A mortgage with a balloon payment. See Balloon payment.

An installment payment on a promissory note usually the final one for discharging the debt which is significantly larger than the other installment payments provided under the terms of the promissory note.

A deed that conveys title to real property but does not guarantee clear title that is often used by court officials and fiduciaries who are only holding title by force of law. See Grant deed, Quitclaim deed and Warranty deed.

The exchange of goods or commodities for other goods or commodities.

Employment in establishments that receive their income from outside the community.

1) A party entitled to the benefit of a trust; (2) A party who receives profit from an estate, the title of which is vested in a trustee; (3) A party to whom a insurance policy is payable; (4) The lender on the security of a note and trust deed

A statement of the unpaid balance of a loan and the condition of the debt, as it relates to a trust deed.

An improvement to property which increases the value of the property which is considered to be a capital asset rather than repairs or replacements where the original character or cost remains unchanged.

The amount a party offers to pay.

A deed transferring personal property.

The date and time at which both Buyer and Seller have reached an agreement on the terms of the sale of real property.  This date and time shall be that point at which the last offeror, or licensee of the offeror, received notice of the offeree's acceptance. 

Example:
Buyer made an offer to Seller on April 1, 2007 at noon. 

Seller countered the offer to Buyer on April 3, 2007 at noon. 

Buyer accepted Seller's Counter on April 4, 2007 at noon. 

Seller's Agent received notice (i.e., the signed contract) from the Buyer on April 4, 2007 at 2:00 p.m. 

The Binding Agreement Date would be April 4, 2007 at 2:00 p.m. 

NOTE: There is a Binding Agreement date section on both form F9, the Purchase and Sale Agreement and form F8, the Counter Offer form.  In the event that a counter offer is what was accepted, the Binding Agreement Date shall be placed on the Counter Offer form.  Basic key to this - the Binding Agreement Date is placed on the document (whether it be the offer or the counter offer) that is signed by both the buyer and the seller to create the contract.  In the above example, the Binding Agreement Date of April 4, 2007 at 2:00 p.m. would go on the Counter Offer which was signed by both Buyer and Seller.

The amount a party offers to pay.

A detailed set of plans used as the guide for the construction of a property.

In good faith and being authentic and without fraud or deceit

A written instrument given by a corporation or government entity as evidence of a debt and also meaning a guarantee of performance.

An accounting concept which an allowance is taken to provide for the recovery of invested capital

A sale in name only of real property to the state when a taxpayer is delinquent in paying property tax.

The current value for accounting purposes of an asset expressed as original cost, plus capital additions and less accumulated depreciation.

A mathematically closed diagram of the complete peripheral boundary of a site, reflecting dimensions, compass bearings and angles. It should bear a licensed land surveyor’s signed certification, and may include metes and bounds or other written description.

The breaking or violating of a law or duty either by commission or omission or the failure to meet a contractual obligation.

The violation of any terms or conditions in a contract without having a legal excuse such as the failure to make a loan payment when due.

The amount of income needed to simply meet the total amount of expenses for a project.

The mortgage financing that falls in between the termination of one loan and the beginning of another loan. See Gap loan and Swing loan.

Small wood or metal pieces inserted between floor joists to give them lateral rigidity.

Any person who for a fee, commission, finders fee or any other valuable consideration, or with the intent or expectation of receiving the same from another, solicits, negotiates or attempts to solicit or negotiate the listing, sale, purchase, exchange, lease or option to buy, sell, rent or exchange for any real estate or of the improvements thereon or any time-share interval as defined in the Tennessee Time-Share Act, compiled in title 66, chapter 32, part 1, collects rents or attempts to collect rents, auctions or offers to auction, or who advertises or holds out as engaged in any of the foregoing;

A written agreement required by state regulations setting forth the material aspects of the relationship between a real estate broker and each salesperson or broker performing licensed activities in the name of the supervising broker.

The business in which brokers are engaged to earn money by assisting people to buy, sell, rent or lease, manage or finance property or property rights.

A type of amortizing mortgage which includes the principal, interest and other costs such as taxes and fire insurance - referred to as a PITI monthly payment - in the monthly payment

An contract whereby an owner of land offers to construct a building on his or her land as specified by a potential tenant and then to lease land and building to that party.

In appraising. the capitalization rate is used to convert an income stream into a lump sum value and where the rate for the building may differ from that of the land because the building is considered to be a wasting asset.

A systematic method established by ordinance or law of regulating and setting minimum construction standards for buildings within a municipality to protect the public's safety and health.

1. A physical review of property as construction progresses to ensure that each major component - foundation, plumbing, electrical wiring, roofing, materials meets the building codes. 2. A periodic inspection of existing public buildings for health and safety compliance.

A line established by law or a deed restriction that determines the distance from a street in front of which an owner cannot build.

The authorization by a local government for the erection, alteration or remodeling of improvements within its jurisdiction.

In appraisal, a method of determining the contribution of an improvement to the current value of the entire property.

Limitations established by zoning legislation, covenants or deeds limiting the type, size and use of buildings.

The features constructed as part of the house such as cabinets, etc.

A sale of the entire stock of a business along with real estate as opposed to it being sold in the ordinary course of its business. See Uniform Commercial Code.

A concept or theory of ownership that holds that the entire set of legal rights are included with the ownership of land including the rights to possess, use, encumber, dispose and exclude.

A contractual provision in which the seller agrees to repurchase the property at a named price upon the occurrence of a specified event within a certain period of time.

A mortgage financing technique in which the interest rate has been reduced over the first few years of the loan because the lender received an initial payment from the builder or seller to reduce the rate, or in effect a discount, thus reducing the monthly payments for a fixed time period.

A pact among stockholders, partners or co-owners where some will agree to buy out the interests of others upon the happening of some event.

One who purchased or is purchasing the property—also referred to as Vendee, Payor, and Purchaser. Buyer may also refer to more than one person in cases of co-buyers.

A principal-agent relationship in which the broker is the agent for the buyer and owing fiduciary responsibilities to the buyer/principal under the law of agency.

A real estate broker or salesperson who represents a prospective purchaser or tenant in a real estate transaction and who owes the buyer/tenant/principal common-law or statutory agency duties.

A real estate broker who from a personal or brokerage point of view represents prospective buyers exclusively and who owes the buyer/principal common-law or statutory agency duties.

The condition which exists when a buyer is in a better position as to price and terms because the real property for sale is in greater supply in relation to demand.

Phrase meaning no personal liability is assumed in regard to a mortgage debt which exists against real estate at the time of purchase.

Undertaking and promising to pay the seller's personal liability for a debt at the time of purchase.

An arrangement by an owner of a building agreeing to take on the liability for the remaining lease term of a tenant in a different building which releases the tenant from the old lease obligation and permits him/her to negotiate a lease in the owner's building.