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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. ASSIGNMENT The transfer of ownership, rights, or interests in property by one person, the assignor, to another, the assignee. 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. SUMMARY POSSESSION A legal process used by a landlord to regain possession of the leased premises if the tenant has breached the lease or is holding over after the termination of tenancy. SURRENDER A premature conveyance of a possessory estate to a person having a future interest, as when a lessee surrenders the leasehold interest to the owner of the reversion interest, the lessor, before the normal expiration of the lease. |
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