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INSTITUTIONAL LENDER Financial institutions such as banks, insurance companies, savings and loans or any lending institution whose loans are regulated by law. OVERRIDE A commission paid to managerial personnel (e.g. principal broker) on sales made by their subordinates, usually calculated as a percentage of the gross sales commissions earned by the salesperson. COMMON ELEMENTS Parts of the property which are necessary or convenient to the existence, maintenance and safety of the condominium, or are normally in common use by all of the condominium residents. CLEAR TITLE Title to property that is free from liens, defects or other encumbrances, except those which the buyer has agreed to accept, such as mortgage to be assumed, the ground lease of record, and the like; established title; title without clouds. USEFUL LIFE That period of time over which an asset, such as a building, is expected to remain economically feasible to the owner. COMMON AREAS Land or improvements designated for the use and benefit of all residents, property owners and tenants. |
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