A short-term warranty deed outlined by state statutes which to protect the buyer warrants by inference that the conveyor is the undisputed owner and has the right to convey the property and will defend the title against all claims if necessary and if the conveyor fails to do so the new owner can defend the claim and sue the former owner. See Warranty deed.
The illegal practice of channeling home seekers to particular areas, either to maintain the homogeneity of an area or to change the character of an area, which limits their home choices.
A lease that increases the rental rate at specified times during the lease term. Also know as a Graduated lease.
A classification of specific property holding a negative reputation, which varies significantly from state to state, as a result of an event that occurred on or near it such as murder, death, illness, personal tragedy or gang-related activity. Most states have very strict rules regarding what can and cannot be disclosed about stigmatized property.
In accounting, a method of decreasing the value of an asset for tax purposes by which the cost of improvements are reduced at a constant rate and in equal amounts throughout the estimated useful life of the improvement. See Depreciation.
The action taken by a court upon determining that sufficient time has elapsed and the mortgagor has not paid that which is past due, which terminates all rights and interests of the mortgagor in the real property and which orders a forced sale of the property to pay the mortgage creditors.
A party being held responsible to an injured party without any excuses.
The relationship under which a person becomes an agent and the powers of an agent have been conferred not directly by the principal but by his or her agent and who has been as authorized to do so by the principal. A once common relationship under a Multiple Listing Service (MLS) it is now rarely practiced due to dual agency issues. See Dual agency.
A person upon whom the powers of an agent have been conferred not directly by the principal but by his or her agent and who has been as authorized to do so by the principal.
An area of land regulated by state law that is divided into parcels or lots that are suitable for building and having the eventual goal of sale, lease or financing..
