Free Home Mortgage Calculator,

PROPERTY MANAGEMENT
That aspect of real estate devoted to the leasing, managing, marketing and overall maintenance of the property of others.

NET INCOME
The sum arrived at after deducting from gross income the expenses of a business or investment, including taxes and insurance, and allowances for vacancy and bad debts; what the property will earn in a given year's operation.

JUST COMPENSATION
An amount of compensation to be received by a party for the taking of property under the power of eminent domain.

JOINT AND SEVERAL LIABILITY
A situation in which more than one party is liable to repay a debt or obligation and a creditor can obtain compensation from one or more parties, either individually or jointly, whichever he chooses.

GOVERNMENT SURVEY
A system of land description in which large blocks of land are divided into tracts bounded by imaginary lines conforming to the true meridian.

ZONING ORDINANCES (OR ZONING REGULATIONS)
Local law establishing building codes and usage regulations for properties in a specified area.

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.

TAX LIEN
Claim against a property for unpaid taxes.

VACANCY FACTOR
An allowance or discount for estimated vacancies(unrented units) in a rental project. The vacancy rate is the ratio between the number of vacant units and the total number of units in a specified project or area.

LEGAL RATE OF INTEREST
The maximum interest rate permitted bylaw, with anything above that rate being usury.

GRANDFATHER CLAUSE
Common expression used to convey the idea that something which was once permissible continues to be permissible despite changes in the controlling law.