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INCORPOREAL RIGHTS
Intangible or non-possessory rights in real property such as easements, licenses, profits and the like.

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.

FEDERAL HOUSING ADMINISTRATION (FHA)
The FHA was set up in1934 under the National Housing Act to encourage improvement in housing standards and conditions, to provide an adequate home financing system by insurance of housing mortgages and credit, and to exert a stabilizing influence on the mortgage market.

PURCHASE MONEY MORTGAGE
A mortgage given to the seller as part of the buyer's consideration for the purchase of real property, and delivered at the same time that the real property is transferred as a simultaneous part of the transaction.

POLICE POWER
The constitutional authority and inherent power of a state to adopt and enforce laws and regulations to promote and support the public health, safety, morals and general welfare.

HOLD HARMLESS CLAUSE
A clause inserted in a contract whereby one party agrees to indemnify and protect the other party from any injuries or lawsuits arising out of the particular transaction.

FIXED RATE
An interest rate which is fixed for the term of the loan.

TITLE COMPANY
A company that insures title to property.

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

AGENT
One who is authorized to represent and to act on behalf of another person (called the principal). A real estate broker is the agent of his client, be it the seller or buyer, to whom he owes a fiduciary obligation. A salesman is the agent of his broker and does not have a direct personal contractual relationship with either the seller or buyer.

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.

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.

NOMINAL CONSIDERATION
A consideration bearing no relation to the real value of the contract. A deed often recites a nominal consideration, such as "ten dollars and other valuable consideration."

MAINTENANCE
The care and work put into a building to keep it in operation and productive use; the general repair and upkeep of a building. If maintenance is deferred, the building will suffer a loss in value.

DESCENT
The acquisition of an estate by inheritance, where an heir succeeds to the property by operation of law. Descent literally means the hereditary succession of an heir to property of an ancestor who dies intestate.

OFFICE EXCLUSIVE
A listing in which the seller refuses to submit the listing to Multiple Listing Service, even after being informed of the advantages of MLS, and signs a certification to that effect.

AMORTIZATION
Repayment of a loan with periodic payments of both principal and interest calculated to payoff the loan at the end of a fixed period of time.

GROSS INCOME
Total income before taxes or expenses are deducted.

AMENITIES
Features, both tangible and intangible, which enhance and add to the desirability of real estate.

ATTORNEY-IN-FACT
One who is authorized by another to act in his place under a power of attorney.

NOTICE TO QUIT
A written notice given by a landlord to his tenant, stating that the landlord intends to regain possession of the leased premises and that the tenant is required to quit and remove himself from the premises either at the end of the lease term or immediately if there is a breach of lease or if the tenancy is at will or by sufferance; sometimes refers to the notice given by the tenant to the landlord that he intends to give up possession on a stated day.

HOUSE RULES
Rules of conduct adopted by a board of directors of a condominium and designed to promote harmonious living among the owners and occupants.

ASSIGNMENT
The transfer of ownership, rights, or interests in property by one person, the assignor, to another, the assignee.

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