The bargaining process that precedes a successful contractual agreement and generally creates a win-win situation for all of the parties. Example: Nelson wishes to purchase a property from Newman. Nelson is willing to pay up to a certain price and desires certain conditions placed on the sale. Newman will accept anything over a certain price and may be willing to help finance the purchase for a higher price. In negotiation Nelson and Newman attempt to come to an agreement over the price and conditions. When they agree, a sales contract is EXECUTED.

An area within a larger community with similar type occupants, buildings and business enterprises.

A source of real estate loan funds other than a bank or similar institution such as mortgage companies, pension funds, individuals and finance companies.

A wall used as a divider that does not carry any load.

A loan that does not meet the standards of, or is too large to be purchased by, FNMA or FHLMC and where the interest rate is at least ½ a percentage point higher than a conforming loan. Example: Nicholas's monthly income is $10,000; he wants to buy a house that would require monthly principal and interest Payments of $4,000 which is a 40% ratio of his income. Currently, FNMA/FHLMC requires that the house payment be not more than 28% of monthly income. Private lenders, who examined Nicholas's circumstances and the appraisal in detail, are willing to make the loan. Because it is considered a higher-risk and less liquid investment (it cannot be sold to FNMA or FHLMC) than an FNMA/FHLMC conforming loan, a nonconforming loan is obtained. It requires a higher interest rate and/or more discount points.

A letter sent as a reminder to a borrower who has breached one or more of the loan covenants that may indicate the grace period and any penalties for failing to cure the default.

A document that is recorded and published prior to the sale of a business opportunity in order to give the seller's creditors notice. Also called notice to creditors of bulk transfer.

A notice provided by law designed to relieve a property owner from the responsibility for the cost of unauthorized work done on the property or materials furnished therefore which must be verified, recorded and posted on the property.