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LIEN A charge or claim which one person (lienor) has upon the property of another (lienee) as security for a debt or obligation. Liens can be created by agreement of the parties(mortgage) or by operation of law (tax liens). RAW LAND Unimproved land; land in its unused natural state prior to the construction of improvements such as streets, lighting, sewers, and the like. ACCEPTANCE The expression of the intention of the person receiving an offer (offeree, usually the seller) to be bound by the terms of the offer. DOUBLE ESCROW An escrow set up to handle the concurrent sale of one property and purchase of another property by same party. PLANNED UNIT DEVELOPMENT (PUD) A modern concept in housing designed to produce a high density of dwellings and maximum utilization of open spaces. NOTICE OF NONRESPONSIBILITY A legal notice designed to relieve a property owner from responsibility for the cost of improvements ordered by another person. |
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