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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.
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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.
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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.
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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.
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