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PUFFING Exaggerated or superlative comments or opinions not made as representations of fact and thus not a grounds for misrepresentation. A statement such as "the apartment has a fantastic view," is puffing because the prospective buyer can clearly assess the view in each case. NET INCOME The sum arrived at after deducting from gross income the expenses of a business or investment, including taxes and insurance, and allowances for vacancy and bad debts; what the property will earn in a given year's operation. DEED OF TRUST A legal document that conveys title to real property to a third party. The third party holds title until the owner of the property has repaid the debt in full. WAIVER To voluntarily give up or surrender a right. LIFE ESTATE Any estate in real or personal property which is limited in duration to the life of its owner or the life of some other designated person. TURNKEY PROJECT A development term meaning the complete construction package from ground breaking to the completion of the building. All that is left undone is to turn over the keys to the buyer. JUMBO LOAN A mortgage larger than the $240,000 limit set by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation. |
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