Home Improvement Site,

APPURTENANT
Belonging to; adjunct; appended or annexed.

EXCLUSIVE AGENCY
A written listing agreement giving one agent the right to sell property for a specified time, but reserving to the owner the right to sell the property himself without payment of any commission.

TITLE INSURANCE
A comprehensive contract of indemnity under which the title company agrees to reimburse the insured for any loss if title is not as represented in the policy.

DELINQUENCY
Failure to make payments as agreed in the loan agreement.

BROKER
An individual who brings buyers and sellers together and assists in negotiating contracts for a client.

TRIPLE NET LEASE
A net, net, net lease, where in addition to the stipulated rent, the lessee assumes payment of all expenses associated with the operation of the property.

PREPAYMENT PRIVILEGE
The right of the debtor to pay off part or all of the debt without penalty prior to maturity, such as in a mortgage or agreement of sale.

COMMON AREAS
Land or improvements designated for the use and benefit of all residents, property owners and tenants.

BASIS
The financial interest which IRS attributes to the owner of an asset for purposes of determining annual depreciation and gain or loss on sale of the asset.

EXCLUSIVE AGENCY
A written listing agreement giving one agent the right to sell property for a specified time, but reserving to the owner the right to sell the property himself without payment of any commission.

ACCESS
A general or specific right of ingress and egress to a particular property.

AMORTIZATION
The gradual repayment of a debt by means of systematic payments of principal and interest over a set period, where at the end of the period there is a zero balance.

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

CLUSTER DEVELOPMENT
The grouping of housing units on less than normal size homesites, with the remaining land being devoted to common areas.

BREACH OF CONTRACT
Violation of any of the terms or conditions of a contract without legal excuse; default, non-performance, such as failure to make payment when due.

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.

BROKERAGE
That aspect of the real estate business which is concerned with bringing together the parties and completing a real estate transaction. Brokerage involves exchanges, rentals, trade-ins and management of property, as well as sales.

SHOPPING CENTER
A modern classification of retail stores, characterized by off-street parking and clusters of stores, subject to a uniform development plan, and usually with careful analysis given to the proper merchant mix.

DISCLAIMER
A statement denying legal responsibility, frequently found in the form of, "There are no promises, representations, oral understandings or agreements except as contained herein."

PERFORMANCE BOND
A bond, usually posted by one who is to perform work for another, which assures that a project or undertaking will be completed as per agreement or contract.

EMINENT DOMAIN
The right of government, both state and federal, to take private property for a necessary public use, with just compensation paid to the owner.

RELEASE
The discharge or relinquishment of a right, claim or privilege. Releases involving real property transactions should be acknowledged and recorded.