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IMPROVED LAND Real property whose value has been enhanced by the addition of on-site and off-site improvements such as roads, sewers, utilities, buildings, etc.; as distinguished from raw land. AGENT One who is authorized to represent and to act on behalf of another person (called the principal). A real estate broker is the agent of his client, be it the seller or buyer, to whom he owes a fiduciary obligation. A salesman is the agent of his broker and does not have a direct personal contractual relationship with either the seller or buyer. ASSUMPTION OF MORTGAGE The act of acquiring title to property which has an existing mortgage on it and agreeing to be personally liable for the terms and conditions of the mortgage, including payments. NET INCOME The sum arrived at after deducting from gross income the expenses of a business or investment, including taxes and insurance, and allowances for vacancy and bad debts; what the property will earn in a given year's operation. TIME IS OF THE ESSENCE The clause in a contract which emphasizes that punctual performance is an essential requirement of the contract. JUNIOR MORTGAGE A mortgage subordinate to the claim of a prior lien or mortgage. In the case of a foreclosure, a senior mortgage or lien will be paid first. BUILDING PERMIT A written permission granted by the County Building Department and required prior to beginning the construction of a new building or other improvement (including fences, fence walls, retaining walls and swimming pools). HYPOTHECATE To pledge specific real or personal property as security for an obligation, without surrendering possession of it. ACCRUED INTEREST Interest earned but not yet paid. |
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