Term
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Definition
| A writ or order issued under the seal of a court to restrain one or more parties from performing an act which is deemed to be inequitable or unjust in regard to the rights of some other party. |
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Term
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Definition
| A contract that provides for payment of a purchase price in installments; an agreement of sale. Also called installment land contract or installment sale. |
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Term
| Institute of Real Estate Management (IREM) |
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Definition
| An organization acting as an exchange for management ideas, and recognizing achievement in the field. Has a Code of Ethics for real estate managers. |
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Term
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Definition
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Term
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Definition
| During one's life, between living persons; from one living person to another. |
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Term
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Definition
| A short term loan obtained to cover financing of the construction of a building. |
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Term
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Definition
| Incapable of being recalled or revoked; unchangeable. |
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Term
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Definition
| A lien imposed against property without consent of an owner; e.g., taxes, special assessments, federal income tax liens, etc. |
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Term
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Definition
| Incapable of being recalled or revoked; unchangeable. |
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Term
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Definition
| Ownership by two or more persons with rights of survivorship, all joint tenants own equal interests and have equal rights in the property; each owner is possessed of an undivided part of the whole. |
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Term
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Definition
| A joining of two or more people in a specific business enterprise; similar to a partnership, and generally with no intention of a conitnuing relationship beyond the original purpose. |
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Term
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Definition
| The final determination of the rights and liabilities of the parties by a court in an action before it. |
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Term
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Definition
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Term
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Definition
| A mortgage that is subordinate to prior existing mortgage on the same realty. |
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Term
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Definition
| Delay or negligence in asserting one's legal rights. |
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Term
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Definition
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Term
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Definition
| A court designated to preside over the registration of land under the Torrens system; the court which is used to verify title. |
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Term
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Definition
| An instrument conveying government owned lands to individuals. |
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Term
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Definition
| A device to hold title to land in a trust with the beneficial ownership held by the landowner. |
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Term
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Definition
| County code which sets forth zoning regulations for the county. |
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Term
| Landlord Tenant Code (LTC) |
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Definition
| A Hawaii state law outlining the rights, obligations and remidies of a residential landlord and a tenant. |
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Term
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Definition
| A monument or object used to establish the boundary line of a property. |
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Term
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Definition
| A hidden structural defect in real estate; known to the seller byt not the buyer and not discoverable by mere observation. |
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Term
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Definition
| The support that the soil of an adjoining owner gives to his neighbor's land. |
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Term
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Definition
| A contract whereby the lawful owner of the property transfers his rights of use and posession to another for a specified term. |
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Term
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Definition
| The landlord-owners interest in the demised premises; valued as the rent plus the reversionary interest. |
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Term
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Definition
| An estate or right in real property held under a lease by the lessee. |
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Term
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Definition
| A gift of personal property, usually money in a will. |
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Term
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Definition
| A description, recognized by law that will definately locate and identify property. |
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Term
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Definition
| One who rents property under a lease contract. |
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Term
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Definition
| An owner who enters into a lease with a tenant. |
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Term
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Definition
| A lease; a leasehold estate. |
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Term
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Definition
| The use of borrowed funds in financing, with the anticipation that the property aquired will increase in return so that the investor will realize a profit, not only on his own investment, but on the borrowed funds as well. |
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Term
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Definition
| Books that contain public records such as copies of deeds. |
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Term
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Definition
| A personal privilege to perform some act on the land of another. |
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Term
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Definition
| A right, given by law, whereby a creditor may satisfy a debt out of the proceeds of the sale of real or personal property belonging to the debtor; an encumbrance, usually naming property as security for payment of a debt or for the discharge of an obligation. |
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Term
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Definition
| A limited title search issued to cover Land Court property in Hawaii. |
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Term
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Definition
| An estate or interest in real property held for the duration of the life of a certain person. Upon the expiration of that life, the estate will automatically be vested in a remainderman or reversioner. |
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Term
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Definition
| In a condominium, those common elements reserved for the use of a certain apartment, or certain apartments, to the exclusion of other apartments. |
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Term
| Limited Liability Company |
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Definition
| A newer form of ownership besides proprietorship, partnership, corporation, etc.: Similar to a corporation, but no perpetual existence and single taxation. |
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Term
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Definition
| A partnership composed of general and limited partners whose contribution and liability are limited and specifically defined. |
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Term
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Definition
| An amount of pre-determined by the parties to an agreement that will be forteited as compencation for breach of contract. |
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Term
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Definition
| A legal document giving constructive notice that an action at law is pending; a notice of pending litigation. |
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Term
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Definition
| A written employment agreement between a property owner and a broker authorizing the listing broker to sell, lease or exchange the realty. |
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Term
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Definition
| A commitment by a lender as to the amount he will loan to a qualified borrower on a particular piece of real estate. |
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Term
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Definition
| An agreement between a borrower and a lender, whereby the lender agrees to lock in an interest rate, or points for a period of time, when the rate is in a state of flux and might change. |
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Term
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Definition
| Designates a person who is a member of a professional appraisal organization. |
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Term
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Definition
| Land which barely pays the cost of working or using. |
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Term
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Definition
| Title free and clear of objectionale liens or encumbrances; title which is free from reasonable doubts or defects, which can be readily sold or mortgaged. |
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Term
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Definition
| The highest price a ready, willing and able buyer, not forced to buy, will pay to a ready, willing and able seller not forced to sell, allowing a reasonable time for exposure in the open market. |
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Term
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Definition
| A fact is material if it is one which the agent should realize would be likely to affect the judgment of the principal in giving his or her consent to the agent to enter into the particular transaction on the specified terms. |
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Term
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Definition
| A lien which exists against real property in favor of persons who have performed work or furnished materials for the improvement of real estate. |
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Term
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Definition
| The absorption of one estate into another. |
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Term
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Definition
| A method of describing or locating real property; metes are measures of length and bounds and boundaries; a description starting with a well-marked poing ot beginning and follwoing the boundaries of the land until it returns once more to the poing or beginning. |
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Term
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Definition
| A linear measurement of distance equal to 1,760 yards, 5,280 feet, or 1,608 meters. |
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Term
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Definition
| A clause inserted in some leases to allow the military tenant to terminate the lease in case of transfer, discharge or other circumstances. |
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Term
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Definition
| One tenth of one cent. Used in some states to compute property taxes. |
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Term
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Definition
| A person under the legal age of consent, one under 18 years of age. |
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Term
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Definition
| A false statement of a material fact made with the intent to induce some action from another party. |
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Term
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Definition
| A fized object and point established by surveyors to establish land locations; includes not only artificial objects such as posts and fences, but also natural objects such as trees, mountains and water courses. |
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Term
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Definition
| An instrument in writing which, when recorded, created a lien upon property pledged as security for the repayment of a debt or obligation. |
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Term
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Definition
| A corporation or firm which makes, delivers and services mortgage loans. |
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Term
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Definition
| A person or firm that acts as an intermediary between borrower and lender. |
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Term
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Definition
| The party who lends money and accepts a mortgage to secure the payment of the debt. |
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Term
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Definition
| The party who borrows money and gives a mortgage on the property as security for his obligation to repay the debt. |
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Term
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Definition
| Passageway for subterranean termites. |
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Term
| Multiple Listing Service (M.L.S.) |
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Definition
| An arrangement among brokers whereby they share their listings. |
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Term
| National Association of Realtors (N.A.R.) |
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Definition
| A professional organization of real estate professionals; only brokers who are members of local real estate boards are entitles to use the trademart name "Realtor", salespeople are called "Realtor-Associates." |
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Term
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Definition
| Those bodies of water that are capable of being used for public transportation. |
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Term
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Definition
| A written instrument signed by its maker or drawer, containing an unconditional promise to pay a certain sum of money; can be passed freely from one person to another. |
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Term
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Definition
| To transact business; to arrange terms of a contract. |
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Term
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Definition
| With reference to property, the sum derived after a vacancy allowance and expenses have been deducted from the gross income; generally described as net income before depreciation, and usually defining the income a property will earn in a normal year's operation (net operating income). |
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Term
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Definition
| A lease in which the tenant pays rent for occupancy, plus maintenance and operation expenses, and usually including taxes and insurance. |
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Term
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Definition
| A listing which provides that the agent may retain all sums received over and above a net price to the owner as compensation for his services. |
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Term
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Definition
| One bearing no relation to the real value of the contract. An example is a property deeded for $10,000. |
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Term
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Definition
| A use which is contrary to zoning laws, but which is permitted because the use was allowed before the zoning law came into effect; a grandfather clause. |
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Term
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Definition
| A use which is contrary to zoning laws, but which is permitted because the use was allowed before the zoning law came into effect; a grandfather clause. |
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Term
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Definition
| A written instrument acknowledging a debt and promising payment. |
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Term
| Notice of Nonresponsibility |
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Definition
| A notice provided by law designed to relieve a property owner from responsibilityfor the cost of work done on the property or materials furnished therein; usually applicable when a leesee contrats to have work performed. Not applicable in Hawaii. |
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Term
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Definition
| Notice to a tenant to vacate. |
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Term
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Definition
| The substituting of a new obligation for an old one (as in a Va substitution). |
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Term
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Definition
| Functional obsolescence or lack of desirability in terms of layout, style and design as compared with that of a new property serving the same funtion; economic obsolescence or a loss in value from causes in the neighborhood, but outside the property itself. |
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Term
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Definition
| A promise by one party to act in a certain manner provided the other party will act in the manner requested. In a real estate sales contract, the offer to purchase realty according to certain stipulated terms and conditions. |
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Term
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Definition
| Amends the Comprehensive Zoning Code by permitting a second dwelling unit on certain residentially zoned lots, thus providing immediate and less expensive housing alternatives. |
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Term
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Definition
| A mortgage containing a clause which permits the mortgagor to borrow additional money up to the original amount of the loan oafter the loan has been reduced, without rewriting the mortgage. Not to confuse with open mortgage, which is any mortgage with no pay |
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Term
|
Definition
| A mortgage containing a clause which permits the mortgagor to borrow additional money up to the original amount of the loan oafter the loan has been reduced, without rewriting the mortgage. Not to confuse with open mortgage, which is any mortgage with no payment penalty. |
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Term
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Definition
| A listing given to any number of agents without liability to compensate any except the one who first procures a buyer ready, willing and able to meet the terms of the listing. |
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Term
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Definition
| A right given for consideration to purchase or lease a property upon specified terms within a specified times. Purchaser is the optionee. |
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Term
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Definition
| A legislative enactment of a city or county, such as zoning. |
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Term
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Definition
| An improvement which is not the highest and best use for the site on which it is placed, usually by reason by excess size or cost. |
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Term
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Definition
| A mortgage commonly used in subdivision developments whereby chattels such as appliances are "packaged" into the mortgage along with the real property. |
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Term
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Definition
| Creating an atmosphere of fear in persuading owners to sell; a discriminatory act. |
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Term
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Definition
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Term
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Definition
| Verbal or written testimony which precedes a written contract. |
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Term
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Definition
| The taking of a portion of a piece or property through condemnation. |
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Term
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Definition
| Those entities taking part in a transaction as a principal, e.g.; seller, buyer, or lender in a real estate transaction. |
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Term
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Definition
| Court proceedings by which co-owners of commonly owned property seek to sever their common ownership; not with tenancy by entirety. |
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Term
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Definition
| A contract between tow or more persons to carry on as co-owners of a business, and to share the profits in certain proportions. |
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Term
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Definition
| A wall erected on the line between adjoining properties that are under separate ownership, for the use of both owners. |
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Term
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Definition
| A conveyance for the transfer of title to land owned by the government; land patent. |
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Term
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Definition
| The part of a performancer bond that assures the owner that material and labor furnished in the construction of the building will be fully paid for and no mechanic's liens will be filed. |
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Term
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Definition
| A lease of property in which the rental is based upon the volume of gross sales made on the leased premises. |
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Term
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Definition
| A bond that provides assurance of the completion of an undertaking in accordance with an agreement, such as that supplied by a contractor guaranteeing the completion of a building project. |
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Term
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Definition
| A lease running from period to period, such as week-to-week, or month-to-month. |
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Term
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Definition
| Any property not real property; personalty. |
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Term
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Definition
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Term
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Definition
| One lender originates loan, another joins in as co-operating lender, with neither junior; one property, two lenders. |
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Term
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Definition
| hawaii law requiring certain contracts (under 25, 000) and leases to be written in ordinary, everyday, non-legal language. |
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Term
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Definition
| A person who undertakes the duties, responsibilites and obligations of managing a timeshare plan. |
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Term
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Definition
| A development and zoning concept that is designed to produce a high density of dwelling units with mazimum utilization of open spaces. Also called Planned Development Housing (PDH). |
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Term
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Definition
| A plan or map of certain piece or pieces of land. |
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Term
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Definition
| A public record containing facts pertaining to land. |
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Term
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Definition
| The land increment produced by combining smaller individually owned plots into a large tract under a single ownership; see assemblage. |
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Term
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Definition
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Term
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Definition
| The inherent right of a government to enact such legislation as may be deemed necessary to protect and promote the health, safety and general welface of the public, such as zoning. |
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Term
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Definition
| A qritten instrument authorizing a person (an attorney in fact) to act as the agent on behalf of another to the extent indicated in the instrument. |
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Term
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Definition
| A provision in a mortgage permitting the lender, upon borrower's default, to sell the secured property at public auction without need to have a court foreclose. |
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Term
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Definition
| The clause in a mortgage or note stating the penalty, if ay, for mayment before it actually becomes due. |
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Term
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Definition
| An easement or title obtained by possession for a prescribed period; prescriptive rights. |
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Term
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Definition
| Evidence which is good and sufficient on its face ("at first view") to establish a given fact or case, unless rebutted or contradicted. |
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Term
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Definition
| The source of loan funds available directly to borrowers, whether for first or second morgages; loan originations. |
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Term
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Definition
| The miminum interst rate charged by a bank on short term loans to its best clients. |
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Term
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Definition
| The employer of an agent or broker; a sum of money owed as a debt upon which interest is calculated, not spelled Principle. |
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Term
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Definition
| An action of the court to determine the validity and legality of a last will and testament. |
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Term
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Definition
| The cause of a series of events that leads to the consummation of a sale. |
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Term
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Definition
| To publish, announce or declare. |
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Term
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Definition
| A lease in a cooperative apartment between the owner-corporation and the tenant-stockholder. |
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Term
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Definition
| A business held by a person who has legal title or exclusive right thereto. |
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Term
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Definition
| To divide or distribute proportionately; to divide monies, usually at time of closing, proportionately between the seller and buyer. |
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Term
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Definition
| A printed statement distributed to describe and advertise a new business venture, a real estate project or stock issue. |
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Term
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Definition
| The Hawaii Association of Realtors standard form pruchase agreement. |
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Term
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Definition
| A mortgage on property given by a buyer, either to the seller or to a third party in order to secure a portion of the purchase price. |
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Term
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Definition
| An estate in fee simple bound by limitations imposed by the grantor. |
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Term
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Definition
| The right of an owner or tenant legally in possession to the use of property without interference from the landlord, or grantor, or anyone claiming through him. |
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Term
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Definition
| A court action brought to establish title or to remove a cloud on the title; an action clearing tax titles or titles based upon adverse possession. |
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Term
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Definition
| A deed containing no warranties or covenants, which relinquished any interest, title or claim in property the grantor may have, if any. |
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Term
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Definition
| A majority of the entire body; minimum needed to legally conduct a meeting. |
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Term
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Definition
| The approval or confirmation by one person, of an act or contract performed or entered into on his behalf by another, who at the time lacked authority to act as his agent. |
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Term
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Definition
| A person who is prepared, financially able, and willing to enter into a binding contract. |
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Term
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Definition
| A contract in which the parties enter knowingly, voluntarity, with no represnetation, duress or mistake. |
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Term
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Definition
| A broker who belongs to NAR. |
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Term
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Definition
| A salesperson that works for a Realtor and belongs to the local Board of Realtors. |
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Term
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Definition
| A factor used in the cpaitalization approach to value to estimate the return of the investment. |
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Term
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Definition
| A court appointed custodian who holds property for the court, pending final disposition of the matter before the Court. |
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Term
|
Definition
| A court appointed custodian who holds property for the court, pending final disposition of the matter before the Court. |
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Term
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Definition
| Where by following strict rules, people who couldn't otherwise marry are given certain rights of those who can. |
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Term
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Definition
| A conveyance to the landowner of the title held by a trustee under a deed of trust. |
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Term
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Definition
| The act of writing or entering an instrument into a book of public records, which constitutes notice to all persons of the rights or claims contained in the instrument; often called contructive notice. |
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Term
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Definition
| The right of an owner to redeem or reclaim property by paying the debt after default, together with interest and costs, and before sale at foreclosure. Statutory right of redemption refers to the right in some states (but not Hawaii), to redeem the property after foreclosure or other enforcement action, during a certain period of time specified by statute. |
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Term
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Definition
| A practice by lending institutions restricting the number of loans that will be underwritten in a given community. The practive is illegal if based on the racial composition of a community. |
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Term
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Definition
| A certificate showing the unpaid balance of a mortgage, the interest, and the maturity date. Used when a prospective purchaser is going to assume a mortgage ot take title subject to an existing mortgage. It is given by the mortgagee to the assignee. |
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Term
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Definition
| To obtain a new loan to pay off an existing mortgage or agreement of sale. |
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Term
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Definition
| An action to correct a mistake in a deed or other document. |
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Term
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Definition
| The relinquishment or surrender of a right, claim, or interest. |
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Term
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Definition
| The instrument given by the mortgagee to the mortgagor indicating descharge of the mortgage, stating that the obligation has been fulfilled and the debt paid off. |
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Term
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Definition
| Gradual recession of water from the usual watermark. |
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Term
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Definition
| An estate created by single grant sumiltaneously with another which vests with a third party after termination of the prior estate; such as a life estate. |
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Term
|
Definition
| The one in whom an estate vests after termination of a prior estate. |
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Term
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Definition
| Furnished, presented; performed; made. |
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Term
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Definition
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Term
|
Definition
| The annulling. revocation, or repealing of a contract by mutual consent of the parties, or for cause by either party to the contract, and returning the parties to their original position (the "status quo"). |
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Term
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Definition
| A clause occasionally found in an agreement of sale which requires the seller to return all of the buyer's payments less costs and a fair rental value in the event the buyer defaults. |
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Term
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Definition
| A right retained by a grantor in conveying property. |
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Term
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Definition
| See Customer Trust Fund, or Impound Account. |
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Term
|
Definition
| A clause in a deed or other written instrument limiting the use to which the property may be put. |
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Term
|
Definition
| A limitation on the use of a property placed in a deed; a private restriction. |
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Term
|
Definition
| A mortgage whereby the lender makes a monthly payment to the mortgagor, thereby giving him extra money for living expenses, but reducing his equity. |
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Term
|
Definition
| The residue of an estate left to the grantor or his heirs after termination of all prior estates and interests; the right of a lessor to recover possession of leased property upon the termination of the lease, with all subsequent rights to use and enjoy the property. |
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Term
|
Definition
| A present right to future possession of an estate. |
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Term
|
Definition
| The act of recalling some agreement. power or interest previously given. |
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Term
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Definition
| An addition, addendum or endorsement annexed to a document; it should be signed or initialed. |
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Term
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Definition
| The right of a surviving spouse to 1/3 of the net probate estate of the deceased spouse. |
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Term
|
Definition
| An easement or right of passage over another's land. |
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Term
|
Definition
| The right of a landowner to the use of water on or adjacent to his land. |
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Term
|
Definition
| The instrument of original grant of sovereign lands in Hawaii to individuals. |
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Term
|
Definition
| A convenant that extends beyond the original parties to an agreement and binds all subsequent parties. |
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Term
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Definition
| The sale & subsequent leasing back by the seller-lessee. |
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Term
|
Definition
| A leasehold interest of a sublessor that lies between the primary lease (owner) and the operating lease (user). |
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Term
|
Definition
| An instrument used when a lien is paid off and satisfied on the records; also called satisfaction piece. |
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Term
|
Definition
| One that is recorded after a first mortgage, thus secondary in priority. |
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Term
| Secondary Mortgage Market |
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Definition
| The marketplace for the sale and purchase of existing mortgages. |
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Term
|
Definition
| A section of land established by government survey containing 640 acres, or 1 square mile. Also, a portion of a taz map description. |
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Term
|
Definition
| A deposit made to assure performance of an obligation, usually by a lessee. |
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Term
|
Definition
| Possession of real property by one entitled thereto; a warranty that at the time of delivery of a deed, the grantor actually has the right and capacity to convey good legal title; also seizen. |
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Term
|
Definition
| An underground tank in which sewage from the house is reduced to liquid by bacterial action and drained off. |
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Term
|
Definition
| An estate of land over which an easement exists in favor of the dominant estate; servient tenement. |
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Term
|
Definition
| An ordinance prohibiting the erection of a building or structure between the curb and other established line and the setback line; the distance a house must be set back from the street in accordance with local zoning rules. |
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Term
|
Definition
| Sole or independent ownership. |
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Term
|
Definition
| Damages paid to an owner when his property has been partially taken by condemnation, thus reducing the highest and best use of the remaining land. |
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Term
|
Definition
| A sale where the seller's net proceeds do not bring in an amount substantial enough to cover the amount owed on the mortgage. |
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Term
|
Definition
| Interest computed upon the declining balance of a particular amount; as principal declines so does the interest payment. |
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Term
|
Definition
| The brokerage practice of representing only one party to a real estate transaction, either the buyer or the seller, never both. |
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Term
|
Definition
| A lease of space above a piece of real estate. |
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Term
|
Definition
| One authorized to perform limited specific functions. |
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Term
|
Definition
| An assessment generally made against only those specific parcels of realy directly benefiting from the improvement. |
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Term
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Definition
| A deed in which the grantor warrants or guarantees the title only against defects arising during his ownership and not against defects before the time of his ownership. |
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Term
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Definition
| A remedy that the court will grant in certain cases, compelling the defendant to perform or carry out the terms of a valid, existing agreement or contract. |
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Term
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Definition
| Allows one property in an area to be zoned differently than the rest. |
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Term
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Definition
| A law established by an act of the legislature. |
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Term
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Definition
| State law requires among other things that certain contracts relaing to real estate must be in writing to be enforcable at law. |
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Term
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Definition
| Laws setting forth the period of time in which suit can be brought for a particular act. |
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Term
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Definition
| Directing prospective buyers or tenants into or away from certain ares on discrimination grounds. |
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Term
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Definition
| A lease with fixed increases at stated intervals, or increases based upon periodic appraisals at stated times; graduated lease, graded lease. |
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Term
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Definition
| One who purchases property for another to conceal the identity of the real purchaser; a dummy pruchaser; a nominee. |
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Term
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Definition
| An agent working under the main agent, such as a salesperson for a listing broker. |
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Term
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Definition
| A lease given by a lessee for a portion of the unexpired balance of his term. |
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Term
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Definition
| A clause in a mortgage or lease stating that the rights of the holder shall be secondary or subordinate to a subsequent encumbrance. |
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Term
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Definition
| The substitution of one person in place of another with reference to a lawful claim, demand or right, so that he succeeds to such rights of the other. |
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Term
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Definition
| When for good reason a landloard may terminate a lease and the tenant must appeat and show cause why he should not be evicted. Also called Dispossess Proceeding or Unlawful Detainer. |
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Term
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Definition
| The cancellation of a lease by an act of mutual consent of lessor and lessee. |
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Term
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Definition
| The cancellation of a lease by an act of mutual consent of lessor and lessee. |
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Term
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Definition
| The process by which a parcel of land is measured and its area ascertained. |
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Term
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Definition
| Multiple ownership of an investment, usually inthe form of a limited partnership. |
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Term
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Definition
| To attach on to another adverse possesor's time. |
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Term
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Definition
| Permanent of long-term financing of individual condominium units for their respective buyers. |
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Term
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Definition
| A deed for property sold by a government unit for non-payment of taxes. |
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Term
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Definition
| A sale of property, usually at auction, for non-payment of assessed taxes. |
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Term
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Definition
| A tenancy arising when the tenant wrongfully holds over after the expiration of his term. The landlord has the choice of evicting the tenant or accepting him for a similar term and under the conditions of the previous holding. |
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Term
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Definition
| Possession and occupancy of land terminate at the will of either party. |
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Term
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Definition
| A tenancy held by husband and wife giving each the equal right to possession and enjoyment during their joint lives, along with the right to sole ownership upon the death of either partner. |
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Term
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Definition
| Leasing of a property for a fixed period of time. |
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Term
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Definition
| Ownership by two or more persons who hold individed interest, without right of survivorship. Upon the death or one tenant, his interest goes to his heirs. Interests need not be equal, and each owner is possessed of the whole of an undivided part. |
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Term
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Definition
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Term
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Definition
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Term
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Definition
| All rights in land that pass with a conveyance of the land. |
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Term
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Definition
| The written declaration of one's last will. |
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Term
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Definition
| A wrongful invasion of land by one having no lawful right to enter. |
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Term
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Definition
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Term
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Definition
| One who leaves a will in force at his death. |
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Term
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Definition
| The requirement of punctual performance; a time period that may not be extended. |
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Term
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Definition
| A form of multiple ownership in which purchasers buy specific time periods for use of the property represneted by tenancy in common interest. |
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Term
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Definition
| Evidence that an owner of land is in lawful possession thereof; Ownership. |
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Term
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Definition
| A policy of insurance that indemnifies the holder for loss sustained by reason of a defect in the title, provided the loss does not result from a defect excluded by the policy provisions. |
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Term
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Definition
| The nature of the surface of land. |
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Term
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Definition
| A system for the registration of land under state law indicating the status of the title, including ownership and encumbrances, without the necessity of additional search of the public records; Land Court. |
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Term
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Definition
| A negligent or intentional wrong; a wrongful act; violation of a legal act. |
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Term
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Definition
| Articles of personal property annexed to real property, but which are necessary to the carrying on of a trade and are removable by the owner or tenant when he leaves; Also, tenant's fixture. |
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Term
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Definition
| To conduct business affairs; to carry out, perform or manage. |
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Term
| Transfer Certificate of Title (TCT) |
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Definition
| The Land Court registration document assigned to a property. |
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Term
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Definition
| A deed given by borrower to trustee to be held pending fulfillment of an obligation. |
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Term
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Definition
| One who holds property in trust for another to secure the performance of an obligation. |
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Term
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Definition
| A federal law that lets borrowers know the exact cost of obtaining credit; a disclosure devise. |
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Term
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Definition
| Title to property owned by two or more persons, none of whom are entitled to claim or possess any specific part. |
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Term
| Uniform Standards of Professional Appraisal Practice |
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Definition
| A self regulated organization of professional appraisers, promoting high standards in appraisal practices. |
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Term
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Definition
| A contract whereby only one party is obligated to perform his obligation to another. |
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Term
| United States Government Survey System |
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Definition
| A method of describing or locating real property by reference to the governmental survey; rectangular survey system. |
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Term
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Definition
| A title containing substantial defects that might cause a prospective purchaser to suffer title litigation and possible loss. |
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Term
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Definition
| The minimum price at a foreclosure sale below which the property cannot be sold. |
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Term
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Definition
| Charging a rate of interest on a loan greater than that permitted by law. It is presently 12% on personal loans. |
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Term
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Definition
| Having binding force; legally sufficient, authorized by law. |
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Term
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Definition
| The estimated value of porperty. |
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Term
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Definition
| Mortgage in which interest rate will fluctuate depending on terms of mortgage. |
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Term
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Definition
| Permission obtained from zoning authorities permitting the construction of a building or structure that is forbidden by present zoning ordinances; a departure from the current zoning regulation. |
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Term
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Definition
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Term
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Definition
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Term
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Definition
| The geographic area in which a court has legal jurisdiction. |
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Term
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Definition
| To confirm or substantiate by oath. |
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Term
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Definition
| A present right or title to realty, but with possession delayed to some uncertain time in the future. |
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Term
Veterans Administration (VA)
Also, Dept. of Veterans Affairs (DVA) |
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Definition
| An agency of the Federal Government, whose activities include guaranteed repayment of certain loans in the event of default. |
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Term
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Definition
| To have no force or effect; that which is unenforcable. |
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Term
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Definition
| That which is capable of being adjudged void, but is not void unless action is taken to make it so; able to be voided. |
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Term
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Definition
| Any lien placed on property with consent of, or as a result of, the voluntary act of the owner, e.g., a mortgage. |
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Term
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Definition
| To relenquish, or abandon; the abandonment of some claim or right. |
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Term
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Definition
| A deed in which the grantor fully warrants a good clear title to the property; a deed that contains convenants of title. |
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Term
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Definition
| Improper use or damage by one in possession such as tenant or vendee. |
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Term
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Definition
| Method of financing in which a new mortgage is wrapped around an existing first mortgage, placved in a secondary position; an all-inclusive mortgage. |
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Term
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Definition
| A writ or court order authorizing and directing an officer of the court to carry out the judgment or decree of the court. |
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Term
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Definition
| The return on an investment; the amount of profit made as a percentage of the amount invested. |
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Term
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Definition
| An area set aside for specific use, subject to certain restrictions or restraints; also part of tax map description. |
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Term
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Definition
| An act of the city or county authorities by exercise of police power in regulating, controlling or specifying the type of use to which the property may be put in specific areas. |
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