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RELEASE The discharge or relinquishment of a right, claim or privilege. Releases involving real property transactions should be acknowledged and recorded. MISREPRESENTATION A false statement or concealment of a material fact made with the intent to induce some action by another party. YIELD The return on an investment or the amount of profit, stated as a percentage of the amount invested. LETTER OF CREDIT An agreement or commitment by a bank("issuer") made at the request of a customer ("account party")that the bank will honor drafts or other demands of payment from third parties ("beneficiaries") upon compliance with the conditions specified in the letter of credit. DUE ON SALE CLAUSE A form of acceleration clause found in some mortgages, especially savings and loan mortgages, requiring the mortgagor to pay off the mortgage debt when selling the secured property, thus resulting in automatic maturity of the note at the lender's option. ADHESION CONTRACT A contract which is very one-sided and favors the party who drafted the document. COOPERATING BROKER A broker who joins with another broker in the sale of real property. |
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