for well purposes. May also
refer to the distance from the surface of the land to the
location of the water.
:
The term for the reduction in value
of an asset resulting from normal use.
An alternative to the more traditional
monthly payments on a loan or mortgage. Results in faster
pay-down of principal, lower total interest paid.
Lands restricted for development as
a result of their proximity to bodies of water and the fact
that they are occasionally or often flooded. May also be environmentally
sensitive.
A written statement of a person's wishes
for the disposition of that person's estate after their death.
:
The movement of funds from one place
to another electronically.
:
See "termite report".
A requirement by a local government
body for work to be performed on a property so as to bring
it into conformance with local regulations.
A secondary financing option in which
new money borrowed is blended with money already owed and
registered on title to the property. A second mortgage is
registered as security for the new money but the old mortgage
remains in existence and the rate of interest is a blend of
the rate chargeable on the old mortgage and the rate chargeable
on the newly borrowed money.
A claim or lien which is registered
with the local enforcement officer to enforce a judgment of
a court. The officer is then required to enforce the judgment
against the judgment debtor and any property owned by that
debtor in the jurisdiction.ck To Top
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