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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. 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. OPERATING EXPENSES Those periodic and necessary expenses which are essential to the continuous operation and maintenance of a property. TRANSFER TAX Tax paid when title passes from one owner to another. SHOPPING CENTER A modern classification of retail stores, characterized by off-street parking and clusters of stores, subject to a uniform development plan, and usually with careful analysis given to the proper merchant mix. |
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