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
Sponsor sells interest to real estate investors in one property only. The total amount received from the equity investors is used by the sponsor to buy the property for the partnership. ...
Legal obligation to pay taxes associated with owning property or earning income. For example, a real estate owner must pay property taxes. ...
Degree of completion or accomplishment such as a home that is 70% completed. Condition of real property. Position of an item. Legal standing such as of a case. ...
Properties that about and actually touch and share a common border. Properties B and C are contiguous. Property A is adjacent to properties B and C, but it is not contiguous. ...
“What is Situs?”, you ask.Situs is a word in Latin that basically means the site or location where something exists or originates. Like most words in latin, situs is usually ...
Map presented to a municipality's planning agency by a real estate developer for consideration and approval. ...
Allocating common or central costs to each unit of property. An example is assigning to each owner of an apartment based on the number of rooms occupied the cost incurred by the landlord to ...
When we think of rural property or rural real estate, most of us think of farms, properties with large areas designated to agricultural land. That’s how rural communities generally ...
Under a FHA-insured mortgage, both the property and the borrower must meet certain minimum standards. The borrower is charged an insurance fee of one-half percent on the unpaid balance and ...
Have a question or comment?
We're here to help.