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Stack #4348759

Mechanic's Lien: A lien placed on a property for unpaid construction or repair work.
Metes and Bounds: A method of describing land using boundaries and measurements.
Mortgage: A loan secured by real property.
Multiple Listing Service (MLS): A database of properties for sale shared among brokers.
Mutual Assent: Agreement between parties to a contract.
Net Lease: A lease where the tenant pays rent plus some property expenses.
Net Listing: A listing where the broker’s commission is the amount exceeding a specified price.
Novation: Replacing an old contract with a new one.
Open Listing: A nonexclusive listing agreement.
Option Contract: A contract giving one party the right to buy or lease property within a specified time.
Origination Fee: A fee charged by a lender for processing a loan application.
Package Mortgage: A mortgage covering both real and personal property.
Partially Amortized Loan: A loan with regular payments and a balloon payment at the end.
Percentage Lease: A lease where rent is based on a percentage of sales.
Personal Property: Moveable items not permanently attached to real estate.
Plat: A map showing the layout of a subdivision.
Police Power: The government’s authority to regulate property for public welfare.
Power of Attorney: A legal document authorizing someone to act on another’s behalf.
Prepayment Penalty: A fee for paying off a loan early.
Principal: The original loan amount or the main party to a transaction.
Private Mortgage Insurance (PMI): Insurance required for loans exceeding 80% of the property value.
Promissory Note: A written promise to repay a loan.
Proration: Dividing expenses or income proportionally between buyer and seller.
Quitclaim Deed: A deed transferring any interest the grantor has without warranties.
Real Estate Investment Trust (REIT): A company owning, operating, or financing real estate.
Real Property: Land and anything permanently attached to it.
Restrictive Covenant: A limitation on property use in a deed.
Right of First Refusal: The right to purchase property before others.
Riparian Rights: Water rights for landowners adjacent to a river or stream.
Title Insurance: Insurance protecting against title defects or ownership disputes.
Created by: Emman779
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