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PREMISES The subject property, such as the property which is deeded or the unit that is leased. VOID Having no legal force or binding effect; a nullity; not enforceable. A contract for an illegal purpose (i.e. gambling)is void. LAND LEASEBACK A creative financing device often used with raw land which a developer wants to improve, in which the developer sells the land to an investor who leases the land back to the developer under a long-term net lease and subordinates his fee ownership to the lender providing development financing. SUBJECT TO MORTGAGE A grantee taking title to real property "subject to mortgage" is not personally liable to the mortgagee for payment of the mortgage note. In the event the grantor-mortgagor defaults in paying the note, the grantee could, however, lose property, and thus his equity, in a foreclosure sale. JOINT VENTURE The joining of two or more people in a specific business enterprise such as the development of a condominium project or a shopping center. |
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