Contract clause, which may allow the prior owner to recover the property under certain circumstances. Alternately, return of an owner's investment through, among other things depreciation allowance.
Clause in a lease which would allow the landlord a percentage of the tenant's profits over the original fixed amount of rent or alternately, allowing the landlord to cancel the lease if the profits of the tenant fall below a specific level.
Annual return rate of the capital of a "wasting asset" which is returned from the depreciating asset's earned income.
Loan term revision that is often made when a borrower is having difficulty making the payments, such as extending the loan for additional years or modifying the interest rate.
The receiving of something or a written acknowledge that something, such as cash or documents, has been received.
Money owed to a business by customers.
Court appointed manager of the affairs of a business or piece of property during a bankruptcy or foreclosure. The responsibility for managing the affairs prudently (collecting funds, paying bill, etc.) is carried out under court direction and may either result in a return to a solvent state or a recommendation for liquidation.
1. A container.
2. A connector where electrical outlets or fixtures are attached to the power supply.
An indentation. Alternately, to locate an item into a wall or ceiling so that it is flush with the surrounding surface (i.e. a recessed light fixture).
Business cycle phase of a deteriorating economy, which results in less business and consumer spending and depression of real estate prices. Specifically defined as two consecutive quarters with negative economic growth.
Finding the elevation differential between two points by taking sightings from each and averaging.
A power saw where the blade moves back and forth during cutting.
Situation where individuals or entities give certain rights to each other in return for the rights being given to them.
Contract cancellation that is done for certain reasons, such as illegality of the deal.
1. To convert property from and unusable state (i.e. contaminated, flooded, etc.) to a useful condition.
2. To secure the return of property or rights.
Conversion of property from unusable to usable condition.
The time period required for a coat of paint to set up sufficiently to allow the next coat to be applied.
Taxable income portion of the money received from the sale of real estate.
1. To react to unexpected stimulus by jumping or moving backwards.
2. The backwards force resulting from the expelling of an object out of a device (i.e. a nail gun).
In an appraisal, the process of adjusting comparables for an estimated value of a subject by using cost, market comparison and income approaches. Alternately, the adjustment of the differences between two items so that figures agree.
Statement of income, which is either revised due to new information or reconstructed from information or records if the original is lost.
The conveying of a property, by a lender, back to the borrower once he has completely paid off his mortgage.
Deed that is issued to convey the property to the original owner, once the mortgage is repaid.
1. To file a deed or other official documentation with an appropriate agency or institution.
2. Information set down in writing regarding a specific subject.
3. An official transcript of Court proceedings.
The recording of deeds and other instruments in a public registry to give notice of ownership or legal and financial claims to the public, which protects those making claims from unrecorded claims.
Also known as a plat, it is a plan or map of a specific land area, showing the boundaries of individual properties.
The map, which is filed in the office of the county recorder, of a specific land area that shows the boundaries of individual properties.
Public official who is responsible for keeping records of all real estate transactions.
Filing of property-related documents into the public record.
Fee charged for conveying the sale of a piece of property into the public record.
Loan that gives the lender access to additional capital beyond the pledge collateral which secures the loan. If the borrower defaults on the loan, the lender may pursue other assets to recover their loan in full.
In those states that have recovery funds, a charge is assessed as part of the registration fee for licensed real estate brokers, as a contribution to the fund, which is used to compensate individuals who have sustained losses in a transaction with a broker or agent. If a settlement is awarded by the state's real estate commission, the funds assets will be debited if the broker or agent fails to provide a recovery.
Period of time, determined by each individual state, in which a person can seek financial recovery from a broker or agent.
A four-sided polygon with four right angles (90 degrees).
A rectangular system of land survey, also called a government rectangular survey, used to subdivide public land, that divides a district into 24 square mile quadrangles from the Meridian (north-south line) and the Baseline (east-west line). The tracts are divided into 6-mile-square parts called townships, which are in turn divided into 36 tracts, each 1-mile square, called Sections.
A device that converts alternating current to direct current.