Word of the Day
An offer to buy submitted to a seller with the understanding that the seller has already accepted a
prior offer; a secondary offer.
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.
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.
A lease clause that gives the tenant the right to purchase the property under specified conditions. Following are some important features of a lease option:
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A legal document evidencing title to real property. An example is a deed or con¬tract, which is proof of ownership and enables an owner to defend his or her title. To register property in the Torrens system, an applicant must file with his or her application a file plan, an abstract of title, and all original muniments of title within his or her control mentioned in the schedule of documents.
A service in which member brokers pool their listings and offer cooperation and compensation to other member brokers. Usually, the MLS is operated by a local association of Realtors®, but not always. The contractual obligations between the member brokers of a multiple listing organization vary widely. Most provide that upon the sale of the property, the commission is divided between the listing broker and the selling broker. The terms for division of the commission can vary from broker to broker.
The one who gives a mortgage as security for a debt; the borrower; usually the landowner, though it could be the owner of a leasehold estate; the borrower or debtor who hypothecates or puts up property as security for an obligation.
A lien or charge on the property of a mortgagor that secures the underlying debt obligation. The mortgage lien is a voluntary lien created by the property owner, as opposed to the tax lien, which is an involuntary lien imposed by law. As with other liens affecting real property, the mortgage lien receives its priority through recording. Until recorded, the mortgage generally operates only as a contract between the parties and creates no lien affecting any recorded mortgage or lease. Whether a recorded mortgage is titled “first mortgage,” “second mortgage,” or “third mortgage,” it has priority over all subsequently recorded mortgages or other liens, unless it is subordinated to such subsequent liens. As with all liens, a mortgage lien becomes junior to any state real estate tax liens or liens for special assessments. The mortgage lien does not affect property that is registered in Torrens until such time as the mortgage itself is registered with the registrar of titles and noted on the certificate of title.
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