Word of the Day
a legal agreement by which a bank or other creditor lends money at interest in exchange for taking title of the debtor's property, with the condition that the conveyance of title becomes void upon the payment of the debt.
An offer to buy submitted to a seller with the understanding that the seller has already accepted a prior offer; a secondary offer.
A statement denying legal responsibility, frequently found in the form of the statement, “There are no promises, representations, oral understandings, or agreements except as contained herein.” Such a statement, however, would not relieve the maker of any liabilities for fraudulent acts or misrepresentations. Also called an exoneration clause or exculpatory clause.
mort•gage
noun
a legal agreement by which a bank or other creditor lends money at interest in exchange for taking title of the debtor's property, with the condition that the conveyance of title becomes void upon the payment of the debt.
An offer to buy submitted to a seller with the understanding that the seller has already accepted a
prior offer; a secondary offer.
A statement denying legal responsibility, frequently found in the form of the statement, “There are no promises, representations, oral understandings, or agreements except as contained herein.” Such a statement, however, would not relieve the maker of any liabilities for fraudulent acts or misrepresentations. Also called an exoneration clause or exculpatory clause.
A rule of agency law stipulating that when a contract is required by law to be in writing, the authority of an agent to enter into such a contract on behalf of the principal must also be in writing.
Provides confirmation by the tenant of the terms of the rental agreement, such as the amount of rent, the amount of security deposit and the expiration of the agreement. Further, the estoppel certificate may give the opportunity to the tenant to explain if she may have any claims against the landlord, which may affect a buyer's or lender's decision to complete the proposed transaction.
A fee paid to someone for producing either a buyer to purchase or a seller to list property; also called a referral fee. A finder is a person who finds, interests, introduces, or brings together parties in a deal, even though the finder has no part in negotiating the terms of the transaction.
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The act of a tenant formally agreeing to become the tenant of a successor landlord; as in attorning to a mortgagee who has foreclosed on the leased premises. Attornment establishes a new tenancy, with the mortgagee being the landlord, and acts as a defense against the defaulting mortgagor’s claim for rent.
A legal proceeding whereby an innocent third party (stakeholder), such as an escrow agent or broker, can deposit with the court property or money that the party holds and that is subject to adverse claims so that the court can distribute it to the rightful claimant.
A listing given to any number of brokers who can work simultaneously to sell the owner’s property. The first broker to secure a buyer who is ready, willing, and able to purchase at the terms of the listing earns the commission. In the case of a sale, the seller is not obligated to notify any of the brokers that the property has been sold.
The transfer of privately owned land to the public without consideration, with the intent that the land will be accepted and used for public purposes. A landowner may dedicate the entire fee simple interest or an easement such as a public right-of-way across the landowner’s property.
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