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REAL PROPERTY Land and any improvements permanently affixed to it, such as buildings. COMMON LAW That body of law which is based on usage, general acceptance, and custom, as manifested in decrees and judgments of the courts; judge-made law, as opposed to codified or statutory law. ACCELERATION CLAUSE A common provision of a mortgage or note providing the holder with the right to demand that the entire outstanding balance is immediately due and usually payable in the event of default. BUSINESS OPPORTUNITIES Any type of business which is for sale. NEGOTIATION The transaction of business aimed at reaching a meeting of minds among the parties; bargaining. SEVERALTY Sole ownership of real property. SPECIFIC PERFORMANCE A legal action brought in a court of equity to compel a party to carry out the terms of a contract. LATE CHARGE Penalty paid by a borrower when a payment is made after the due date. LOCUS SIGILLI Latin for "under seal", used in the abbreviated form, "L.S.," at the end of signature line in some formal legal documents; used instead of the actual seal. |
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