Nunc Pro Tunc
Definition of "Nunc pro tunc"
Latin: now for then. Descriptive of actions which are performed after a deadline has elapsed, but retroactively have the same effect as if they were carried out in a timely manner. For example, a property title is transferred to a new owner. The wife of the original owner, who owned the property jointly, never signed the deed. The subsequent owner seeks to sell the property to a third buyer when the wife's missing signature is discovered by a title company prior to issuing title insurance. There is now a cloud on the title and the legality of the sale to the second owner could be challenged. However, the wife of the first owner agrees to sign the title nunc pro tunc.
Popular Real Estate Terms
The real estate market uses the absorption rate to assess at which rate are available homes sold. This evaluation method is used for specific markets for specific periods of time. To ...
A floor where the binding joists support the common joists above and the ceiling below. ...
Interest rate on an adjustable rate mortgage based on the total of the current value of an index and margin applicable to the mortgage. The rate is the basis for the computation of monthly ...
In real estate, Attractive Nuisance is how insurance companies classify something that is inherently dangerous and particularly enticing to children. A hazard located within a property that ...
Span of time a rental agreement is free to the occupant. A landlord may offer this as an incentive to stimulate rentals. For example, an owner of an office building may provide a free ...
The definition of a homeowner’s fee is a fee that is charged to homeowners that belong to a homeowner's association. The homeowner’s fee usually includes the cost of ...
An early term used to describe all types of real estate property, improvements to the land, and all rights accruing to the land. ...
(1) Flooring in a structure. (2) Open structure with flooring erected outside a main building. A deck can have different levels with direct access to the main structure. It is usually ...
Space that is available to all tenants or owners, such as a courtyard, main entrance, elevator, and pool. ...
Have a question or comment?
We're here to help.