The time allowed between the sale of relinquished property and the purchase of replacement property in order to qualify for the tax advantage under IRS section 1031. In a reverse exchange it is the time between the purchase of the replacement property and the sale of the relinquished property.

The party seeking the tax advantage under IRS section 1031. The taxpayer.

See: Agency Agreement.

A listing or agreement protecting the listing broker’s commission against the sale of the property by another agent but not against the sale by the principal. The term is not universal, as some areas use the term, nonexclusive listing, to describe this agreement.

Employment agreement in which a specified agent earns a commission if a property is sold within a specified time frame. The specified agent will generally earn a commission, even if another licensee finds a buyer. If two exclusive listings are signed, the seller may have to pay two commissions.

A written contract between a property owner and a real estate broker, whereby the owner promises to pay a fee or commission to the broker if certain real property of the owner is sold during a stated period, regardless of whether the broker is or is not the cause of the sale. The broker promises to put forth his or her best efforts to sell the property, and may make specific promises as to advertising or other promotion in certain instances.

Holding free from or limiting guilt or liability.

To complete; to fulfill a purpose, such as to execute an instrument, meaning to sign, seal (modernly, to notarize), and deliver.

One which is final and completed.

Sale of real property under a writ of execution by a court. A judicial mortgage foreclosure sale is in this category.

One who is appointed under a will to carry out (execute) the terms of the will.

A deed issued by the executor of an estate. (See: Executor).

A contract under which there is still to be performance. See also: Executory Sale.

A sale not fully completed, such as (at least in theory) a land contract sale. See also: Executed Sale.

A female executor.

Damages to punish (make an example of) the offender. This is done when the wrong is deliberate or grossly negligent and compensatory damages do not appear to be sufficient.

(1) The leaving or departing, usually of a person. (2) The place through which one leaves, as a door, gate, etc.

A house specifically designed for later additions or expansion.

Any connection of two members which allows for movement of the members when effected by pressure toward or away from the connecting area (joint). A joint in a bridge, building, or similar structure, allowing for expansion or contraction of the parts of the structure from temperature changes.

Formulas to determine a potential borrower’s ability to repay a mortgage loan. The ratios are (1) the monthly amount to repay all mortgage loans on the property divided by the borrower’s gross monthly income and (2) the borrower’s total monthly expenses divided by the gross monthly income.

A clause limiting the expense of one of the parties and shifting the burden to the other party at an agreed upon amount. Used primarily in leases.