SET OF RIGHTS – A concept of ownership that describes all the legal rights associated with ownership of real estate, including the right to sell, rent, encumber, use, enjoy, exclusivity, will, etc. The registration contract also includes certain guarantees of the owner, for example .B. that the property will be in the same condition at the time of sale as when it was presented. that certain repairs or modifications have been made and that the property complies with zoning and building by-laws. MORTGAGE BROKER – A person or company that acts as an intermediary between the borrower and the lender; one who negotiates, sells or arranges loans for the purpose of compensation or profit and who sometimes continues to repay the loans. COUNTER-OFFER – A new offer made in response to an offer received from another; As a result, the initial offer is rejected, which cannot be accepted subsequently, unless it is revived by repetition by the bidder. SECOND MORTGAGE – Mortgage subordinated or subordinated to a first mortgage; As a rule, in addition to the first mortgage, an additional loan is granted, which is taken out when the borrower needs more money. ABSORPTION RATE – An estimate of the rate at which a particular classification of space – such as new office space, new apartments, new condominiums and others – is sold or occupied each year. LAND LEASING – A creative financing instrument often used with raw land that a developer wants to improve, where the developer sells the land to an investor who leases the land to the developer under a long-term net lease and subordinates their ownership to a fee to the lender providing the development finance.
CONSIDERATION – An act or omission or promise of the same offered by one party to persuade another to enter into a contract; what is given in exchange for something else. EQUITY MORTGAGE – A mortgage in which the lender participates in the income of the mortgaged corporation beyond a fixed return or receives a return on the loan in addition to the pure interest rate. LEASE – One less than the co-ownership that a tenant owns in real estate. COLOCATION – A form of ownership by two or more people in which the common tenants have a single interest resulting from the same transfer, which begins at the same time and is held by a single property (the concept of the “four entities”). APPRECIATION – An increase in the value or value of real estate for economic or related reasons that may be temporary or permanent. HOMESTEAD – A house that is used as a personal residence. REVERSION – A future succession in real estate created by operation of law when a settlor transfers an estate that is lower than the one he makes. The arrears that remain in the grantor is called a reversal, which in the future begins with the end of a particular estate granted or designed, whether it is real estate or less than real estate. LAND CONTRACT – Another name for an installment purchase contract whereby the buyer receives fair title (the right to use the property) while the seller retains legal ownership (registered title) as security for payment of the balance of the purchase price. RUN WITH LAND – Rights or agreements that bind or benefit successive owners of a property are intended to run with the land, such as.B.
restrictive construction agreements in a registered deed that would affect all future owners of the property. A net listing indicates that the seller receives a predetermined amount of money from the sale of the property, while the rest goes to the broker. The broker can offer the property for any amount above the net that goes to the seller. However, as the broker often suggests the selling price to the seller, this can lead to a conflict of interest as the broker will be motivated to get the seller to accept a lower selling price so that their own profit can be maximized. Although the seller is not limited to a price determined by a competitive market analysis or even a formal evaluation, the broker will have little interest in selling a property with a significantly higher price. Too high a price will be difficult, if not impossible, to sell before the listing contract expires, and brokers, like most people, don`t want to work for free. COVENANTS THAT RUN WITH THE LAND – Covenants that become part of the property and benefit or bind the subsequent owners of the property. JUDICIAL ENFORCEMENT – A method of seizing real estate through a court-supervised sale. After an evaluation, the court sets an angry price, under which no offer to purchase is accepted. There is no exclusivity to an open listing – any number of brokers or agents can represent the seller.
The commission is paid to the one who finds a buyer for the property. If the seller sells it himself, he does not have to pay a commission. EQUIPMENT – features, both tangible and intangible, that enhance and complement the appeal of real estate. NON-COMPLIANT USE – Authorized use that has been legally established and maintained, but no longer complies with current use regulations due to a zoning change. GRANDFATHER CLAUSE – A common expression used to convey the idea that something that was once allowed is still allowed despite changes in the right of control. LIFE SUCCESSION – Any real estate or personal estate that is permanently limited to the life of its owner or the life of another designated person. CLEAR TITLE – accept ownership of a property free of liens, defects or other charges, except those that the buyer has accepted, such as. B mortgage to be assumed, hereditary construction right and others; established title; Cloudless titles. NOTICE OF DEFAULT – Notice to a defaulting party that there has been a delay, which generally provides for a grace period to remedy the delay. PERFORMANCE AGREEMENT – A contract in which one or both parties have not yet performed.
YEAR-TO-YEAR RENTAL AGREEMENT – A periodic rental in which rent is booked from year to year. RISK OF LOSS – Liability for damage caused by improvements. The risk of loss passes to the Vendée when title or possession passes, and it must protect itself by taking out adequate insurance. BUSINESS OPPORTUNITIES – Any type of business for sale. REFORMATION – A legal action to correct or modify a contract or act that does not accurately reflect the intentions of the parties due to a mechanical error, . B such as a graphic typo in the legal description. OVER-IMPROVEMENT – An improvement that, due to oversizing or cost, is not the highest and best usage for the website on which it is placed. DEPRECIATION (VALUATION) – A loss of value for any reason; any condition that affects the value of an improvement. LEGAL NOTICE – The notice that is implied or required by law. Constructive notice according to registration laws is also called imprint. EMBLEMENTS – cultivation of crops (called “fructus industriales”), such as rice and taro, which are produced every year by labor and industry.
ERRORS AND OMISSIONS INSURANCE – A form of insurance that covers liability for errors, errors and negligence in the usual registration and sale activities of a real estate agency or trust company. ANGER PRICE – A minimum price set by a court as part of a judicial execution, below which the property cannot be sold by a commissioner appointed by the court at a public auction; the minimum price that can be accepted for the property after the court has assessed the property. PARTY WALL – A wall located on or on a dividing line between two adjacent parcels and used or intended to be used by the owners of both properties in the construction or maintenance of improvements on their respective parcels. SALE AND SALE-LEASEBACK – A transaction in which an owner typically sells their improved property and signs and remains in possession of a long-term lease as part of the same transaction. Attachment – A court case designed to give creditors the opportunity to protect a debtor`s personal property themselves in the hands of a third party (“receiver of the attachment”). DEPOSIT – money deposited by or for the tenant with the landlord and kept by the landlord for the following purposes: to remedy the tenant`s failures for damage to the premises (accidental or intentional), for non-payment of the rent due or for the non-return of all keys at the end of the rental. RESTRICTIVE PACT – A private agreement usually included in an act that restricts the use and occupation of real estate. STORAGE – A term used in financing to describe the process used by credit correspondents by gathering a series of mortgages that the correspondent has issued into a bundle and selling them on the secondary mortgage market. .