The term shows no estate (interest) in property, but only the chance that an estate will exist at a future time. If a property were sold on the condition that it be used for a park, and, if not used for a park, would revert back to the seller, the seller would have a possibility of reverter.

(1) To give public notice by attaching to a post or wall or displaying in a public place. (2) After. (3) A vertical support. (4) To enter into ledgers or books, such as posting to an account.

A type of wood frame construction using beams inside the building as support as well as sidewalls. This allows for larger spans.

A system of construction based on vertical supports with horizontal cross beams. No arches are used.

Dating an instrument after the actual date of execution. Most often thought of in connection with checks, but sometimes used in states where certain days (Sundays and holidays) cannot be used to contract. The contract is still not legal if postdated for this reason.

Placing cables, in metal casing, in wet concrete. When the concrete dries, the cables are stretched, and the casing filled with grout. When the grout dries, the cables are released, transmitting the stress to the concrete.

Drinkable.

Rental income before deducting for vacancies, non-payment of rent and operating expenses.

A term used for those who may be responsible for environmental cleanup of a contaminated site. These include present owners, owners at the time of contamination, those persons who actually caused the contamination, whether owners or not, and those who transported the hazardous material to the site. All are “potentially” responsible.

An authority by which one person (principal) enables another (attorney in fact) to act for him. (1) General power – Authorizes sale, mortgaging, etc. of all property of the principal. Invalid in some jurisdictions. (2) Special power – Specifies property, buyers, price and terms. How specific it must be varies in each state.

Clause in a mortgage or deed of trust giving the mortgagee or trustee the power to sell the property in the event of default. There are laws which govern the sale, which must be at public auction, but there is no court action (judicial foreclosure) necessary.

(1) Slang for the word profit. An expression not nationally used. (2) Public relations.

The domain of a duly licensed attorney. A real estate or escrow agent may not practice law. What constitutes practicing law varies with state statutes.

The right given to settlers upon the public lands of the United States, to purchase the lands at a limited price in preference to others. Modernly, equivalent to a first refusal right.

A sale under which a lender allows a borrower to avoid foreclosure by selling the mortgaged property for an amount less than the amount necessary to pay off the mortgage loan.

A method by a lender allowing a prospective home buyer to determine how much may be borrowed on a mortgage loan before making a formal application. This enables the buyer to approximate the price range for the home purchase.

An arrangement between a borrower and lender to refinance a loan at a later date. A construction loan, for example, could be refinanced to a long term loan.

One who goes before. Differs from ancestor in that predecessor may apply to corporations or one holding office. Ancestor applies only to persons.

A house constructed of manufactured components, assembled partly at the site, rather than totally on the site. Also called a modular house.

The manufacturing of parts of a structure, such as walls, roofs, etc., which are assembled at the construction site. More recently called modular housing.

A report showing the condition of title before a sale or loan transaction. After completion of the transaction, a title insurance policy is issued.