Provision in a lease that requires the tenant to pay more rent based on an increase in costs. Alternately, a provision in a loan agreement or mortgage in which the entire debt becomes immediately due upon the occurrence of an item such as missing three consecutive monthly payments or when the current ration falls below 1.0.
Provision in a contract that allows one or more of the parties to cancel all or part of the contract if certain events or situations do or do not happen.
When the ownership of a property reverts to the state because the owner dies without leaving a will.
The holding of documents and money, by a neutral party, for a real estate transaction, to ensure that all conditions of the sale are met. Alternately, referring to a special account that a lender uses to hold a borrower's monthly payments for property taxes and insurance.
An account that the lender or mortgage servicer establishes to hold funds for the payments for property taxes and insurance.
A neutral third party who ensures that all condition of a real estate transaction are completed satisfactorily.
The periodic examination, by the lender, of an escrow account for purposes of determining if the amount withheld from a borrowers monthly mortgage payment is sufficient to pay for expenses such as property taxes and insurance.
When all the conditions of a real estate transaction are completed and title of the property is transferred to the buyer, escrow is considered closed.
A company, which acts as a neutral third party, ensuring that all conditions, of a real estate transaction, established by the buyer, seller and lender, are fulfilled.
Amount earned by the escrow agent for accumulating and monitoring data from various sources and for distributing it to the parties.
Funds withdrawn from a borrower's escrow account, by the mortgage servicer, to pay property taxes and insurance.
Declaration by an escrow agent (independent third party) that instruments or property are being held in accordance with the agreement to the parties in a real estate deal.
1. Metal plate that holds a doorknocker.
2. Metal plate around a keyhole.
3. Circular trim piece around faucets or showerhead, etc. and covers the opening where the pipe goes into the wall.
Decorative nail designed to be visible when it is used.
Total assets of a person at the time of death, including real estate and personal.
The wrongful occupancy of property by a tenant after the lease has expired.
The occupation of real estate by a tenant for an indefinite period, terminable by one or both parties at will.
Interest in property that terminates upon the death of a specified person.
An interest in land allowing possession for a specified and limited time.
An estate left by the grantor for himself/herself, to begin after the termination of some particular estate granted by him/her. For example, a landlord has an estate in revision, which becomes theirs to possess when the lease expires.
Land property estate contingent upon the occurrence or lace of occurrence of a particular event whereupon it can be created, augmented or dismantled.
An estate that descends to heirs in perpetuity.
An appraisal value of property, an approximation of market values. Alternately, to calculate the approximate computation of the cost of completion of construction.
An estimate of the expenses incidental to the sale of real estate, including loan, title, and appraisal fees. These costs exist in addition to the price of the property and are paid at closing. Some are one-time expenses and some are recurring.
An estimate of hazard insurance, known as homeowner's insurance or fire insurance, to cover physical damage such as from fire and wind. Coverage is usually required to equal the replacement value of the home.
An estimate of property taxes to be paid. Amount is based on local tax rates and assessed property value (based on most recent sale price plus assessment updates).
Calculation, used by lender, of estimated taxes and insurance, which is used to evaluate a borrower's effective monthly housing expense.
Prevention of a person from making a statement of affirmation or denial because it is contrary to a previous statement. The barring of an act.
Mortgagor's signed statement that the stated remaining balance of a mortgage is correct and it is a property lien, which later prevents him/her from stating that the facts were misrepresented, therefore making the mortgage invalid.
Restraining a person or business from denying an appropriate conveyance of property
Right of a tenant to make use of a property's wood or food producing capacity to provide for his/her own necessities.
Abbreviation for the Latin term meaning "and others".
Legal abbreviation meaning "with husband".
Legal abbreviation meaning "with Wife".
To make a drawing on metal, glass, etc. by coating the surface with wax and let acid eat into the parts laid bare with a special needle.
Nails with chemically treated rough shank surface, which increases their holding power in wood.
The integrity, morals and principles guiding an individual's or profession's actions and conduct.
Used as a gasket or valve seat material this synthetic elastomer material is created from ethylene, propylene and diene monomer synthetics.
Style of cabinetry where the cabinet has no face frame, known as box cabinets.
Alloy that is created by the proportion of combined elements yielding the lowest melting point of any of the proportions. For example: solder.
To empty or remove the contents of something. To remove air to create a vacuum.
To remove moisture. To vaporize.
Cooling air by passing it through a water spray, which is flowing over the outer part of finned tubes that contain refrigerant. When the air evaporates the water the tubes cool and, consequently, so does the refrigerant in the tubes.
Device that is used for purification by evaporating a liquid, such as those used on board ships to produce fresh water by distilling seawater.
The section of an exhaust stack that gradually tapers.
Tree or shrub that retains greenery all year.
Removal of a tenant through legal process.
Legal procedure for removal of a tenant for reasons, which would include, but not be limited to, failure to pay rent.
The act of removing or dispossessing or expulsion of an individual from a premises by force or by law.
The altering of a rented or leased premises by a landlord, rendering it unsuitable for habitation in order to effectuate the tenant's vacating. Eviction, Partial Removal of a tenant from a portion of a rented or leased premise.
Something legally presented before a court. Data presented as proof.
Document, such as a deed, which demonstrates property ownership.