Balloon Clause

(1) Subunit integral to a larger unit. (Usually associated with furniture). (2) Permanent fixture or appliance which is not intended to be portable and cannot easily be removed. A home has ...

Table demonstrating the relationship between the depth of a building lot form the street frontage and its market value. Street frontage is the greatest asset of a land parcel. The ...

Provision in a mortgage that requires the final payment to be substantially more than all other payments. ...

Failure, without sufficient reason, for one or both parties to perform the terms of a real estate contract. Breach requires unequivocal, decisive, and absolute refusal to carry out the ...

Investigation into the causes of death. A post mortem is normally performed by a public coroner. It might be performed to determine the cause of death of an apartment house tenant. ...

Amount to be paid by a person or business for violating a statute or legal court order. It may also be assessed for violating the provisions of a contract. Examples of penalties are a ...

When we talk about acceptance in the real estate world, we have to talk about an offer that is accepted. The definition of acceptance implies the existence of an offer that we can accept or ...

What is Novation?  What is the definition of novation? Jointly agreeing to provide an equivalent legal obligation or debt for a previous one. Persons to the contract can also be ...

A certification of a property title issued by an attorney after examining the abstract of title. The attorney's opinion of title is essential to obtaining title insurance, a mortgage or the ...