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ADHESION CONTRACT A contract which is very one-sided and favors the party who drafted the document. ASSESSMENT A specific levy for a definite purpose, such as adding curbs or sewers in a neighborhood. Individual condominium owners are subject to special assessments benefiting the project as a whole and not funded through regular maintenance charges. BASIS The financial interest which IRS attributes to the owner of an asset for purposes of determining annual depreciation and gain or loss on sale of the asset. WARRANTY A guaranty by the seller, covering the title as well as the physical condition of the property. POWER OF SALE A clause written into a mortgage authorizing the mortgagee to sell the property in the event of default. TAX SALE Public sale of property by a government authority as a result of non-payment of taxes. JOINT TENANCY A form of ownership of property giving each person equal interest in the property, including rights of survivorship. ANNUAL PERCENTAGE RATE The relationship of the total Finance Charge to the total amount to be finance as required under the Federal Truth-in-Lending Law. PARTITION The dividing of common interests in real property owned jointly by two or more persons. |
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