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EMINENT DOMAIN The right of government, both state and federal, to take private property for a necessary public use, with just compensation paid to the owner. FRONTAGE The length of a property abutting a street or body of water; that is, the number of feet that "front" the street or water. TENANT In general, one who holds or possesses property, such as a life tenant or a tenant for years; commonly used to refer to a lessee under a lease. IMPOUND ACCOUNT An account held by the lender to which the borrower pays monthly installments, collected as part of the monthly mortgage payment, for annual expenses such as taxes and insurance. The lender disburses impound account funds on behalf of the borrower when they become due. (Also known as Escrow Account.) BUDGET MORTGAGE A mortgage with payments set up to cover more than interest and principal reductions. COUNTER-OFFER A new offer made as a reply to an offer received from another; this has the effect of rejecting the original offer, which cannot thereafter be accepted unless revived by the offeror's repeating it. LIMITED COMMON ELEMENTS That special class of common elements in a condominium reserved for the use of a certain apartment(s) to the exclusion of other apartments. |
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