Notice Of Nonresponsability
A clearly stated notice that an owner or operator will not assume responsibility for an inherent risk. For example, at a parking garage, a large notice of nonresponsability clearly states the management is not responsible for any valuables left in a car or damage which may occur while the car is parked on the premises.
Popular Real Estate Terms
Contract to act on the behalf of a principal in selling real estate. The principal agrees to pay a commission to the broker when a buyer is produced who is ready, willing, and able to meet ...
Before getting a loan to buy a property, you must know the definition of foreclosure. A foreclosure is the process of making a loan due immediately. Technically, a loan becomes due way ...
A measure of actual starts of houses, condominiums, and apartment construction. When an economy is going to take a downturn, the housing sector is the first to decline. The strength in ...
(1) Type of loan where the final payment is substantially greater than the previous payments; also termed partially amortized loan. A debt agreement might stipulate a balloon payment when ...
Combined action of two or more people either for or against something. In real estate, used to indicate a common property ownership interest. Joint is also used to indicate a shared ...
A clause that may be inserted into a purchase agreement or a lease indicating that subject property must be properly maintained in order to validate the contract. The effect is to create ...
Concrete or timber beam that serves as a support in the wall structure of a building. Concrete tie beams are often reinforced with steel rods. ...
Situation in which an owner of property sells the property to an investor and then leases the property back, usually for a 20- or 30- year term. ...
A wall or roof which extends beyond a lower wall. ...
Have a question or comment?
We're here to help.