Glossary of Terms
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A condition created when a loan payment is less than interest alone. Even though payments are made on time, the amount owing increases.
According to the Uniform Negotiable Instruments Act, an instrument is negotiable when it is in writing and signed, containing an unconditional promise or order to pay a certain amount of money. on demand, or at a definite future date, to the bearer, to order, or to a named or certain drawee
A lease requiring the tenant to pay, in addition to a fixed rental, the expenses of the property leased, such as taxes, insurance, maintenance, etc. In some states the terms net net, net net net, triple net. and other such repetitions are used
The difference between total assets and liabilities of an individual. corporations, etc.
NO BONUS CLAUSE
A clause under the eminent domain section of a lease, giving the lessee the right to recover only the value of his physical improvements in the event of a taking, and not the value of the leasehold interest (the difference between the fixed rent of the lease and current market rental value) Not applicable in all states
A wall used only to separate areas, and which carries only its own weight.
A listing under which the real estate broker has an exclusive listing as opposed to other agents, but the owner may sell the property without using an agent, and not be liable to pay a commission. Also called an agency agreement.
A loan not allowing for a deficiency judgment. The lender's only recourse in the event of default is the security (property) and the borrower is not personally liable.
NOTICE OF CESSATION
A notice stating that work has stopped on a construction project. Done to accelerate the period for filing a mechanic's lien.
A requirement for adverse possession. Possession so open (notorious) that the owner is presumed to have notice of it and its extent.
An oral will, usually in a deathbed situation, before witnesses who later testify to its authenticity.
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