(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 […]
Changes to previously approved and adopted written agreements are amendments.
The actual soil increase resulting from accretion.
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.
The act of transferring property to another. Alienation may be voluntary, such as by sale, or involuntary, such as through eminent domain.
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.
Designated airspace over a piece of land. Air lots, like surface property, may be transferred.
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.
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 […]
A written statement signed and sworn to before a person authorized to administer an oath.