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| a repayment of the outstanding principal sum made at the end of a loan period, interest only having been paid hitherto. |
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| Imaginary lines used by surveyors in locating and describing land under the rectangular survey method. The north-south line is the meridian, the east-west line is the base line. Used in 30 states. |
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| A contract in which each party promises to perform an act in exchange for the other party's promise to perform. The usual real estate sales contract is an example of a bilateral contract in which the buyer and seller exchange reciprocal promises respectively to buy and sell the property. |
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| A real estate blind ad is an advertisement that does not identify the person or professional status of the ... Only property owners can engage in blind advertising. |
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| Blockbusting is a business process in which U.S. real estate agents and building developers convince white property owners to sell their houses at low prices, which they do by telling house owners that racial minorities will soon move into their neighborhoods in order to instill fear in them. |
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| A measurement of lumber equivalent to 1 inch thick, 1 foot long, 1 foot wide. ... measurement, square foot. Filed Under: real-estate. |
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| If you receive cash from the sale of your original property or buy a replacement property with a lower debt level, the difference is known as boot (or taxable boot) and is taxable to the extent of the capital gain you realized on the exchange. |
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| Bounds (Abuttals and boundaries) refer to a more general boundary description, such as along a certain watercourse, a stone wall, an adjoining public road way, or an existing building. The system is often used to define larger pieces of property (e.g. farms) and political subdivisions (e.g. town boundaries) where precise definition is not required or would be far too expensive, or previously designated boundaries can be incorporated into the description. |
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| British Thermal Units (BTU's) |
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| British thermal unit-a unit of energy associated with the creation of heat. Prior to 1929, it was defined as the amount of heat required to raised the temperature of 1 pound of water 1 degree Fahrenheit. |
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| Almost any property you own is subject to capital gains tax if you sell it for more than the original purchase price. ... Your profit, $30,000 (the difference between the two selling prices), is your capital gain and it's subject to the tax. You only pay the capital gains tax after you sell an asset. |
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| A capital improvement is the addition of a permanent structural change or the restoration of some aspect of a property that will either enhance the property's overall value, prolongs its useful life, or adapt it to new uses. Individuals, businesses, and cities can make capital improvements to the property they own. |
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| the principle that the buyer alone is responsible for checking the quality and suitability of goods before a purchase is made. |
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| Covenants, Conditions & Restrictions |
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| The term chain of title refers to the history of ownership of a piece of property. ... The chain of title traces the historical transfer of ownership from the current owner back to the original owner. |
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| A cloud on title is any document, claim, unreleased lien, or encumbrance that might invalidate or impair a title to real property or make the title doubtful. Clouds on the title are usually discovered during a title search. |
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| The CLTA (California Land Title Association) policy insures the property owner and the ALTA (American Land Title Association) is an extended coverage policy that insures the lender against possible unrecorded risks excluded in the CLTA policy. |
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