A fee-simple estate in which the property automatically reverts to the grantor on the occurrence of a specified event or condition.
An agency relationship where a client designates a broker to appoint an official agent to singularly represents his or her interest to the exclusion of all of the other agents in the broker’s office.
The hereditary succession of an heir to the property of a relative who dies intestate.
In appraisal, a loss of value in property due to all causes, including physical deterioration, functional obsolescence, and economic obsolescence. 2. In real estate investment, an expense deduction for tax purposes taken over the period of ownership of the income property. While a confluence of the perfect conditions in one’s home and market can lead […]
The zoning ordinances that restrict the average maximum number of houses per acre that may be built within a particular area, generally a subdivision.
The willingness of persons to buy available goods at a given price; often coupled with supply.
Delivery of a deed to a third person until the performance of some act or condition by one of the parties.
The legal act of transferring ownership. Documents such as deeds and purchase agreements must be delivered and accepted to be valid.
Unpaid taxes are past due.
A personal judgment levied against the mortgagor when a foreclosure sale does not produce sufficient funds to pay the mortgage debt in full.