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LANDLOCKED Real property having no access to a public road or way. GRANTOR The person transferring title to, or an interest in, real property. A grantor must be competent to convey; thus, for example, an insane person cannot convey title to real 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. RENTAL AGREEMENT An agreement, written or oral, which establishes or modifies the terms, conditions, rules, regulations, or any other provisions concerning the use and occupancy of a dwelling unit and premises; a lease on residential property. PARTITION The dividing of common interests in real property owned jointly by two or more persons. REPRODUCTION COST The cost, on the basis of current prices, of reproducing a new replica property with the same or fairly similar material. EXTENDER CLAUSE A "carry over" clause (referred to as a safety clause) contained in a listing which provides that a broker is still entitled to a commission for a set of period of time after the listing has expired if the property is sold to a former prospect of the broker. |
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