Void. Not legally binding. See also: Voidable.

No goods. The name of the return made by the sheriff to a writ of execution, when he has found no goods of the defendant on which to levy within the jurisdiction.

Now for then. Applied to acts or entries allowed to be done after they should have been done, with a retroactive effect.

A verbal “death bed” will. Not valid in all states and restricted to personal property of limited value.

A slang term See: Overhead.

A fiber used as a caulking, made by pulling apart hemp or rope.

An attestation by a person which binds him or her legally and morally. Usually attesting to the truth of something, as an affidavit, or the validity of one’s signature. A promise to tell the truth. Also, a promise to carry out a duty with high morality (oath of office). An oath has religious connotations and usually involves the word “swear”, and may contain the phrase “so help me God”, or require the one taking the oath to put his or her hand on a bible. An affirmation (see which) is still legally binding.

A bond secured by a mortgage but over the mortgage amount. It creates a personal obligation on the part of the mortgagor.

One to whom an obligation (promise) is owed. See also: Obligor.

One who legally binds (obligates) oneself, such as the maker of a promissory note.

An appraisal term meaning that the age of a structure may cause it to become undesirable in use or appearance (old fashioned) and consequently lose income and value.

With reference to land, the word has become synonymous with possession.

The percentage of space or units rented. Opposite of Vacancy Rate.

Not on the property to be sold. For example: The developer of a housing tract sells only the house and lot, but must build the streets, sewers, etc., not on the lot.

The cost of off-site improvements.

Development of land to make adjacent property suitable for construction. Includes sidewalks, curbs, streets, sewers, streetlights, etc.

A presentation or proposal for acceptance, in order to form a contract. To be legally binding, an offer must be definite as to price and terms.

Necessary elements of a contract to sell real estate. See also: Offer; Acceptance.

See: Purchase Agreement.

One to whom an offer is made.

One making an offer.