See Environmental Site Assessment

A clause in a lease providing for an increased rental at a future time. May be accomplished by several types of clauses, such as (1) Fixed increase – A clause which calls for a definite, periodic rental increase. (2) Cost of living – A clause which ties the rent to a government cost of living index, with periodic adjustments as the index changes. (3) Direct expense – The rent is adjusted according to changes in the expenses of the property paid by the lessor, such as tax increases, increased maintenance costs, etc.

See: Escalation Clause.

A cliff.

A reversion of property to the state in the absence of an individual owner. Usually occurs when a property owner dies intestate, and without heirs.

Delivery of a deed by a grantor to a third party for delivery to the grantee upon the happening of a contingent event. Modernly, in some states, all instruments necessary to the sale (including funds) are delivered to a third (neutral) party, with instructions as to their use.

See; Impound Account.

A review by a lender to determine if the proper amount is being deposited each month by the borrower to pay taxes and insurance when they become due.

See: Impound Account.

See: Impound Disbursements.

Instructions which are signed by both buyer and seller, and which enable an escrow agent to carry out the proce- dures necessary to transfer real property, a business, or other assignable interest.

An escrow agent. In some states, one who has, through experience and education, gained a certain degree of expertise in escrow matters.

(1) The interest or nature of the interest which one has in property, such as a life estate, the estate of a deceased, real estate, etc. (2) A large house with substantial grounds surrounding it, giving the connotation of belonging to a wealthy person.

See: Tenant at Sufferance.

See: Tenant at Will.

See: Life Estate.

Any estate for a definite period of time. Com-monly, a lease.

See: Remainder.

See: Reversion.

An estate which may descend to heirs. For example: A fee estate is an estate of inheritance, whereas a life estate is not.

A tax against the property of a deceased, based on the value of the estate.