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TRIPLE NET LEASE A net, net, net lease, where in addition to the stipulated rent, the lessee assumes payment of all expenses associated with the operation of the property. RESIDUAL PROCESS An appraisal process used in the income approach to estimate the value of the land and/or the building, as indicated by the capitalization of the residual net income attributable to it. NEGOTIATION The transaction of business aimed at reaching a meeting of minds among the parties; bargaining. PIGGYBACK LOAN A joint loan with two lenders sharing a single mortgage. SPECIFIC PERFORMANCE A legal action brought in a court of equity to compel a party to carry out the terms of a contract. SHORELINE The dividing line between private land and public beach on beachfront property. RIGHT TO RESCISSION Under the provisions of the Truth-in-Lending Act, the borrower's right, on certain kinds of loans, to cancel the loan within three days of signing a mortgage. EXECUTIVE The act of making a document legally valid, such as formalizing a contract by signing, or acknowledging and delivering a deed. AMORTIZATION The gradual repayment of a debt by means of systematic payments of principal and interest over a set period, where at the end of the period there is a zero balance. |
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