Most commonly used in relation to stock cooperatives, whereby the owners of stock lease units (apartments).

To divide (prorate) property taxes, insurance premiums, rental income, etc., between buyer and seller proportionately to time of use, or the date of closing.

Originally the stage of a theater. Modernly, the portion of the stage on the audience side of the curtain.

A potential buyer, seller, or tenant, rather than one which is actually in the process of buying, selling, or leasing.

A brochure, presenting for a prospective investor the details of an offering.

Payments to a contractor on a cost reimbursement contract to pay for the contractor’s expenses as work progresses.

The direct cause, the result of which is foreseeable. Example: A cow kicks over a lantern and a major city burns to the ground. The act of the cow would be the actual cause but not the proximate (foreseeable) cause.

Although the term legally encompasses any agent, it is most frequently used in connection with representation at a meeting, especially when voting is concerned. The written authority to act is called a proxy, as well as the person acting.

See: Potentially Responsible Party.

See: Property Tax Deferral.

See: Auction.

See: Public Land.

A governmental housing project, usually to accommodate low income families.

Any government agency authorized by law to develop or manage low-income housing.

Lands belonging to the federal government, not reserved for government use but subject to sale or other disposal.

Legal descriptions of land by reference to the public land survey. Often called sectional property descriptions.

See: Public Report.

Usually at a county level, the records of all documents which are necessary to give notice. The records are available to the public. All transactions for real estate sales should be recorded.

A report given to prospective purchasers in a new subdivision, stating the conditions of the area (costs of common facilities, availability of schools, noise factor if near an airport, etc.), issued by the real estate commission.

Sale at auction, open to the public. May be a foreclosure sale, tax sale, excess state land sale, or other type. A “public” sale generally requires notice (advertising) and must be held in a place accessible to the general public.