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IMPLIED WARRANTY OF HABITABILITY A legal doctrine imposing on the landlord a duty to make the leased premises acceptable to live in and ready for occupancy and to continue to maintain them in a state of repair throughout the entire term of the lease. TITLE SEARCH Examination of municipal records to ensure that the seller is the legal owner of a property and that there are no liens or other claims against the property. CONTINGENCY A condition which must be satisfied before a contract is legally binding. CERTIFIED PROPERTY MANAGER A professional property manager who has qualified for membership in and is a member of the Institute of Real Estate Management, and is designated a CPM. OFFSITE COSTS Costs such as for sewers, streets, utilities, etc., which are incurred in the development of raw land, but are not connected with the actual construction of the buildings(onsite costs). DISCOUNT POINTS (OR POINTS) Points are an up-front fee paid to the lender at the time that you get your loan. Each point equals one percent of your total loan amount. Points and interest rates are inherently connected: in general, the more points you pay, the lower the interest rate you get. However, the more points you pay, the more cash you need up front since points are paid in cash at closing. LIQUIDATED DAMAGES An amount predetermined by the parties to an agreement as the total amount of compensation an injured party should receive in the event the other party breaches a specified part of the contract. |
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