Home Appraisal Baltimore,

MECHANIC'S LIEN
A statutory lien created in favor of materialmen and mechanics to secure payment for materials supplied and services rendered in the improvement, repair or maintenance of real property.

CHATTEL
Personal property which is tangible and moveable.

HEIR
A person who inherits under a will or a person who succeeds to property by the laws of descent if the decedent dies without a will (intestate).

NON-COMPETITION CLAUSE
A provision in a contract or lease prohibiting a person from operating or controlling a nearby business which would compete with one of the parties to the contract.

GRANTEE
The person who receives from the grantor a grant of real property.

HABENDUM CLAUSE
That part of the deed beginning with the words "to have and to hold," following the granting clause and reaffirming the extent of ownership that the grantor is transferring.

ZONING
The regulation of structures and uses of property within designated districts or zones. Zoning regulates and affects such things as use of the land, types of structure permitted, building heights, setbacks, and density (the ratio of land area to improvement area).

PROMISSORY NOTE
An unconditional written promise of one person to pay a certain sum of money to another, or order, or bearer, at a future specified time.

FREE AND CLEAR TITLE
Title to real property which is absolute and unencumbered by any liens, mortgages, clouds or other encumbrances.

OVERRIDE
A commission paid to managerial personnel (e.g. principal broker) on sales made by their subordinates, usually calculated as a percentage of the gross sales commissions earned by the salesperson.

RENEWAL OPTION
A covenant in some leases which gives the lessee the right to extend the lease term for a certain period, on specified terms.

MORTGAGE BANKER
An individual or company that originates and/or services mortgage loans.

ANNUAL PERCENTAGE RATE
The relationship of the total Finance Charge to the total amount to be finance as required under the Federal Truth-in-Lending Law.

AGREEMENT OF SALE
Contract signed by buyer and seller stating the terms and conditions under which a property will be sold.

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