A rental amount paid due to sales of the tenant. For example: A lease for a service station may contain a provision for a certain addition to the rent for every gallon of gasoline over a certain amount sold each month. The amount over is called the override, such as two cents per gallon for every gallon over fifty thousand sold each month.

Common in oil and gas leases. A retained royalty by a lessee when the property is subleased.

Open, manifest, public; action as distinguished from mere intention.

Money necessary to equalize the value of the properties being exchanged. See also: Boot.

Money paid by one co-tenant to another when property is split, but the result is properties of unequal value.

One who has the rights of ownership.See: Ownership.

See: Purchase Money Mortgage (1).

Property physically occupied by the owner.

The owner of property according to the records of the county recorder.

A term used to indicate that the seller is willing to take back a purchase money mortgage. See: Purchase Money Mortgage (1).

Rights to the use, enjoyment, and alienation of property, to the exclusion of others. Concerning real property, absolute rights are rare, being restricted by zoning laws, restrictions, liens, etc.

Mortgage covering both real and personal property.

The foundation of slab construction. Specifically used to describe where a mobile home is placed or a condominium is built, but can be generally used for any slab or land under a building.

See: Paired Sale.

An appraisal procedure comparing only 2 properties, usually with only one major difference.

The glass portion of a door or window.

(1) A section, raised, lowered, or level, of a wall, ceiling, fence, etc., self contained, and usually in a border or frame. (2) Sheets of gypsum, plywood, or other materials in similar form.

Space heating by electric coils, hot air, hot water, or steam pipes, which are built into walls, ceilings, or floor panels. Also called radiant heating.

See: Curtain Wall.