The cloud may be removed by quitclaim deed, or, it necessary, by court action. Coinsurance A sharing of the risk of an insurance policy by more than one insurer. Usually one insurer is liable up to a certain amount, the other liable over that amount. Commercial Property Property which is zoned "commercial" for business use. Property such as stores, restaurants, etc. Commingling To mix funds held in trust with other funds. For example: A broker or builder mixes deposits should be in a trust account with his funds by putting the deposits in his general account.
Although commingling is in itself a violation for which a broker may lose his license, it does not mean that, by commingling, the broker or builder intended to misappropriate the funds. Commission Compensation due a real estate broker for acting on behalf of the principal. Community Property Property acquired during a marriage by either a husband or wife, or both, which is not separate property. Comparables Comps An abbreviation for comparable properties used for comparative purposes in the appraisal process.
Conditional Sales Contract A sale in which the title to property or goods remains with the seller until the purchaser has fulfilled the terms of the contract, usually payment in full. Condominium A structure of two or more units, the interior space of which are individually owned: the balance of the property both land and building is owned in common by the owners of the individual units. The size of each unit is measured from the interior surfaces exclusive of paint or other finishes of the exterior walls, floors, and ceiling.
The balance of the property is called the common area. Consideration A required element in all contracts by which some-thing of value, including a promise, is exchanged for the act or promise of another. Contingency Action conditioned upon a certain event. Acceptance of the terms of a contract based on something else happening or certain conditions being met. Conveyance The transfer of title or an interest in real property by means of a written instrument such as a deed of trust.
Declining Balance Method Of Depreciation Depreciation by a fixed annual percentage of the balance after deducting each yearly depreciation amount. Deed Actually, any one of many conveying or financing instruments, but generally a conveying instrument, given to pass fee title to property upon sale. Deed of Trust An instrument used in many states in place of a mortgage. Property is transferred to a trustee by the borrower trustor in favor of the lender beneficiary , and re-conveyed upon payment in full.
Defensible Title Title which is not absolute but possibly may be annulled or voided at a later date. For example: Title conveyed to A with condition that if A marries before age 30, title will go to B. A's title may be good doesn't marry or may be defeated marries before Deficiency Judgment Commonly the amount for which the borrower is personally liable on a note and mortgage if the foreclosure sale does not bring enough to cover the debt.
Actually the judgment is for the total amount and not for the deficiency, the recovery from the foreclosure sale being deducted from this amount.
Delivery In conveying, the placing of the property in the actual or constructive possession of the grantee. Usually accomplished by delivery of a deed to the buyer, or by recording said deed. Demand The lender's statement of the amount due to pay of a loan. Demand Note A note having no date for repayment, but due on demand of the lender. Deposit 1 Money given by the buyer with an offer to purchase. Shows good faith. Also called earnest money. Depreciation 1 Decrease in value to real property improvements caused by deterioration or obsolescence.
Direct Reduction Mortgage An amortized mortgage. One on which principal and interest payments are paid at the same time usually monthly with interest being computed on the remaining balance. Discount Points The fee associated with the note rate for your loan, the more discount points you pay the lower the rate you can buy, the fewer you pay, the higher your rate. If the rate is high enough, the loan is priced above par and these premium points are available to pay closing costs creating a no or low fee loan.
Disposition of Real Estate Statement A statement that the buyer will occupy the property being purchased even though the buyer owns other property. The buyer states that the other property will be sold or rented.
Particulars must be given as to any loan on the property and the equity or rent to payment amounts. Double Declining Balance Method of Depreciation A use of the declining balance method, but with double the depreciation allowable by straight line.
An accelerated method. Double Escrow Two concurrent escrows on the same property, having the same party as buyer and seller of the property. Example: Escrow 1 -A buys from B. Escrow 2 -A sells the same property to C. A is using C's money to buy B's property. The process is illegal in many states unless full disclosure is made.
Dual Agency The representation of opposing principals buyer and seller at the same time. In brokerage many states get around this by saying that the agent aids the buyer but is the agent of the seller only.
A problem arises if both buyer and seller pay the broker, Then full disclosure must be made. An escrow agent is the agent of buyer and seller and usually paid by both. This is why an escrow agent must be neutral. Due on-Sale-Clause A clause in a mortgage loan which gives the lender the right to demand payment in full when the property changes ownership.
It is either for the benefit of land appurtenant , such as right to cross A to get to B. Easement of Necessity An easement granted by a court when it is determined that said easement is absolutely necessary for the use and enjoyment of the land. Commonly given to landlocked parcels. Egress A term concerning a right to come and go across the land public or private of another. Usually part of the term ingress and egress. Eleemosynary Corporation A corporation created for charitable purposes.
There are tax advantages accorded to such corporations. The corporation may operate the same as a profit making corporation. Commonly called a nonprofit corporation. Encumbrance, Incumbrance A claim, lien, charge, or liability attached to and binding real property. Any right to, or interest in, land which may exist in one other than the owner, but which will not prevent the transfer of fee title.
Equitable Conversion A legal fiction applied to a land contract which treats the vendee's buyer's interest as a real property interest even though the seller holds legal title, and the seller's interest as a security interest personal property. This enables the buyer to act as the "owner" of the property without having "legal" title. Equitable Mortgage 1 A lien against real property mortgage which is enforceable in a court of equity, but does not legally constitute a mortgage.
Also called a constructive mortgage. Equity The value of a person's interest in real property after all liens and charges have been deducted. Equity Line of Credit A combination of a line of credit and equity loan. A maximum loan amount is established based on credit and equity. A mortgage deed of trust is recorded against the potential borrower's property for said maximum loan amount. The potential borrower has the right to borrow, as needed, up to the amount of the mortgage.
Escalation Clause A clause in a lease providing for an increased rental at a future time. May be accomplished by several types of clauses, such as 1 Fixed increase - A clause which calls for a definite, periodic rental increase.
Escrow Delivery of a deed by a grantor to a third party for delivery to the grantee upon the happening of a contingent event, Modernly, in some states, all instruments necessary to the sale including funds are delivered to a third neutral party, with instructions as to their use.
Excess Condemnation Taking by right of eminent domain, more property than actually necessary for the intended purpose. This happens frequently, the excess property being sold at auction after completion of the project.
Exception A provision in a title insurance binder or policy excludes liability for a specified title defect or an outstanding encumbrance. Exclusive Listing A written contract between a property owner and a real estate broker, whereby the owner promises to pay a fee or commission to the broker it certain real property of the owner is sold during a stated period, regardless of whether the broker is or is not the cause of the sale.
The broker promises to put forth his or her best efforts to sell the property, and may make specific promises as to advertising or other promotion in certain instances. Exemplary Damages Damages to punish make an example of the offender. This is done when the wrong is deliberate or grossly negligent and compensatory damages do not appear to be sufficient.
Expert Testimony Testimony by one acknowledged to have special training and knowledge in a particular subject. Only testimony on the subject in which the witness is "expert" is considered expert testimony. Exposure 1 The degree to which a property for sale, lease, etc. For example: Does a store depending on walk-in trade face the sun in the morning when people walk in the sun to get warm eastern exposure , or face the sun in the afternoon when people walk in the shade to keep cool western exposure.
BACK TO TOP F Fair Market Value An appraisal term for the price which a property would bring in a competitive market given a willing seller and willing buyer, each of whom has a reasonable knowledge of all pertinent facts, with neither being under any compulsion to buy or sell. Fee Simple An estate under which the owner owns a contract interest in the property and is entitled to the unrestricted enjoyment of the property, including the right to dispose property.
Savings and loans, insurance companies, and other similar companies making long term mortgage loans may become members of the Federal Home Loan Bank System, and thus may borrow from one of the regional banks throughout the country. Federal National Mortgage Association Fannie Mae : A tax paying corporation created by Congress to support the secondary mortgage market. It purchases and sells residential mortgages insured by FHA or guaranteed by VA as conventional home mortgages.
Fee 1 Modernly, and not in strict legal terms, synonymous with fee simple or "ownership. For example: A cleaning deposit would be refunded if the tenant left the rented property reasonably clean. A cleaning fee would be a charge by the landlord for cleaning the rented property and would not be refunded regardless of the condition of the property.
FHA Federal Housing Administration A federal agency which insures first mortgages, enabling lenders to loan a very high percentage of the sale price. Finance Charge A total of all costs imposed directly or indirectly by the creditor and payable either directly or indirectly by the customer, as defined by the federal Truth-In-Lending laws.
Financial Statement An accounting statement showing assets and liabilities of a person or company. Used generally for large loans or other instances when the credit report history of payment of debts in itself is not sufficient.
Finder's Fee A fee paid to someone who finds a buyer or property for a broker, buyer, etc. The term is sometimes used to attempt to pay a commission to an unlicensed person.
Generally, a finder's fee is considered a commission and may only be paid to one who holds a real estate license. First Mortgage A mortgage on property that is superior in position to any other mortgage. First Refusal Right A right, usually given by an owner to a lessee, which gives the lessee a first chance to buy the property if the owner decides to sell. The owner must have a legitimate offer which the lessee can match or refuse. It the lessee refuses, the property can then be sold to the offeror.
First User A tax term signifying the one who builds or buys property and is the first one to put the buildings to use. Certain tax depreciation advantages are given to a first user. The term concerns only depreciable property improvements and prior use of the land only farming would not be considered. Fixed Rate Loan A loan on which the same rate of interest is charged for the life of the loan. Fixture Personal property which is permanently attached to the property, and, as such, becomes part of the real property.
A prepayment points will buy a lower rate of interest during the first one to five years of the loan. Restrictions apply as to the amount of the buydown and rise in payment amount as the loan progresses. Forfeiture The taking of an individual's properly by a government, because the individual has committed a crime.
In the United States, private property cannot be taken, except by eminent domain upon payment of just compensation, or for nonpayment of taxes. Franchise 1 A statutory right which could not be exercised in the absence of the statute, such as the statutes enabling persons to form a corporation.
Since a corporation is created by the statute, it could not be formed except by the grant of the legislature. One may own a fast food restaurant, hotel, hardware store, etc. Each individual owner pays for the name use, advertising, and may be required to make certain purchases napkins, buns, etc.
The real estate brokerage business was slow to use the franchise method, but now has many companies operating in this manner. Front Foot Cost A determination of the value of real property based on a value per foot as measured along the frontage of a parcel. Usually used with commercial property or waterfront. Full Disclosure In real estate, revealing all the known facts which may affect the decision of a buyer or tenant.
A broker must disclose known defects in the property for sale or lease. A builder must give to a potential buyer the facts of his new development are there adequate school facilities? A broker cannot charge a commission to buyer and seller unless both know disclosure and agree.
Future Acquired Property Property acquired after a loan or sale. For example: A loan agreement may state that the loan is a lien on all property presently owned or which the borrower may acquire in the future.
Future Interest A present interest, but only a future right to possession and enjoyment of the land, such as a remainder interest, reversionary interest, etc. The amount which may be taken is set by statute usually as a percentage , and, in most states, a judgment is necessary before garnishment. General Lien 1 A lien such as a tax lien or judgment lien which attaches to all property of the debtor rather than the lien of, for example, a trust deed, which attaches only to specific property.
Must be done under an agreement since against general precepts of law. General Membership A partnership made up of general partners, without special limited partners.
Georgian Architecture A colonial style of architecture dating back to the eighteenth century. Characterized by first floor windows extending to the ground, its exterior placements windows, doors. Gerrymander To divide an area into districts, against the obvious natural divisions, in order to accomplish an unlawful purpose. For example: To divide a school district to keep out certain people for reasons of race or religion, to divide a political voting district so as to give power to a political party.
The buyer pays for the option and may exercise it, not exercise it, or sell it. Graduated Payment Mortgage A mortgage or deed or trust calling for increasingly higher payments over the term of the loan.
This allows the buyer low beginning payments. The payments then increase as theoretically the buyer's earnings increase. Grantee One to whom a grant is made. The purchaser of real property. Grantor One who has made a grant. The seller of real property. Grantor Grantee Index The record of the passing of title to all the properties in a county as kept by the county recorder's office.
Property is checked by tracing the names of the sellers and buyers chain of title. Title companies usually have more efficient methods by keeping records according to property description, rather than peoples names. Gross Income The scheduled total income, either actual or estimated, derived from a business or property.
Gross Income Multiplier A figure which, when multiplied by the annual gross income, will theoretically determine the market value. A general rule of thumb which varies with specific properties and areas.
Gross Lease A lease which obligates the lessor to pay all or part of the expenses of the leased property, such as taxes, insurance, maintenance. Grout 1 Thin mortar used in masonry work to fill joints between bricks, blocks, tiles. A fixed rate, graduated payment loan allowing low beginning payments and a shorter term because of higher payments as the loan progress. Based on the theory of increasing income by the buyer and, therefore. When state law applies, usury laws in some states may not presently allow such loans when less than interest only payments create interest on interest.
Guaranty Agreement to pay the debt or perform the obligation of another in the event the debt is not paid or obligation not performed. Differs from a surety agreement in that there must be a failure to pay or perform before the guaranty can be in effect. Heir One who by law, rather than by will, receives the estate of a deceased person. Hereditaments 1 Anything which could be considered real property. Hidden Defect An encumbrance on a title that is not apparent in the public records; for example, unknown heirs, secret marriages and forged instruments.
Holdback Portion of a loan held back by the lender until a contingency is met. In the sale of a home insured by V. The money to make "these" repairs may not be available until closing. One and one halt to double the estimated amount necessary is held back. If repairs are not made in the time allowed.
In construction financing, funds are held back until, for example, a certain percentage of a subdivision has been sold, or a certain portion of a building has been constructed. Holder In Due Course A holder of a check or note who takes, for value and in good faith, the note before it is overdue or the check without knowledge that it has bounced, if, in fact it has. The period during which the taxpayer owns the capital asset. Homestead The dwelling house and contiguous land of the head of a family.
Some states grant statutory exemptions, protecting homestead property usually to a set maximum amount against the rights of creditors. Property tax exemptions for all or part of the tax are also available in some states. Statutory requirements to establish a homestead may include a formal declaration to be recorded. Home Warranty Insurance Private insurance insuring a buyer against defects usually in plumbing, heating, and electrical in the home he has purchased.
The period of insurance varies and both new and used homes may be insured. Housing Starts Number of houses on which construction has begun. The figures are used to determine the availability of housing, need for real estate loans, need for labor and materials, etc. Hypothecate To mortgage or pledge without delivery of the security to the lender. The mortgagor or trustor pays a portion of, for example, the yearly taxes, with each monthly payment.
The lender pays the tax bill from the accumulated funds. Improvements Generally, buildings, but may include any permanent structure or other development.
Inchoate Instrument An unrecorded instrument such as a deed which is valid only between the parties and those having actual notice: but not against "the world" as it would be after recording. Income Averaging A method of figuring income tax by paying tax on the average income per year for the past five years. Increasing and Diminishing Returns An economic theory that an increase in capital or manpower will not increase production proportionately five workers may do less than five times the work of one worker; and two workers may do more than twice the work of one worker.
When the increase in production is proportionately greater than the addition, there is an increasing return, when production is proportionately less than the addition. Industrial Tax Exemption An exemption from local property taxes granted to encourage industries to come into an area.
Has been used successfully in the South. Usually granted for a definite period. Inheritance Tax A tax on the transfer of property from a deceased person: based on the right to acquire the property rather than the property itself. Installment Contract A method of purchasing by installment usually monthly payments. When referring to real property, it is usually called a land contract.
Institutional Lenders Banks, savings and loan associations and other businesses which make loans to the public in the ordinary course of business, rather than individuals, or companies which may make loans to employees.
Insured Mortgage A mortgage insured against loss to the mortgagee in the event of default and a failure of the mortgaged property to satisfy the balance owing plus costs of foreclosure. May be insured by F. Interpleader A court action which may be filed in an existing case to be the initial action.
One holding funds which are in dispute, but not having an interest in the funds, would file an inter- pleader. For example: An escrow agent is holding a deposit of a buyer which funds both buyer and seller claim to be entitled. Escrow is willing to give the funds to either buyer or seller but does not want to be liable for giving the funds to the wrong party.
The interpleader filed by the escrow agent asks the court to determine to whom the funds should be awarded. Interstate Land Sales Sales of land to a buyer in another state. Because the buyer is usually totally dependent on the seller for information regarding the property, federal disclosure laws have been passed to aid the buyer. The buyer also has a period now 3 days after singing a purchase agreement, in which to rescind. The laws were passed because of the large promotional land sales of the 50's and early 60's, some of which sold worthless desert and swamp land.
Involuntary Conversion Conversion of real property to personal property money without the voluntary act of the owner. This occurs when property is taken by eminent domain condemnation.
The owner is allowed to convert back to real property buy another property without paying tax on the gain from the condemnation. This must be done within a set time 3 years and the prices of the old and new property are considered to form a new tax base. The plans allow for a certain amount to be deposited each year. This money is not subject to income tax for that year or following years as long as it is not withdrawn.
The money is taxed as withdrawn upon retirement, usually when the depositor is in a lower tax bracket. During the life of the account, the money may be put into various interest bearing investments. Securities dealers as well as banking institutions now offer IRA'S. Joint Appraisal An appraisal by more than one appraiser, but one which states common conclusions of all.
Joint Tenancy An undivided interest in property, taken by two or more joint tenants. The interests must be equal, accruing under the same conveyance, and beginning at the same time. Upon the death of a joint tenant, the interest passes to the surviving joint tenants, rather than to the heirs of the deceased. Judgment The decision of a court of law. Money judgments, when recorded, become a lien on real property of the defendant.
Judgment Lien A lien against the property of a judgment debtor. An involuntary lien. Judgment Proof One against whom a judgment creditor cannot collect no assets. If one can show he was defrauded by a "judgment proof" real estate licensee, he may recover from the state fund in states having such a fund. Just Compensation In condemnation the amount paid to the property owner. The theory is that in order to be "just," the property owner should be no richer or poorer than before the taking.
Used primarily for walls of commercial buildings. Keogh Plan A retirement plan whereby a self-employed person may set aside a certain portion of income tax deferred into a retirement account. The money is taxable upon withdrawal at retirement when the person's tax bracket is often lower.
The liability is the estimated cost of the loss in business lost, and replacement of the individual. Some lenders require this insurance before lending to small companies which rely on one or a few "key" people.
Knock Down Any parts of a building which can be easily assembled, installed, or removed, such as certain types of window frames, partitions, etc. Knot 1 The hard, irregular shaped defects in boards, caused by cutting at the point where the branch of the tree meets the trunk.
Laches are not controlled by a statute of limitations. Landowner's Royalty In oil and gas leases, the portion of the value of each barrel of oil which goes to the property owner. Land Residual Technique An appraisal technique by which land value is determined by first determining the net return attributable to the building only, and deducting it from the total return to the property may be estimated , the residual amount is capitalized to find the land value.
The building value may be determined by construction costs new building , depreciated construction costs it only a few years old , or estimated present construction costs if an older building. Late Charge A penalty for failure to pay an installment payment on time.
Usually not allowed as interest for tax deductions. May or may not be included as usury. If not, the amount of late charge is either set by statute or must be "reasonable. The adjoining owner has the duty not to change his land such as lowering it so as to cause this support to be weakened or removed.
The price and terms of the purchase must be set forth for the option to be valid. The option may run for the length of the lease or only for a portion of the lease period. Legal Description: A description by which property can be definitely located by reference to surveys or recorded maps.
Sometimes referred to simply as the legal. Legal Owner The term has come to be used as a technical difference from the equitable owner, and not as opposed to an illegal owner. The legal owner has title to the property, although the title may actually carry no rights to the property other than a lien.
Lessee's Interest In appraising the value of a lessees interest to determine the value of a potential sublease of assignment sale of the lease, the value is the market value of the property, less the interest of the lessor.
The lessor's interest would be largely determined by the ratio of the return on the lease to the market value without the lease.
Lien: A recorded document which claims an interest in real property as security for a debt owed. Such liability may be created by contract, such as a deed of trust, or by a court judgment. Lien Waiver Waiver Of Liens For our purposes, a waiver of mechanic's lien rights, signed by subcontractors so that the owner or general contractor can receive a draw on a construction loan.
Liquidated Damages A definite amount of damages, set forth in a contract, to be paid by the party breaching the contract. A predetermined estimate of actual damages from a breach. Lis Pendens Legal notice that a lawsuit is pending.
Also called a notice of action. Loan Constant The yearly percentage of interest which remains the same over the life of an amortized loan, based on the monthly payment in relation to the principal originally loaned. Loan Policy A title insurance policy insuring a mortgagee, or beneficiary under a deed of trust, against loss caused by invalid title in the borrower, or loss caused by invalid title in the borrower, or loss of priority of the mortgage or deed of trust. Loan Ratio The ratio, expressed as a percentage, of the amount of a loan to the value or selling price of real property.
Usually, the higher the percentage, the greater the interest charged. Maximum percentages for banks, savings and loans, or government insured loans, is set by statute.
Loan-To-Value Ratio LTV The ratio of the mortgage loan's principal to the property's appraised value or its sales price, whichever is lower. Long Term Capital Gain Gain on the sale of a capital asset which has been held for a specified time or longer. Long term capital gain is taxed at a special rate and not as ordinary income.
Marketable Title Title which can be readily marketed sold to a reasonably prudent purchaser aware of the facts and their legal meaning concerning liens and encumbrances. Market Value The highest price a willing buyer would pay and a willing seller accept, both being fully informed, and the property exposed for a reasonable period of time. The market value may be different from the price a property can actually be sold for at a given time market price. Market Value Approach Appraising the value of a property by comparing the price of similar properties comparables recently sold.
The degree of similarity of the properties and circumstances of the sale are the important characteristics to consider. Maturity 1 Termination period of a note. For example: A 30 year mortgage has maturity of 30 years. Mechanic's Lien A lien created by statute for the purpose of securing priority of payment for the price or value of work performed and materials furnished in construction or repair of improvements to land, and which attaches to the land as well as the improvements.
Merger of Title A lesser interest in real property being merged absorbed into a greater interest. For example: A lessee purchases the property being leased. The interest as a lessee is merged into the interest as an owner, thus ending the leasehold interest.
Metes and Bounds A form of land description in which boundaries are described by courses, directions, distances and monuments. Mile A linear measurement equal to feet on land and feet across water nautical mile. Money Market Mutual Funds which invest in the "Money Market," a variety of interest bearing securities such as treasury bills and bank certificates of deposit.
None is invested directly into real property or real property securities. Month To Month Tenancy A tenancy where no written lease is involved, rent being paid monthly. Some obligations as to notice of moving or eviction may exist by statute. Mortgage 1 To hypothecate as security, real property for the payment of a debt.
The borrower mortgagor retains possession and use of the property. Mortgage Banker A company providing mortgage financing with its own funds rather than simply bringing together lender and borrower, as does a mortgage broker. Although the mortgage banker used its own funds, these funds are generally borrowed and the financing is either short term or, it long term, the mortgages are sold to investors many times insurance companies within a short time.
Mortgage Bonds Bonds issued by corporations, which offer first mortgages on real property of the corporation as security for the payment of the bonds. Mortgage Broker One who, for a fee, brings together a borrower and lender, and handles the necessary applications for the borrower to obtain a loan against real property by giving a mortgage or deed of trust as security. Also called a loan broker. Mortgage Company A company authorized to service real estate loans, charging a fee for this service.
Mortgagee The party lending the money and receiving the mortgage. Some states treat the mortgagee as the "legal" owner, entitled to rents from the property. Other states treat the mortgagee as a secured creditor, the mortgagor being the owner. The latter is the more modern and accepted view. Mortgage Insurance Insurance written by a private mortgage insurance company referred to as an 'PIC' protecting the mortgage lender against loss incurred by a mortgage default, thus enabling the lender to lend a higher percentage of the sale price.
Mortgage Life Insurance A term life insurance policy for the amount of the declining balance of a loan secured by a mortgage or deed of trust. The beneficiary under the policy is the mortgagee.
In the event of death some policies also cover disability of the insured mortgagor , the mortgage is paid in full. Mortgage Servicing Controlling the necessary duties of a mortgagee, such as collecting payments, releasing the lien upon payment in full, foreclosing if in default, and making sure the taxes are paid, insurance is in force, etc. Servicing may be done by the lender or a company acting for the lender, for a servicing fee.
Mutual Savings Bank An institution owned by its depositors, as evidenced by certificates of deposit rather than stock. These institutions are active in long term real estate financing, as opposed to commercial banks, which concentrates more on short term loans.
Even though payments are made on time, the amount owing increases. Negotiable Instrument According to the Uniform Negotiable Instruments Act, an instrument is negotiable when it is in writing and signed, containing an unconditional promise or order to pay a certain amount of money, on demand, or at a definite future date, to the bearer, to order, or to a named or certain drawee.
Net Lease A lease requiring the tenant to pay, in addition to a fixed rental, the expenses of the property leased, such as taxes, insurance, maintenance, etc. In some states the terms net net, net net net, triple net, and other such repetitions are used. Net Worth The difference between total assets and liabilities of an individual, corporations, etc. No Bonus Clause A clause under the eminent domain section of a lease, giving the lessee the right to recover only the value of his physical improvements in the event of a taking, and not the value of the leasehold interest the difference between the fixed rent of the lease and current market rental value.
Not applicable in all states. Nonbearing Wall A wall used only to separate areas, and which carries only its own weight. Nonexclusive Listing A listing under which the real estate broker has an exclusive listing as opposed to other agents, but the owner may sell the property without using an agent, and not be liable to pay a commission.
Also called an agency agreement. Nonrecourse Loan A loan not allowing for a deficiency judgment. The lender's only recourse in the event of default is the security property and the borrower is not personally liable. Notarization The certification by a Notary Public that a person signing a document has been properly identified.
Notarization does not certify the content of a document, only validity of signature. Notice of Cessation A notice stating that work has stopped on a construction project. Done to accelerate the period for filing a mechanic's lien. Notorious Possession A requirement for adverse possession.
Possession so open notorious that the owner is presumed to have notice of it and its extent. Nuncupative Will An oral will, usually in a deathbed situation, before witnesses who later testify to its authenticity. Usually attesting to the truth of something, as an affidavit, or the validity of one's signature. A promise to tell the truth. Also, a promise to carry out a duty with high morality oath of office , An oath has religious connotations and usually involves the word "swear," and may contain the phrase "so help me God," or require the one taking the oath to put his or her hand on a bible.
An affirmation see which is still legally binding. Office A zoning designation allowing businesses to carry on their paperwork rather than manufacturing of sale of inventory to the public on the site. Some businesses may be conducted entirely out of such space, when only paperwork is involved, such as insurance companies, law firms, accounting firms, etc.
Offset Statement 1 A statement given to a buyer of rental property by a tenant, setting forth the amount of rent and terms of the rental agreement. As the term denotes, the exclusion can be taken only once. Open End Mortgage A mortgage permitting the mortgagor to borrow additional money under the same mortgage, with certain conditions, usually as to the assets of the mortgage. Origination Fee The fee that the lender charges to originate the loan, this fee is typically 1 point.
Override A rental amount paid due to sales of the tenant. For example: A lease for a service station may contain a provision for a certain addition to the rent for every gallon of gasoline over a certain amount sold each month.
Recorded Date. Jun 4 Tax District. Appraisal Year. Fiscal Year. Supplemental Improvement Value. Incremental Land. Incremental Improvements. Real Property Assessed Value. Personal Property. Gross Assessed Subtotal. Common Element Allocation Assessed. Total Assessed Value. Total Taxable Value. Click here for Treasurer Information regarding real property taxes. Click here for Flood Control Information. Estimated Lot Size and Appraisal Information.
Estimated Size. Original Const. Land Use.
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