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LOCUS SIGILLI Latin for "under seal", used in the abbreviated form, "L.S.," at the end of signature line in some formal legal documents; used instead of the actual seal. OVERIMPROVEMENT An improvement which by reason of excess size or cost is not the highest and best use for the site on which it is placed. RESTRICTIVE COVENANT A private agreement, usually contained in a deed, which restricts the use and occupancy of real property. NET WORTH The value remaining after deducting liabilities from assets. CLOSING STATEMENT A detailed cash accounting of a real estate transaction prepared by an escrow officer or other person designated to process the mechanics of the sale, showing all cash that was received, all charges and credits which were made, and all cash that was paid out in the transaction; also called a settlement statement. ASSUMPTION OF MORTGAGE The act of acquiring title to property which has an existing mortgage on it and agreeing to be personally liable for the terms and conditions of the mortgage, including payments. BARGAIN AND SALE DEED A deed which recites a consideration and conveys all of the grantor's interest in the property to the grantee. |
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