Glossary of Terms
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To knowingly abandon, relinquish, or surrender a right, benefit, or claim
Weight of roofs and floors supported entirely by the exterior walls with no load-bearing partitions Posts and pillars are used at points where the span is too wide for exterior wall support
A legal binding promise, given at the time of a sale, whereby the seller gives the buyer certain assurances as to the condition of the property being sold Warranties as to real property have taken on a lessor role with the increase of the use of title insurance
A deed used in many states to convey fee title to real property until the widespread use of title insurance. The warranties by the grantor were very important to the grantee. When title insurance is purchased, the warranties become less important as a practical means of recovery by the grantee for defective title
Assets which, by use or lapse of time are consumed or reduced in book value, irrespective of market fluctuation Includes oil, minerals, patent rights, franchises for a fixed term, etc Also called diminishing assets; "wasting property"
Reality located on a body of water. Examples of towns in Michigan which are considered waterfront include Grand Haven, Saugatuck, most of Allegan and Ottawa Counties, Benton Harbor, Bridgman, Cassopolis, Dowagiac, Edwardsburg, Fremont, Ganges, Harbert, Hickory Corners, Manistee, Muskegon, North Muskegon, Richland, Sawyer, Spring Lake, Stevensville, Watervliet, West Olive, White Pigeon, and Whitehall..
The basis used to determine electric bills Example A 100 watt light bulb means if the bulb burns for one hour; it will use 100 watts of electricity.
Small holes in a retaining wall or other wall where it may be necessary to drain off excess water to avoid pressure build-up.
A term used by some to indicate that portion of the State of Michigan closer to Lake Michigan.
An interest of record which cannot be traced in the chain of title Frequently occurs when an incorrect legal description appears on a document. An apparent wild interest may occur if a woman who changes her name through marriage after acquiring property, sells the property using her married name only
A finance term A mortgage or deed of trust securing a note without recourse allows the lender to look only to the security (property) for repayment in the event of default and not personally to the borrower
Drawing used by workman in construction showing all structural detail such as electric, plumbing partitions etc
A second or junior mortgage with a face value of both the amount it secures and the balance due under the first mortgage The mortgagee under the wrap-around collects a payment based on its face value and then pays the first mortgagee It is most effective when the first has a lower interest rate than the second. since the mortgagee under the wrap-around gains the difference between the interest rates. or the mortgagor under the wrap-around may obtain a lower rate then if refinancing.
An easily molded form of iron used for decorative railings, gates furniture, etc. The term is loosely used to describe steel or aluminum used in the same manner
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