Archives: Glossary Terms

Adjacent; touching, adjoining or in close proximity.

An event that may or may not occur. Dependent upon conditions or events specified but not yet accomplished. A condition that must be met in order for a contract to be legally binding.

Property may be sold contingent upon the seller or buyer meeting specific predetermined conditions. For example, financing is the most frequent contingency. A buyer who cannot arrange an appropriate loan need not complete the transaction and should receive a refund of the earnest money.

Definition goes hereA requirement frequently included in a shopping center lease requiring a retail store to remain open.

A written or oral agreement to do or not to do certain obligations which has four essential elements 1. Parties who have the capacity or legal ability to contract, 2. Consent of the parties, 3. Consideration and 4. A lawful object. A contract for the sale of real property must also be in writing and signed by the party or parties who have agreed to perform to be enforceable.

See Land contract.

The amount of rent called for in a lease agreement.

One who has the responsibility for and supervises the improvement of land.

An intent to be bound by an agreement therefore preventing jokes from becoming valid contracts.

A payment by each or any of several entities having a common interest or liability for his or her share in the loss suffered or in the money necessarily paid by one of the parties in behalf of the others.

A deed issued by the state, usually when property is sold due to tax delinquency.