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BUNDLE OF RIGHTS An ownership concept describing all those legal rights which attach to the ownership of real property, including the right to sell, lease, encumber, use, enjoy, exclude, will, etc. WAIVER To voluntarily give up or surrender a right. HUD-1 UNIFORM SETTLEMENT STATEMENT A standard form which itemizes the closing costs associated with purchasing a home or refinancing a loan. LIFE ESTATE Any estate in real or personal property which is limited in duration to the life of its owner or the life of some other designated person. ESCROW The process by which money and/or documents are held by a disinterested third person (a "stakeholder") until the satisfaction of the terms and conditions of the escrow instructions (as prepared by the parties to the escrow). SHOPPING CENTER A modern classification of retail stores, characterized by off-street parking and clusters of stores, subject to a uniform development plan, and usually with careful analysis given to the proper merchant mix. |
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