Bona fide

In Latin, it means "in good faith", also means "without fraud". For example, a bona fide (real) manuscript.

Beam

In construction, beam is a vertical or horizontal member of a structure, made of wood, steel, concrete, or other strong material, and, unless decorative only, is a load-bearing part of the structure.
Beam

Net-Affiliate marketing

Net-Affiliate marketing is a type of performance-based strategy marketing. In which business rewards one or more affiliates with the mixture of compensation commission system for each visitor or customer brought by the associates own marketing efforts.

Appraisal

An estimate or opinion of value based on analysis of facts. Valuation of property is estimated by an authorized person.

Balloon payment

Balloon payment is the final installment payment at the end of a balloon loan that is greater than the preceding installment payments and that pays the loan in full.


The word balloon refers to the final payment is greater in comparison to the preceding payments.

Alien

A science-fiction film directed by Ridley Scott. The film is considered one of the greatest films of all time.


Alien was released in 1979 and won the Academy Award for Best Visual Effects, three Saturn Awards and a Hugo Award for Best Dramatic Presentation.
Alien
:: Alien Series ::
Alien (1979), Aliens (1986), Alien 3 (1992), Alien: Resurrection (1997), Prometheus (2012)

Alien

1. (Adjective) Belonging or relating to a foreign country.
Unites States accepts immigrants from alien cultures every year.


2. (Noun) A person who is not a citizen of the country where he or she is living; a foreigner.
They hired an alien as a baby sitter.

Affirmation

In law, affirmation is a substitution for an oath when a person's religious beliefs forbid taking an oath. A lie after an affirmation is still perjury.

Affidavit

Affidavit is a written statement or declaration, sworn to before an officer who has authority to administer an oath (usually a notary public). An affidavit can be used as evidence in a court of law.


An example of an affidavit form:
Affidavit

Default

In finance terminology, the term is used to describe failure to make payments as scheduled on a trust deed debt.

Deed

Deed is a written instrument which, when properly executed and delivered by a competent party, transfers title to real estate.


Trust Deed


A deed for carrying out fiduciary purposes in which the real property is conveyed to a trustee in a land trust. The power to sell, lease, and mortgage the property are given to the trustee under the provision of the trust agreement.


Deed of Reconveyance


The document that transfers legal title from the trustee to the trustor (the borrower under a note and trust deed) after a trust deed debt has been paid in full.

Debtor

Someone who owes a debt. Legally, one who may be compelled to pay a claim or demand.
Debtors usually receive a text reminding them that a payment is due.

Covenant

Covenant is an agreement written into a deed or other instrument promising performance or nonperformance of certain acts or stipulating certain uses or non-uses of the property.


Restrictive Covenant


A covenant restricting or limiting property rights to land, or a deed restriction in which it is specified that ownership of the land cannot be transferred unless the new owner agrees to continue to abide by the covenant.

Lease

Lease is an agreement by contract whereby possession and use of land is transferred (by a lessor to a lessee) for an agreed upon period of time under certain specified conditions. It is considered an interest in real property. The property which has a lease is called a leasehold.


Below are types of real estate leases:


Graduated Lease


A lease which provides for a varying rental rate, such as a rental rate that increases or decreases in measured steps. Often based on some future determination, such as a periodic appraisal of the property.


Ground Lease


An agreement for the use of the land only, sometimes secured by improvements placed on the land by the user. Usually a net lease.


Gross Lease


A lease agreement in which the tenant pays one constant payment, with no additions for the landlord's operating expenses. However, gross leases--which are the most common type for residential properties--does not include tenant utilities, unless specifically stated in the lease.


Master Lease


A lease that allows the renter (master lessee) to relet the property to other renters. The master lessee is responsible for management and marketing the properties. Typically, the owner or master lessor is guaranteed a regular installment regardless of how well the master lessee is performing. The master lessee (renter) assumes all of the risk; however, the owner (master lessor) receives much less than if he or she were to manage the property directly.


Net Lease


A lease arrangement that assesses the tenant with a base rent plus an additional assessment for the tenant's share of building operating expenses (CAM), insurance or real estate taxes. Net leases are either Single-Net, Double-Net (NN) or Triple-Net (NNN), depending on the number of expenses (CAM, insurance or taxes) that the lessee must pay.


Percentage Lease


A lease in which the rent is computed as a percentage of the gross business of the tenant. Ranges from under 2% for supermarkets and discount stores to over 50% for parking lots. Such an arrangement would require continuous and full financial disclosure by the tenant of the tenant's business activities. This may be either a gross lease or net lease arrangement, but there is usually a minimum rent amount and a recapture clause allowing the lessor to reclaim the property if minimum sales are not met.


Sandwich Lease


In a subletting situation, the original lease between the lessor (landlord) and the initial lessee (tenant) is sometimes called a sandwich lease. Legally, that lease is held by the initial tenant. Thus, that tenant's lease rights are sandwiched between the lease rights of the subtenant and the ownership rights of the landlord.


Sublease


A lease given by a lessee. The original lessee is in the middle and is both a lessor to the new lessee and a lessee under the original lease.


Overage Lease


A lease arrangement that collects additional charges from the tenant, based on a percentage of sales that a tenant generates above a specified sales base. Shopping malls will sometimes use this arrangement as an incentive for the mall director to pursue optimum traffic to the center.


References

  • Own it real estate dictionary by William E Keeler - ISBN-13: 978-1503070349

Corporation

In real estate terminology, corporation is a group or body of persons established under law and treated by law as an individual "person" with rights and liabilities similar to those of an individual although this legal unit is both distinct and apart from the rights and liabilities of those persons composing it.


A corporation has certain posers and duties of a natural person, and it may continue for any length of time the law prescribes.

Convey

Convey is transferring the title to property from one party to another. The document (usually a deed), which is used to transfer the title is called a conveyance.