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RELEASE The discharge or relinquishment of a right, claim or privilege. Releases involving real property transactions should be acknowledged and recorded. TENANCY AT SUFFERANCE A tenancy which exists when a tenant wrongfully holds over after the expiration of a lease, without the landlord's consent, as where the tenant fails to surrender possession after termination of the lease. NATIONAL ASSOCIATION OF REALTORS Formerly known as the National Association of Real Estate Boards (NAREB), it is the largest and most prestigious real estate organization in the world. PRIVATE MORTGAGE INSURANCE A special form of insurance designed to permit lenders to increase their loan-to-market-value ratio, often up to 95 percent of the market value of the property. SUBORDINATION AGREEMENT An agreement whereby a prior mortgagee agrees to subordinate or give up their priority position to an existing or anticipated future lien. |
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