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OFFICE EXCLUSIVE A listing in which the seller refuses to submit the listing to Multiple Listing Service, even after being informed of the advantages of MLS, and signs a certification to that effect. PERCOLATION TEST A hydraulic engineer's test of soil to determine the ability of the ground to absorb and drain water. QUIET ENJOYMENT The right of a new owner or a lessee legally in possession to uninterrupted use of the property without interference from the former owner, lessor or any third party claiming superior title. TAKE-OUT FINANCING Long-term permanent financing. TRUTH-IN-LENDING ACT Federal law requiring written disclosure of the terms of a mortgage (including the APR and other charges) by a lender to a borrower after application. Also requires the right to rescission period. GUARDIAN One who is given the lawful custody and care of another(called a ward). |
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