|
| Home Improvement Shower |
|
Menu
|
Free Classifieds and Advertising for Individuals and Businesses at www.KeepSane.com
BILATERAL CONTRACT A contract in which each party promises to perform an act in exchange for the other party's promise to perform. REVERSION A future estate in real property created by operation of law when a grantor conveys a lesser estate than he has. The residue left in the grantor is called a reversion which commences in possession in the future upon the end of a particular estate granted or devised, whether it be freehold or less-than-freehold. RESIDUAL PROCESS An appraisal process used in the income approach to estimate the value of the land and/or the building, as indicated by the capitalization of the residual net income attributable to it. MARKETABLE TITLE Good or clear title reasonably free from risk of litigation over possible defects; also referred to as merchantable title. Marketable title need not, however, be perfect title. MEANDER LINE An artificial line used by the surveyors to measure the natural, uneven, winding property line formed by rivers, streams and other watercourses bordering a property. 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. CONDOMINIUM OWNERSHIP An estate in real property consisting of an individual interest in an apartment or commercial unit, and an undivided common interest in the common areas such as the land, parking areas, elevators, stairways, and the like. |
Copyright © 2004-2005 | www.WeWillBuyYourHouseFast.com | Privacy Policy |