Home Improvement Supply,

DEFAULT
Failure to meet legal obligations in a contract, including failure to make payments on a loan.

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.

OPERATING EXPENSES
Those periodic and necessary expenses which are essential to the continuous operation and maintenance of a property.

INVERSE CONDEMNATION
An action for "just compensation "brought by one whose property has been effectively "taken" or substantially interfered with or taken without just compensation

BLUE SKY LAWS
State securities laws designed to protect the public from fraudulent practices in the promotion and sale of securities, e.g., through limited partnerships, syndications, bonds.

ACCRUED INTEREST
Interest earned but not yet paid.

ARM
See Adjustable Rate Mortgage Loans.

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.

DEPTH TABLE
Tables of percentage designed to provide a uniform system of measuring the additional value to lots which accrues because of added depth, with the extra depth valued according to the added utility which it creates.

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.

PREPAYMENT PENALTY
Fee charged by a lender for a loan paid off in advance of the contractual due date.

WARRANTY DEED
A deed in which the grantor fully warrants good clear title to the premises. Also called a general warranty deed.

JOINT LIABILITY
Liability shared among two or more people, each of whom is liable for the full debt.

PLOTTAGE
The merging or consolidating of adjacent lots into one larger lot, with the consequent result of improved usability and increased value; also called assemblage.

LAND CONTRACT
Another name for an installment purchase contract, by which the buyer obtains equitable title (the right to use the property) while the seller retains legal title (recorded title)as security for payment of the balance of the purchase price.

SCHEMATICS
Preliminary architectural drawings and sketches; basic layouts not containing the final details of design.

STATUTE OF LIMITATIONS
That law pertaining to the period of time within which certain actions must be brought to court.