An aspect of adverse possession or easement by prescription whereby a person occupies property even though having no legal right to title, but nevertheless claiming such a right under a claim of right-when the adverse user or possessor treats the land as his or her own, or under a color of title – when they have some reason to believe that they have title.
An attractive and efficient building of high quality that is sought by investors and prestigious tenants and is well designed and constructed with above-average material, workmanship and finishs and is excellently maintained and managed especially and are the most desirable in their markets
An building that offers useful space without special features and has a functional layout and design although not unique and maintenance and management average to good which is usually from 10 to 50 years old..
A typically older building that offers space without amenities with average to below-average maintenance and management and having average to poor mechanical, electrical, ventilation systems that attracts moderate- to low-income tenants who need affordable space.
A subjective division of buildings as to their desirability to tenants and investors which is based on age, location, construction quality, attractiveness of style, level of maintenance, etc.
A title free of any encumbrances or defects.
A party to a transaction with whom the broker has entered into a specific written agency agreement to provide services.
A parcel of land enclosed by a fence, hedge or visual enclosure. In surveying it has several meanings and could easily be confused with “closing.” Close also refers to completing a transaction; when real estate formally changes ownership.
A mortgage that does not principal payment amounts to be increased during the payment period. See Open-end loan..
Per the TAR Purchase and Sale Agreement, the transaction is closed when these two things have occurred:
NOTE: It is known generally as a meeting at which all the parties to a real estate transaction conclude their details and deliver the title to real estate and the disbursal of funds pursuant to the sales contract.
