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SUMMARY POSSESSION A legal process used by a landlord to regain possession of the leased premises if the tenant has breached the lease or is holding over after the termination of tenancy. CONTRACT OF SALE The agreement between the buyer and seller on the purchase price, terms, and conditions of a sale. RETALIATORY EVICTION An act whereby a landlord evicts the tenant in response to some complaint made by the tenant. TITLE Document which gives evidence of ownership of a property. Also indicates the rights of ownership and possession of the property. BUILDING RESIDUAL TECHNIQUE A method of determining the value of an improvement normally used in appraising income property. ESCROW The process by which money and/or documents are held by a disinterested third person (a "stakeholder") until the satisfaction of the terms and conditions of the escrow instructions (as prepared by the parties to the escrow). REALTOR A registered word which may only be used by an active real estate broker who is a member of the state and local real estate board affiliated with the National Association of Realtors. The use of the name REALTOR and the distinctive seal in advertising is strictly governed by the rules and regulations of the National Association. |
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