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SECONDARY MORTGAGE MARKET A market for the purchase and sale of existing mortgages, designed to provide greater liquidity for mortgages; also called secondary money market. RECAPTURE CLAUSE A clause usually found in percentage leases, especially in shopping center leases, giving the landlord the right to terminate the lease (and thus "recapture" the premises)if the tenant does not maintain a specified minimum amount of business. CLOSING The final stage of consummating a real estate transaction when the seller delivers title to the buyer, in exchange for the purchase price. NUISANCE Conduct or activity which results in an actual physical interference with another person's reasonable use or enjoyment of his property for any lawful purpose. APPRAISAL A written estimate of a property's current market value completed by an impartial party with knowledge of real estate markets. |
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