A loan that fills the difference between the first loan and the full amount of the permanent loan. See Bridge loan and Swing loan. Example: A developer arranges a permanent mortgage R fund $1,000,000 when the apartments she is building are 80% pied. From completion of construction until 80% occupa reached, the mortgage is only $700,000. The developer arrange loan of $300.000 for the RENT-UP PERIOD

A slang term to describe the practice of reneging on an oral commitment to buy or sell a property because a better offer or opportunity was presented after the oral commitment was made but before a legal sales contract was consummated. Example: Gazumping can be a big problem in areas where a formal sales contract is signed only after the buyer has thoroughly investigated the property. The buyer may have invested much time and money in the due diligence process, yet lose out if the seller gets a better offer It can also work in reverse. The buyer may renege after the seller has held the property off the market. The seller may valuable exposure time during the peak marketing season. .

A party who has been authorized by a principal to represent the principal in a broad range of matters such as a property manager..

A party who constructs buildings or other improvements for an owner or developer and who might employ a construction labor force or use subcontractors. See Contractor. Example: Collins. a landowner, has architectural plans and specifications for an office building. She enters into a contract with Baker, a general contractor, to build the structure. Baker hires subcontractors who put up the foundation, walls, roof, electrical and plumbing systems, etc. .

A lien on all of the property of a debtor..

A document representing an obligation secured by a mortgage.

A tax levied by governmental agencies and municipalities on real estate to operate the government.

A deed that guarantees the quality of title to property conveyed and undertakes to defend that title and to pay damages if the title is defective.

A deed for which the consideration is for love and affection and not monetary.

A federal tax on a monetary gift to a relative or friend. Generally, each person may give up to 510,000 per year to each donee without imposition of a federal gift tax. On higher gifts. there may be a gift tax, or the gift may affect the donor's estate tax. Example: Mr. and Mrs. Abel together give $20,000 this year to each of 3 sons ($60,000 total). There will be no gift tax imposed.

The title to a piece of real estate that generally can be shown by title search or abstract of title to be vested in the owner of record and free of claims or liens which would harm its marketability.

A contractual “consideration” that is based on love and affection rather than money and is usually considered to be a gift.

An honest intention to abstain from taking conscious advantage of another.

An estimate of closing costs that must be given with residential loans on one to four units under the Real Estate Sett1ement Procedures Act by a lender to a mortgage applicant within three days after the loan application based on the lender's best estimate. Example: Gwen applied for a mortgage loan on a duplex. Within three days the mortgage banker sent a good faith estimate of closing costs including points; origination fees, title, and legal expenses.

An agreed-upon time after the payment of a debt is past due and during which time a party can perform without being considered in default.

A lease used mainly in long-term leases which provides for a varying rental rate often based upon a future determination where sometimes the rent is based upon the result of periodical appraisals. See Step-up lease.

A loan that provided for partially-deferred payments of principal during the first five years of the loan term after which the principal and interest payment is substantially higher in order to make up for the principal portion of the payments that were lost at the beginning of the loan. See Variable interest rate loan.

1. A technical legal term that has the same effect as “convey" and "transfer” in a deed of conveyance bestowing an interest in real property on another. 2. A private grant is the transfer of real property from one person to another. 3. A public grant is a government transfer of ownership of public real property to a private party.

A limited warranty deed using the word “grant” or like words that assures a grantee that the grantor has not already conveyed the land to another and that the estate is free from encumbrances placed by the grantor.

A party who receives a transfer of real property by a grant deed.

The words in a deed of conveyance such as “convey and warrant"; "grant"; "grant, bargain and sell”; etc. that demonstrate the grantor's intention to convey the property now.

A party who transfers his or her interest in real property to another by a grant deed.

 A factor (number) used to arrive at an estimate of value for smaller commercial properties from the relationship between and by dividing the gross annual income (rent) into the selling or asking price of properties. See Gross Rent Multiplier.

The total floor area of a building which is usually measured from its outside walls..

(GDP) The total value of all goods and services generated through production by labor and property which is physically located within the confines of a country during a given period of time.

A mortgage in which the monthly payments increase annually, with the increased amount being used to reduce the outstanding principal balance and therefore shorten the overall term of the loan..

The total income from a property before any expenses are deducted.

A rule of thumb technique used to estimate the market value of residential income-producing property by multiplying a factor arrived at by dividing known sales prices of comparable properties by their annual rental income times the subject property's annual gross income. See Gross Rent Multiplier.

A lease for property under the terms of which the lessor is to assume all of the expenses of the property such as taxes, maintenance, etc.

An amount expressed as percentage points identified in an adjustable rate mortgage which gets added on the rate adjustment date to the current index value to establish the new rate of the note.

The total revenue from all sources before subtraction of expenses incurred in gaining such revenue.

The total amount of sales as shown by invoices before deducting returns, allowances, etc.

A mortgage in which the monthly payments increase annually, with the increased amount being used to reduce the outstanding principal balance and therefore shorten the overall term of the loan.

An assurance of clear title.

A mortgage in which a party other than the borrower assures payment in the event of default by a mortgagor such as VA-guaranteed mortgages

The written commitment by a broker that within a specified period of time he or she will in absence of a sale purchase a listed property at a specified sum.

The assurance given by one party that another party will fully perform their duties under a contract.