An appraisal phrase that is the starting point for appraisal indicating the highest level according to the current zoning classifications that improvements can be built and then indicating the best use the property can be put so it will produce the greatest net return to the land over a given period of time
An indefinite term used to describe the modern apartment building with an elevator and over five stories
A contractual clause whereby one parry agrees to protect another party in the event of any claims. Example: Big Buy Foods is leasing property from its landlord, Lucky Lessors. A customer is injured by a falling light fixture, and she sues both Big Buy Foods and Lucky Lessors. In the lease, Big Buy Foods agreed to a hold harmless clause whereby they indemnified Lucky Lessors against such events.
A party who has taken a note, check or bill of exchange in the due course of a transaction, before it was overdue and in good faith and for value and without knowledge that it has been previously dishonored and without notice of any defect at the time it was negotiated to him or her.
The period of time during which a party owns a capital asset.
An owner standing in the path of an assemblage who attempts to realize the highest possible price by refusing to sell during the early stages of assemblage.
A tenant remaining in possession of leased property after the leased term has expired.
A loan sometimes called a “line of credit” where an owner uses his or her residence as collateral for a loan which permits the draw of funds up to a preset amount
A professional who in some states must be bonded or licensed who evaluates the structural and mechanical condition of a home prior to transfer of title. Example: Before closing on their new home, the Felixes hired a home inspector to check the condition of the structure. The inspector discovered an unsafe furnace burner and a leaking faucet. The seller agreed to have the problems repaired before the closing.
See Mortgage.
