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DOWER The legal right or interest a wife acquires in property her husband held or acquired anytime during marriage. TIME SHARING A modern approach to communal ownership and use of real estate which permits multiple purchasers to buy undivided interests in real property (which is usually in a resort condominium or hotel) with a right to use the facility for a fixed or variable time period. VALUE The power of a good or service to command other goods in exchange for the present worth of future rights to income or amenities; the present worth to typical users and investors of future benefits arising out of ownership of a property. MARKETABLE TITLE Good or clear title reasonably free from risk of litigation over possible defects; also referred to as merchantable title. Marketable title need not, however, be perfect title. WAIVER Voluntary relinquishment or surrender of some right or privilege. INTEREST RATE The annual rate of interest on the loan, expressed as a percentage of 100. CLIENT TRUST ACCOUNT An account set up by a broker to keep client's monies segregated from the broker's general funds. |
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