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BILATERAL CONTRACT A contract in which each party promises to perform an act in exchange for the other party's promise to perform. MONTH-TO-MONTH TENANCY A periodic tenancy where the tenant rents for one month at a time. In the absence of rental agreement (oral or written), a tenancy is deemed to be month-to-month, or in the case of boarders, week-to-week. 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. MARKET VALUE The highest price, estimated in terms of money, which a property will bring if exposed for sale in the open market, allowing a reasonable time to find a purchaser who buys with knowledge of all the uses to which the property is adapted and for which it is capable of being used. CHAIN OF TITLE The chronological order of conveyance of a property from the original owner to the present owner. |
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