Amenities

(1) Neighborhood facilities and services that enhance a property’s value. They are always outside of the property. Swimming pools, three-car garages, decks, etc., that are on the property are called features. (2) Home buyers don’t want to purchase just any home with their hard-earned money. They want a residence with numerous amenities — in other words, features […]

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Alienation clause

A clause in a mortgage instrument that does not all the borrower to sell (without lender approval) on assumption or contract-for-deed. If an attempt is made to do so without prior approval, all of the mortgaged balance becomes due on the sale of the property.

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Alienation

The act of transferring property to another. Alienation may be voluntary, such as by sale, or involuntary, such as through eminent domain.

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Air rights

The right to use the open space above one’s property. It can be sold to build a skywalk or for a utility company to erect power lines.

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Air lot

Designated airspace over a piece of land. Air lots, like surface property, may be transferred.

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Agreement of sale

A written agreement by which the purchaser agrees to buy certain real estate and the seller agrees to sell, on the terms and conditions set forth in the agreement.

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Agent

One who represents or has the power to act for another person (called the principal). The authorization may be express, implied, or apparent. A fiduciary relationship is created under the law of agency when a property owner, as the principal, executes a listing agreement or management contract authorizing a licensed real estate broker to be […]

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Affidavit

A written statement signed and sworn to before a person authorized to administer an oath.

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