12 terms found.
1. ABSENTEE LANDLORD - An owner who does not reside in the place in which he owns real estate from which he derives rental income.
2. ACCESS RIGHTS - The right of come and go from a property which abuts upon an existing street or highway. It is an easement in the street which is gives the rights to the property and is a private right as distinguishable from rights of the public. Details will be shown on Certificates of Title of both parties granting and receiving the right
3. ACTUAL AGE - The number of years elapsed since an original structure was constructed.
4. ARBORETUM - A place where native trees are grown and used for research purposes. Like a botanical garden
5. ARCHITECT - A person who is qualified to design buildings and supervise their construction.
6. ARM'S LENGTH - An agreement freely arrived at in the open market, unaffected by abnormal pressure or by the absence of normal competitive negotiation as might be true in the case of a transaction between related parties.
7. ASPECT - The direction toward which a house faces in relation to the points of the compass.
8. ASSETS - Real and personal property in which a person has an unencumbered ownership or equity and which has value.
9. ASSIGNMENT - Generally, transfer of property, eg. an assignment of interest under a will; an assignment of rights in a patent; an assignment of a lease or mortgage. An assignment of contract is an act by which one person to a contract substitutes another person for himself as a party to that contract either for some or all of the purposes of the contract. The assignment of rights and liabilities under contracts is limited by law. Assignment of a lease must be in writing
10. ASSIGNMENT OF LEASE - The transfer of the interest of a tenant to another whereby the other person becomes the tenant in the place of the original lessee.
11. AUCTION - The selling of any property, in public by a licensed auctioneer, who offers the property for sale, starting at a price possibly much below its value, and endeavours to persuade those present to make successively increased bids until it is knocked down to the highest bidder. A reserve price may be placed on the property by the owner and no sale can then be made below this price. A Dutch (or Reverse) Auction is one in which the property offered is started at a high price, which is gradually reduced until someone accepts the offer. The latter type of auction is generally made use of only at school fetes and charity functions.
12. AUCTIONEER - One who is licenced to sell or offer for sale real estate where people become purchasers by competing against each other. This person is usually a real estate agent.
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