Term
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Definition
| the amount of interest that is due for the period of time since interest was last paid; usual term for seller. |
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| How many sq. ft. equal 1 acre? |
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| the result of legal action, originated by a lessor, whereby a defaulted tenant is physically ousted from the rented property pursuant to a court order. |
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| express information of fact; that which is known; direct knowledge. |
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Definition
| additional material attached to and made part of a document, as in a supplement that is added to an agreement of sale. |
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| adjustable-rate mortgage (ARM) |
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Definition
| a laon characterized by a fluctuating interest rate, usually one tied to a bank or savings and loan association cost-of-funds index. |
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Definition
| a tax levied according to value; generally used to refer to real estate tax; aka. general tax. |
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Term
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Definition
| the actual, visibl, hostile, notorious, exclusive and continuous possession of another's land under a claim of title; possession for a statutory period may be a means of acquiring title. |
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| the relationship between a principal and an agent, wherein the agent is authorized to represent the principal in certain transactions. |
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Definition
| one who acts or has the power to act for another; a fiduciary relationship is created under the law of agency when a principal suthorizes a licensed real estate broker to be his or her agent. |
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Term
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Definition
| an offer to purchase that has been accepted by the seller and has become a binding contract. |
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Definition
| a designated airspace over a piece of land; an air lot, like surface property, may be transferred. |
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Term
| agency coupled with an interest |
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Definition
| an agency relationship in which the agent is given an estate or interest in the subject of the agency (the property). |
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Definition
| a formal declaration made before a duly authorized officer, usually a notary public, by a person who has signed a document. |
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Term
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Definition
| on a closing statement, expense items that are incurred buy not yet payable, such as interest on a mortgage loan or taxes on real property. |
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Term
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Definition
| the increase or addition of land by the deposit of sand or soil washed up naturally from a river, lake, or sea. |
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Definition
| acquiring title to additions or improvements to real property as a result of the annexation of fixtures or the accretion of alluvial deposit along the banks of streams. |
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Definition
| the clause in a mortgage or trust deed that can be enforced to make the entire debt due immediately if the mortgagor defaults on an installment payment of other covenant. |
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Term
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Definition
| the condensed history of a title to a particular parcel of real estate, consisting of a summary of the original grant and all subsequent conveyances and encumbrances affecting the property and a certification by the abstractor that the history is complete and accurate. |
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