ABANDONMENT The voluntary surrender or relinquishment of possession of real property with the intention of terminating one’s possession or interest, but without vesting this interest in any other person. ABATEMENT A reduction or decrease in amount, degree,...
BALLOON PAYMENT The final payment of a note or obligation, which is substantially larger than the previous installment payments, and which repays the debt in full; the remaining balance which is due at the maturity of a note or obligation. BARGAIN AND SALE DEED...
CANTILEVER A projecting beam or overhanging portion supported at one end only. CAPITAL GAIN The taxable profit derived from the sale of a capital asset. CAPITAL IMPROVEMENT Any structure which is erected as a permanent improvement to real property; any improvement...
DEALER An IRS designation for a person who regularly buys and sells real property. DEBT SERVICE The amount of money needed to meet the periodic payments of principal and interest when a debt is amortized. DECLARATION OF RESTRICTIONS A statement of all the covenants,...
EASEMENT – A property interest which one person has in land owned by another entitling the holder of the interest to limited use or enjoyment of the other’s land. EASEMENT IN GROSS – The limited right of one person to use another’s land...
FAIR MARKET VALUE – The highest monetary price which a property would bring, if offered for sale for a reasonable period of time in a competitive market, to a seller who is willing but not compelled to sell, from a buyer, willing but not compelled to buy, both...
