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MORTGAGE BROKER An individual or company that arranges financing for borrowers. EXECUTIVE The act of making a document legally valid, such as formalizing a contract by signing, or acknowledging and delivering a deed. GOOD FAITH Bona fide. An act is done in good faith if it is in fact done honestly, whether it be done negligently or not. NULL & VOID Having no legal force or effect; of no worth; unenforceable; not binding. SHELL LEASE A lease wherein a tenant leases the unfinished shell of a building, as in a new shopping center, and agrees to complete construction himself by installing ceilings, plumbing, heating and air conditioning systems, and electrical wiring. REVERSION A future estate in real property created by operation of law when a grantor conveys a lesser estate than he has. The residue left in the grantor is called a reversion which commences in possession in the future upon the end of a particular estate granted or devised, whether it be freehold or less-than-freehold. NOTICE TO QUIT A written notice given by a landlord to his tenant, stating that the landlord intends to regain possession of the leased premises and that the tenant is required to quit and remove himself from the premises either at the end of the lease term or immediately if there is a breach of lease or if the tenancy is at will or by sufferance; sometimes refers to the notice given by the tenant to the landlord that he intends to give up possession on a stated day. |
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