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INCOME APPROACH
An approach to the valuation or appraisal of real property as determined by the amount of net income the property will produce over its remaining economic life.

HOLDOVER TENANT
One who stays on the leased premises after his lease has expired. The landlord normally has the choice of evicting the holdover tenant or permitting him to remain and continue to pay rent.

BENCH MARK
A mark affixed to a permanent reference or monument, such as an iron post or a brass marker (usually embedded in a cement sidewalk), used to establish elevations and altitudes over a surveyed area.

GRACE PERIOD
Period of time during which a loan payment may be made after its due date without incurring a late penalty. The grace period is specified as part of the terms of the loan in the Note.

MILITARY CLAUSE
A clause inserted in some residential leases to allow the military tenant to terminate the lease in case of transfer, discharge or other circumstances making termination appropriate.

RIGHT TO RESCISSION
Under the provisions of the Truth-in-Lending Act, the borrower's right, on certain kinds of loans, to cancel the loan within three days of signing a mortgage.

VERIFICATION OF DEPOSIT (VOD)
Document signed by the borrower's bank or other financial institution verifying the borrower's account balance and history.

CONFORMING LOAN
A mortgage loan which meets all requirements to be eligible for purchase by federal agencies such as FNMA and FHLMC. The maximum conforming loan amount is $240,000 for a one-unit property.

SPECIFIC PERFORMANCE
A legal action brought in a court of equity to compel a party to carry out the terms of a contract.

TOWNHOUSE
A type of dwelling unit normally having two floors, with the living area and kitchen on the base floor and the bedrooms located on the second floor.

WALK-THROUGH
A final inspection of a home to check for problems that may need to be corrected before closing.

SETTLEMENT
The act of adjusting and prorating the various credits, charges and settlement costs to conclude a real estate transaction.

BALLOON PAYMENT
The final payment of a note or obligation, which is substantially larger than the previous installment payments, and which repays the debt in full; the remaining balance which is due at the maturity of a note or obligation.

CONFORMING LOAN
A mortgage loan which meets all requirements to be eligible for purchase by federal agencies such as FNMA and FHLMC. The maximum conforming loan amount is $240,000 for a one-unit property.

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.

LEGAL DESCRIPTION
A description which is complete enough that an independent surveyor could locate and identify a specific piece of real property.

LOCUS SIGILLI
Latin for "under seal", used in the abbreviated form, "L.S.," at the end of signature line in some formal legal documents; used instead of the actual seal.

BLANKET MORTGAGE
A mortgage that covers more than one parcel of real estate.

POSSESSION
The act of either actually or constructively possessing or occupying property.

INTEREST
The sum paid or accrued in return for the use of money.

DESCRIPTION
The portion of a conveyance document which defines the property being transferred.

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.

DISCRIMINATION
The act of making a distinction against or in favor of a person on the basis of the group or class to which the person belongs; the failure to treat people equally.

MORTGAGE INSURANCE
Insurance to protect the lender in case you default on your loan. With conventional loans, mortgage insurance is generally not required if you make a down payment of at least 20% of the home's appraised value. (Note, however, that FHA and VA loans have different insurance guidelines.)

COUNTER-OFFER
A new offer made as a reply to an offer received from another; this has the effect of rejecting the original offer, which cannot thereafter be accepted unless revived by the offeror's repeating it.

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

RESCISSION
The legal remedy of canceling, terminating or annulling a contract and restoring the parties to their original positions; a return to the status quo.

LATERAL AND SUBJACENT SUPPORT
The support received by a parcel of real property from the land adjoining it is called lateral support. Subjacent support is that support which the surface of the earth receives from its underlying strata.

PROPERTY REPORT
A disclosure document required under the federal interstate land sales act where applicable to the interstate sale of subdivided lots.

UNILATERAL CONTRACT
A contract in which one party makes an obligation to perform without receiving in return any express promise of performance from the other party, such as an open listing contract, where the seller agrees to pay a commission to the first broker who brings in a ready, willing and able buyer.

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