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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. CONVEYANCE The transfer of title to real property by means of a written instrument such as a deed or an assignment of lease. MULTIPLE LISTING SERVICE (MLS) An organization created by Realtors to facilitate the sharing of listings among member brokers. DEALER An IRS designation for a person who regularly buys and sells real property. FEASIBILITY STUDY An analysis of a proposed project with emphasis on the attainable income, probable expenses, and most advantageous use and design. FORBEARANCE The act by the lender of refraining from taking legal action on a mortgage loan that is delinquent. DEFAULT Failure to fulfill a duty or promise or failure to perform any obligation or required act. The most common occurrence of default on the part of a buyer or lessee is non-payment of money. SPECIAL ASSESSMENT A tax or levy customarily imposed against only those specific parcels of realty which will benefit from a proposed public improvement, as opposed to a general tax on the entire community. |
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