Definition: any new mortgage taken as part of the purchase price of real property by the seller
Used in a Sentence: A purchase money mortgage is usually used to fill the gap between the buyer’s downpayment and a new first or assumed mortgage.
Definition: comments or opinions not made as representations of fact and thus not grounds for misrepresentation
Used in a Sentence: A licensee’s boasting of a properties benefits is called puffing.
Definition: a document prepared by a developer of 20 or more new condominium units that summarizes some of the major points contained in the condominium documents
Used in a Sentence: We were give a copy of the prospectus when we went to view the new condominium building.
Definition: the division of proportionate shares of charges and credits between the buyer and seller according to their period of ownership
Used in a Sentence: Some of the most common items to be prorated are interest on loans, insurance premiums, utilities and real property taxes.
Definition: a written lease in a cooperative apartment building, between the owner/corporation and the tenant/stockholder, in which the tenant receives the right to occupy a particular unit
Pronunciation: \prə-ˈprī-ə-ˌter-ē\ \ˈlēs\
Used in a Sentence: A proprietary lease entitles the purchaser to the right to occupy the unit.
Definition: a disclosure document required under the federal Interstate Land Sales Full Disclosure Act
Pronunciation: \ˈprä-pər-tē\ \ri-ˈpȯrt\
Used in a Sentence: Developers of 25 acres or more must provide buyers with a property report prior to signing the sale contract.
Definition: a person who manages properties for various owners
Pronunciation: \ˈprä-pər-tē\ \ˈma-ni-jər\
Used in a Sentence: A property manager is responsible for maintaining the property and managing the expenses.
Definition: the area of the real estate profession that pertains to the leasing, managing, marketing and overall maintenance of the property of others
Pronunciation: \ˈprä-pər-tē\ \ˈma-nij-mənt\
Used in a Sentence: The owner hired a property management firm to take care of his properties for him.
Definition: the rights or interests a person has in the thing owned but not, technically, the thing itself: bundle of rights including the right to possess, to use, to encumber, to transfer and to exclude.
Used in a Sentence: The two basic types of property are real property and personal property.