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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.
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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.
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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".
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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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