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PARTY WALL A wall which is located on or at a boundary line between two adjoining parcels and is used or is intended to be used by the owners of both properties in the construction or maintenance of improvements on their respective lots. ACCELERATED DEPRECIATION A method of calculating the depreciation of certain property (that property which is used in a trade or business, or which is held for the production of income) at a faster rate than would be achieved from using the straight line method of depreciation. RECORDING FEE Money paid to an agent for entering the sale of a property into the public records. SECURITY DEPOSIT Money deposited by or for the tenant with the landlord, to be held by the landlord for the following purposes: to remedy tenant defaults for damage to the premises (be it accidental or intentional), for failure to pay rent due, or for failure to return all keys at the end of the tenancy. PERCOLATION TEST A hydraulic engineer's test of soil to determine the ability of the ground to absorb and drain water. BORROWER (MORTGAGOR) An individual who applies for and receives funds in the form of a loan and is obligated to repay the loan in full under the terms of the loan. ALIENATION CLAUSE A clause in a promissory note or mortgage which provides that the balance of the secured debt becomes immediately due and payable at the option of the mortgagee upon the alienation of the property by the mortgagor. |
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