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CONSTRUCTIVE NOTICE Notice of certain facts which are implied bylaw to a person because he could have discovered the fact by reasonable diligence or by inquiry into public records. CONTINGENCY A provision placed in contract which requires the completion of a certain act or the happening of a particular event before a contract is binding. REAL PROPERTY All land and appurtenances to land, including buildings, structures, fixtures, fences, and improvements erected upon or affixed to the same; excluding, however, growing crops. FEDERAL HOUSING ADMINISTRATION (FHA) The FHA was set up in1934 under the National Housing Act to encourage improvement in housing standards and conditions, to provide an adequate home financing system by insurance of housing mortgages and credit, and to exert a stabilizing influence on the mortgage market. OPEN HOUSE The common real estate practice of showing a listed home to the public during established hours, frequently on Sunday afternoons. SPECIFIC PERFORMANCE A legal action brought in a court of equity to compel a party to carry out the terms of a contract. COMMISSION Money paid to a real estate agent or broker for negotiating a real estate or loan transaction. |
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