Archives: Glossary Terms

(CMA) See Comparative Market Analysis

The party who instigates or starts a legal action.

A professional opinion of value without invoking the departure provision of USPAP because all relevant appraisal approaches have been included and is different than a “limited appraisal.” A complete appraisal may be a Self-contained appraisal report, a Summary appraisal report or a Restricted appraisal report.

A bond guaranteeing the proposed construction of an improvement for which a lender advances money to the owner will be completed according to specifications and free and clear of all mechanics liens.

The interest paid on original principal and on the accrued and unpaid interest that has accumulated as the debt matures until the time it becomes due.

(CERCLA) An act which established the “Superfund” to clean up uncontrolled hazardous waste sites.

1. The act by which property of a private owner is taken for public use by a political subdivision without the owner’s consent but with the owner’s awareness and with the payment of just compensation. 2. A declaration that a structure is unfit for use

1. In contracts, a future and uncertain event that must happen to create an obligation or which extinguishes an existing obligation. 2. In conveyances of real property, those conditions in the conveyance that may cause an interest to be vested or defeated.

A qualification of a contract or transfer of property, providing that unless and until a given event occurs, the full effect of a contract or transfer will not take place..

A condition attached to an already-vested estate or to a contract whereby the estate is defeated or the contract extinguished through the failure or non-performance of the condition.