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BUILDING RESIDUAL TECHNIQUE A method of determining the value of an improvement normally used in appraising income property. OPINION OF TITLE An opinion by a person competent in examining titles, usually a title attorney, as to the status of the title of a property. CLEAR TITLE Title to property that is free from liens, defects or other encumbrances, except those which the buyer has agreed to accept, such as mortgage to be assumed, the ground lease of record, and the like; established title; title without clouds. RENTAL AGREEMENT An agreement, written or oral, which establishes or modifies the terms, conditions, rules, regulations, or any other provisions concerning the use and occupancy of a dwelling unit and premises; a lease on residential property. LANDLORD The lessor or the owner of leased premises. The landlord retains a reversion interest in the property so that when the lease ends the property will revert to the landlord. |
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