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  • Notice of Completion: Document that is recorded when an improvement is completed on a property.

  • Notice of Default: A Document that is recorded and delivered to the borrower when a default has occurred under a deed of trust.

  • Notice Of Intent To Sell In Bulk: A document that is recorded and published when merchandise is sold in bulk rather than in the ordinary course of business.

  • Notice Of Non-esponsibility: A notice provided by law designed to relieve a property owner from responsibility for the cost of work done on the property or materials furnished therefore: notice must be verified, recorded and posted.

  • Notice To Quit: Notice to a tenant to vacate rented property.

  • Novation: The substitution of a new obligation for an existing one with the intent to extinguish the original contract. A new contract that takes the place of an existing one.

  • Non-cupative Will : An oral statement made in anticipation of immediate and pending death.

  • Obsolescence: Loss in value due to reduced desirability and usefulness of a structure because its design and construction become obsolete: loss because of becoming old fashioned and note in keeping with modern needs, with consequent loss of income.

  • Offset Statement: Statement by owner of property of lien against property, setting forth the present status of liens against said property.

  • Open-End Mortgage: Mortgage containing a clause that permits the mortgagor to borrow additional money after the loan has been reduced, without rewriting the mortgage.

  • Open Listing: An authorization given by a property owner to a real estate agent wherein said agent is given the nonexclusive right to secure a purchase: open listings may be given to any number of agents.

  • Option: A right given for a consideration to purchase or lease a property upon specified terms within a specified time.

  • Optionee: Receiver of an option. Usually a potential buyer.

  • Optionor : Giver of an option. Usually a potential seller.

  • Or More Clause : A clause in a loan document allowing the borrower to pay additional sums at any time.

  • Oral Contract: A verbal agreement that is not reduced to writing.

  • Ordinance: City or county law.

  • Orientation: Placing a house on its lost with regard to its exposure to the sun, winds, privacy from the street and protection from outside noises.

  • Over Improvement: An improvement that is not the highest and best use for the site on which it is placed, by reason of excess size or cost.

  • Ownership: The right to the use of the property to the exclusion of others.

  • Package Mortgage: A loan where the security is both real and personal property.

  • Par Value : Market value, nominal value.

  • Parole: Oral. Verbal.

  • Partial Release Clause: A clause in a blanket mortgage or trust deed allowing for reconveyance of title of part of the property when part of the loan is paid off.

  • Partnership: A contract of two or more persons to unite their property, labor or skill, or some of them, in prosecution of some joint or lawful business, and to share the profits in certain proportions.

  • Participation: In addition to interest on mortgage loans on income properties, a small percentage of gross income is required, sometimes predicated on certain conditions being fulfilled, such as minimum occupancy or a percentage of net income.

  • Party Wall: A wall erected on the line between two adjoining properties, which are under different ownership, for the use of both properties.

  • Patent: Instrument used to convey title to government land.

  • Percentage Lease: Lease on property, the rental for which is determined by amount of business done by the lessee. Usually a percentage of gross receipts from the business with provision for a minimum rental.

  • Periodic Tenancy: Leasehold estate continuing from period to period until the landlord or the tenant gives notice.

  • Personal Property: Any property that is not real property.

  • Plaintiff: The party who brings a court suit.

  • Planned Development Project: A type of subdivision similar to a standard subdivision except there is an area owned in common by all owners of the subdivision.

  • Plat: A map or plan of parcels of land.

  • Pledge: The depositing of personal property by a debtor with a creditor as security for a debt or engagement.

  • Plottage Increment: The appreciation in unit value created by joining similar ownerships into one large single ownership.

  • Points: Prepaid interest demanded by lender when loan is negotiated.

  • Police Power: The right of the state to enact laws and enforce them for the order, safety, health, morals and general welfare of the public.

  • Power of Attorney: An instrument authorizing a person to act as the agent of the person granting it.

  • Power Of Sale: Right given to the trustee to sell the property under a deed of trust if the borrower defaults. A mortgage can also contain the power of sale clause.

  • Prepayment: Provision can b made for the loan payments to be larger than those specified in the note. The controlling language is usually "$ ____ a month or more." If the payments state a definite amount then one must look to the prepayment privilege in the trust deed.

  • Presumption: A rule of law that courts and judges shall draw a particular inference from a particular fact, or from particular evidence, unless and until the truth of such inference is disproved.

  • Prima Facie : Presumptive on its face.

  • Primary Mortgage Market: Place where the loan is originated.

  • Principal. The employer of an agent.

  • Priority: The order in which liens are paid when property is sold to satisfy debts.

  • Private Restriction: A Limitation placed on the use of the property by the seller.

  • Privity: Mutual relationship to the same rights of property, contractual relationship.

  • Probate: A court hearing to dispose of the property of the deceased person.

  • Procuring Cause: That cause originating from series of events that, without break in continuity, results in the prime object of an agent's employments producing a final buyer. Profit and Loss Statement: Financial document showing the profit or loss of a business during a given period of time.

  • Progression: The worth of a lesser valued residence tends to be enhanced by association with many higher valued residences in the same area.

  • Promissory Note: Following a loan commitment from the lender, the borrower signs a note, promising to repay the loan under stipulated terms. The note establishes personal liability for its repayment.

  • Property: Anything of which there may be ownership.

  • Proration: To divide or prorate equally or proportionately to time of use.

  • Purchase and Installment Sale back: Involves purchase of the property upon completion of construction and immediate sale back on a long-term installment contract.

  • Purchase and Leaseback: Involves the purchase of property and immediate leaseback to the seller.

  • Purchase-Money Mortgage or Trust Deed: A trust deed or mortgage given as part or all of the purchase consideration for property.

  • Quiet Enjoyment: Right of an owner to the use of property without interference of possession.

  • Quitclaim Deed: A deed to relinquish any interest in property that the grantor may have.

  • Quiet Title: A court action brought to establish title, to remove a cloud on the title.

  • Range: A strip of land six mile wide determined by a government survey, running in a north-south direction.

  • Real Estate Trust : A special arrangement under federal and state law whereby investors may pool funds for investments in real estate and mortgages and yet escape corporation taxes.

  • Real Property: Property that consists of land, that which is affixed, and that which is appurtenant to it. General considered immovable.

  • Recapture: The rate of interest necessary to provide for the return of an investment. Not to be confused with interest rate, which is a rate of interest on an investment.

  • Reconveyance: The transfer of the title of land from one person to the immediate preceding owner. This particular instrument or transfer is commonly used when the performance or debt is satisfied under the terms of a deed of trust, when the trustee conveys the title he had held on condition back to the owner.

  • Recording: Filing for record in the office of the county recorder or other proper government official.

  • Redemption: Buying back one's property after a judicial sale.

  • Rehabilitation: The restoration of a property to satisfactory condition without drastically changing the plan, form or style of architecture.

  • Release Clause: This is a stipulation that, upon the payment of a specific sum of money to the holder of a trust deed or mortgage, the lien of the instrument as to a specific described lot or area shall be removed from the blanket lien on the whole area involved.

  • Release Statement: Document filed to release the encumbrance when personal property is used for security for a loan.

  • Reliction: Gaining title to land by the gradual receding of water.

  • Remainder: An estate that takes effect after the termination of the prior estate, such as a life estate.

  • Replacement Cost: The cost to replace the structure with one having utility equivalent to that being appraised, but constructed with modern material, and according to current standard, design and layout.

  • Request For Notice Of Default: Document that is recorded by the holder of a junior loan so he may be notified if buyer defaults on other loans.

  • Rescission Of Contract: The abrogation or annulling of contract; the revocation or repealing of contract by mutual consent by parties to the contract, or for cause by either party to the contract.

  • Reservation: A right retained by a grantor when conveying property.

  • Restriction: Term as used relating to real property means the owner is restricted or prohibited from doing certain things relating to the property, or using the property for certain purposes.

  • Return on The Investment: Interest paid on a loan. The profit received on investment in income property.

  • Reversion: The right to future possession or enjoyment by the person, or his heirs, creating the preceding estate.

  • Reversionary Interest: The interest that a person has in lands or other property, upon the termination of the preceding estate.

  • Rider: An Amendment to a contract.

  • Right Of Survivorship: Right to acquire the interest of a deceased joint owner; Distinguishing feature of a joint tenancy.

  • Riparian Rights: The right of a landowner to water on, under, or adjacent to hid land.

  • Sales Contract: A contract by which buyer and seller agree to terms of sale.

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