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EASEMENT
A property interest which one person has in land owned by another entitling the holder of the interest to limited use or enjoyment of the other's land.

GIFT TAX
A graduated federal tax paid by a donor upon making a gift.

EXECUTOR
A person appointed by a testator to carry out the directions and requests in the last will and testament, and to dispose of property according to the provisions of the will.

COURTESY TO BROKERS
The practice of sharing commissions with cooperating brokers.

DURESS
Unlawful constraint or action exercised upon a person whereby he is forced to perform some act against his will. A contract entered into under duress is void.

BOUNDARIES
The perimeters or limits of a parcel of land as fixed by legal description which is usually a metes and bounds description.

COMMON WALL
A wall separating two living units.

CONVEYANCE
The transfer of title to real property by means of a written instrument such as a deed or an assignment of lease.

FUNCTIONAL OBSOLESCENCE
A loss in value of an improvement due to functional inadequacies, often caused by age or poor design.

INSTITUTIONAL LENDER
Financial institutions such as banks, insurance companies, savings and loans or any lending institution whose loans are regulated by law.

VOIDABLE
A contract which appears valid and enforceable on its face, but is subject to rescission by one of the parties who acted under a disability, such as being a minor or being under duress or undue influence; that which may be avoided or adjudged void but which is not, in itself, void.

DENSITY
A term, frequently used in connection with zoning requirements, which means the maximum number of building units per acre or the number of occupants or families per unit of land area (acre, square mile, etc.); usually the ratio of land area to improvement area.

NON-ASSUMPTION CLAUSE
A statement in a mortgage contract forbidding the assumption of the mortgage by another borrower without the prior approval of the lender.

ABSORPTION RATE
An estimate of the rate at which a particular classification of space - such as new office space, new housing, new condominium units and the like - will be sold or occupied each year.

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