A confidential form filled out by buyer and seller to help a title company determine if any liens are recorded against either. Very helpful when people with common names are involved. Also called a statement of identity.

A law which comes from a legislative body. A written law, rather than law established by court cases

State laws, requiring certain contracts to be in writing. All contracts for the sale of real property must be in writing. Leases (personal property) for more than one year must be in writing.

A law which limits the bringing of a court action (civil or criminal) to within a specified period of time.

The giving of private land for public use under a procedure dictated by statute.

An involuntary lien (created by law rather than by contract). Includes tax liens, mechanic’s liens, etc.

Notice given by legislative enactment (laws or statutes).

See: Redemption Period.

Reserves of funds which must be kept by banks, savings and loans, insurance companies, and like businesses, to insure their ability to meet demands for funds in their course of business.

See: Graduated Payment Mortgage

A lease calling for set increases in rent at set intervals.

The traditional and most expensive method of building. The structure is built on site. See also: Manufactured Home.

A structure built entirely on the site, as opposed to one that is built in a factory and assembled at the site (manufactured).

See: Per Stirpes.

A type of common interest development under which a corporation owns the development, and shares of stock and the exclusive right to occupy are issued as a method of conveying ownership of the units.

A mortgage covering all of a cooperative apartment building or an individual unit of such. See: Cooperative apartment.

An extra window on the outside of an existing window, as additional protection against cold weather.

A sewer carrying off rainwater. May also carry off industrial waste, such as chemicals, although many areas now forbid this.

A lease calling for the same amount of rent to be paid periodically (usually monthly) for the entire term of the lease.

A method of replacing the capital investment of income property, by reducing the value of the property by a set amount annually from the income, over the economic life of the property.

A promise to repay a loan, signed by the debtor and containing the date executed, amount owing and to whom, date due (or on demand), rate of interest and how it is payable. A straight note is not amortized.