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JOINT TENANCY A form of ownership of property giving each person equal interest in the property, including rights of survivorship. ALTERNATIVE DOCUMENTATION A method of documenting a loan file that relies on information the borrower is likely to be able to provide instead of waiting on verification sent to third parties for confirmation of statements made in the application. HOLD HARMLESS CLAUSE A clause inserted in a contract whereby one party agrees to indemnify and protect the other party from any injuries or lawsuits arising out of the particular transaction. EXCHANGE A transaction in which all or part of the consideration for the purchase of real property is the transfer of property of a like kind. LIQUIDITY The ability to sell an asset and convert it into cash at a price close to its true value. DOUBLE ESCROW An escrow set up to handle the concurrent sale of one property and purchase of another property by same party. VENDEE The purchaser of realty; the buyer. The buyer under an agreement of sale. |
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