Help is at hand (Idioms with ‘hand’, Part 1), Clear explanations of natural written and spoken English. OPTION - An agreement to keep open, over a set period, an offer to sell or purchase property. { bidder: 'pubmatic', params: { publisherId: '158679', adSlot: 'cdo_rightslot2' }}]}]; TRUST FUND ACCOUNT - An account set up by a broker at a bank or other recognized depository, into which the broker deposits all funds entrusted to him by his principal or others. Real Estate is a cyclical industry that is sensitive to interest rates, economic conditions (both nationally and locally), property tax rates, and other factors. STATUTE OF FRAUDS - That law which requires certain contracts to be in writing and signed by the party to be charged therewith in order to be legally enforceable. HIGH RISE - A popular expression for a condominium or apartment building generally higher than six stories. PROBATE - The formal judicial proceeding to prove or confirm the validity of a will. { bidder: 'onemobile', params: { dcn: '8a969411017171829a5c82bb4deb000b', pos: 'cdo_topslot_728x90' }}, DECLARATION OF RESTRICTIONS - A statement of all the covenants, conditions and restrictions ("CC&R's") which affect a parcel of land. bids: [{ bidder: 'rubicon', params: { accountId: '17282', siteId: '162036', zoneId: '776130', position: 'btf' }}, LESSOR - The person who rents or leases property to another. Add the power of Cambridge Dictionary to your website using our free search box widgets. LICENSEE - A person who has a valid license. LAND - The surface of the earth extending down to the center and upward to the sky, including all natural things thereon such as trees, crops, or water; plus the minerals below the surface and the air rights above. RESTRICTIVE COVENANT - A private agreement, usually contained in a deed, which restricts the use and occupancy of real property. // FIXME: (temporary) - send ad requests only if PlusPopup is not shown PERCENTAGE LEASE - A lease whose rental is based on a percentage of the monthly or annual gross sales made on the premises. stoves, bookcases, plumbing, etc.). MARKET VALUE - The highest price, estimated in terms of money, which a property will bring if exposed for sale in the open market, allowing a reasonable time to find a purchaser who buys with knowledge of all the uses to which the property is adapted and for which it is capable of being used. CLOSING COSTS - Expenses of the sale which must be paid in addition to the purchase price (in the case of the buyer's expenses), or be deducted from the proceeds of the sale (in the case of the seller's expenses). INVERSE CONDEMNATION - An action for "just compensation "brought by one whose property has been effectively "taken" or substantially interfered with or taken without just compensation This is when the lender and the escrow agent or attorney process the loan and title documents to make sure the deal closes on time. priceGranularity: customGranularity, RECAPTURE CLAUSE - A clause usually found in percentage leases, especially in shopping center leases, giving the landlord the right to terminate the lease (and thus "recapture" the premises)if the tenant does not maintain a specified minimum amount of business. Manning Real Estate & Homes. ABATEMENT - A reduction or decrease in amount, degree, intensity or worth. Our top-rated real estate agents in Manning are local experts and are ready to answer your questions about properties, neighborhoods, schools, and the newest listings for sale in Manning. iasLog("exclusion label : wprod"); PROPERTY - The rights or interests a person has in the thing owned; not, in the technical sense, the thing itself. { bidder: 'appnexus', params: { placementId: '11654157' }}, INNOCENT PURCHASER FOR VALUE - One who purchases real property without notice, actual or constructive, of any superior rights or interests in the real property. PURCHASE MONEY MORTGAGE - A mortgage given to the seller as part of the buyer's consideration for the purchase of real property, and delivered at the same time that the real property is transferred as a simultaneous part of the transaction. Private restrictions are created by means of restrictive covenants written into real property instruments, such as deeds and leases. { bidder: 'onemobile', params: { dcn: '8a969411017171829a5c82bb4deb000b', pos: 'cdo_rightslot_flex' }}, Thus the rent paid is "net" to the lessor. ; sometimes referred to as an impound account. A real estate broker is a properly licensed person who, for a valuable consideration, serves as an agent to others to facilitate the sale or lease of real property. IMPLIED WARRANTY OF HABITABILITY - A legal doctrine imposing on the landlord a duty to make the leased premises acceptable to live in and ready for occupancy and to continue to maintain them in a state of repair throughout the entire term of the lease. C googletag.cmd.push(function() { iasLog("criterion : cdo_pc = dictionary"); MULTIPLE LISTING SERVICE (MLS) - An organization created by Realtors to facilitate the sharing of listings among member brokers. UNILATERAL CONTRACT - A contract in which one party makes an obligation to perform without receiving in return any express promise of performance from the other party, such as an open listing contract, where the seller agrees to pay a commission to the first broker who brings in a ready, willing and able buyer. googletag.pubads().disableInitialLoad(); iasLog("exclusion label : resp"); Browse the latest properties for sale in Manning and find your dream home with HOUSE RULES - Rules of conduct adopted by a board of directors of a condominium and designed to promote harmonious living among the owners and occupants. Real estate roundup: Manning, AB housing market overview Point2 gives you far more than a simple list of houses for sale. PIGGYBACK LOAN - A joint loan with two lenders sharing a single mortgage. DEBT SERVICE - The amount of money needed to meet the periodic payments of principal and interest when a debt is amortized. FIRM COMMITMENT - A definite undertaking by a lender to loan a set amount of money at a specified interest rate for a certain term. { bidder: 'onemobile', params: { dcn: '8a969411017171829a5c82bb4deb000b', pos: 'cdo_leftslot_160x600' }}, METES AND BOUNDS - A common method of land description that identifies a property by specifying the shape and boundary dimensions of the parcel, using terminal points and angles. Space or vertical plane above a property constraint or action exercised upon a who! Any firm legal obligation to do so serve both buyers and sellers residential... Which would entitle a person or corporation who may be transferred by endorsement or delivery so as to vest title! Month at a price close to its true value the perimeters or of... The free ownership of land area to improvement area are the exclusive agency and the total floor of! Sale - a mortgage, it is not mentioned in the property gradual deterioration! 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