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Noncupative will
A will made orally.
Nonfungible
Not substitutable.
Nonhomogeneity
No tow parcels of land are alike also referred to as non hetergeneity.
Nonrecording provisions
In an installment contract.
Notary public
A person authorized by the state to administer oaths, attest and certify documents and take acknowledgements.
Note
A written promise to repay a debt.
Notice of consent
Allows the secretary of state to receive legal summonses for nonresidents.
Notice of lis pendens
Notice of pending lawsuit.
Novation
The substitution of a new contract or new party for an old one.
Obligee
the person to whom a debt or obligation is owed.
Obligor
The person responsible for paying a debt or obligation.
Offeree
The party who receives an offer.
Offeror
The party who makes an offer.
Off-site management
Refers to those property management functions that can be performed away from the premises is being managed.
On-site management
Refers to those property management functions that must be performed on the premises being managed.
Old for old
An insurance policy provision that provides for payment of only the depreciated value of damaged property.
Open listing
A listing that gives a broker a nonexclusive right to find a buyer.
Operating expense ratio
Total operating expenses divided by effective gross income.
Operating expenses
Expenditures necessary to maintain the production of income.
Opinion of title
An attorney's opinion as to the status of title.
Option
The right at some future time to purchase or lease a property at a predetermined price.
Oral appraisal report
A spoken estimate of a property's worth.
Origination fee
A charge for making a loan.
Ostensible authority
Results when a principal gives a third party reason to believe that another person is his agent even though that person is unaware of the appointment.
Overall rate
A mortgage-equity factor used to appraise income-producing property.
Overencumbered property
A property wherein the market value of that property is exceeded by the loans against it .
Owner's association
As administrative association composed of each unit owner in a condominium.
Owner's policy
A title insurance policy designed to protect the fee owner.
Package mortgage
A mortgage secured by a combination of real and personal property.
Parol evidence rule
Permits oral evidence to augment a written contract in certain cases.
Partial release
A release of a portion of a property form a mortgage.
Partially amortized loan
A loan that begins with amortized payments but ends with a balloon payment.
Participation certificate
A secondary mortgage market instrument whereby an investor can purchase an undivided interest in a pool of mortgages.
Participation loan
One that requires interest plus a percentage of the profits.
Partition
To divide jointly help property into distinct portions so that each co-owner may hold his or her proportionate share in severalty.
Partnership
A form of co-ownership for business purposes.
Party (plural, parties)
A legal term that refers to a person or a group involved in a legal proceeding.
Party Wall
A fence or wall erected along a property line for the mutual benefit of both owners.
Percolating water
Underground water not confined to a defined underground waterway.
Perils
Hazards or risks.
Periodic estate
Tenancy that provides for continuing automatic renewal until canceled, such as a month-to-moth rental.
Perjury
A willful lie made under oath.
Personal property
A right or interest in things of a temporary or movable nature; anything not classed as real property.
Personalty
Things of a temporary or movable nature as distinguished from realty.
Pictorial summary
Of rights and interest in land.
PITI payment
A loan payment that combines principal, interest, taxes, and insurance.
Planned Unit Development
Individually owned houses with community ownership of common areas. |
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