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METES AND BOUNDS A common method of land description that identifies a property by specifying the shape and boundary dimensions of the parcel, using terminal points and angles. HIGH RISE A popular expression for a condominium or apartment building generally higher than six stories. POINT OF BEGINNING The starting point in a metes and bounds description of property, which is usually a street intersection or a specific monument. TIME IS OF THE ESSENCE The clause in a contract which emphasizes that punctual performance is an essential requirement of the contract. HOMEOWNER'S ASSOCIATION A non-profit association of homeowners organized pursuant to a declaration of restrictions or protective covenants for a subdivision, a PUD, or a condominium. |
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