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Ma Real Estate D-1
Terms & Definitions D-1
|Concept in appraisal, that holds some improvements to real estate increase value by less than the amount invested.
|Written instrument, that transfers ownership of real property from one party to another.
|Provisions in a deed that limits the future use of the property.
|Deed in Trust
|Deed used when a grantor (trustor) transfers title to a trust controlled by a trustee for the benefit of a beneficiary.
|A clause used in a lease or a mortgage to cancel a certain right, when a specific condition has been met. EXAMPLE: To cancel the granting clause to the bank, when the mortgage has been fully paid.
|The amount of a debt not covered, when the security for a loan is not sufficient. At the time of a foreclosure the debt not covered is a deficiency.
|The legal act of transferring property. Must include the grantor's intent to transfer.
|One of the elements of value in appraisal. The amount of goods ,that the market will buy at a certain price. Associated with supply.
|Under M. G. L chapter 93A Consumer Protection Law, the letter sent to the individual against, whom the action is to be taken. Begins a 30 day response cycle that precedes any further legal action.
|Mortgage where the lender (mortgagee) has the right to call the note due at anytime.
|Conveyance of an interest in real estate, for a specific period of time as in rent or lease.
|A reduction in value due to any cause. In appraisal of real estate it includes physical deterioration, functional obsolescence and economic obsolescence.
|Acquisition of an estate by means of inheritance (without a will).
|An agent appointed by another agent, within an office, to represent either the seller or buyer.