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ENCROACHMENT An unauthorized invasion or intrusion of a fixture or other real property wholly or partly upon another's property, thus reducing the size and value of the invaded property. PREPAYMENT PRIVILEGE The right of the debtor to pay off part or all of the debt without penalty prior to maturity, such as in a mortgage or agreement of sale. LESS-THAN-FREEHOLD ESTATE An estate held by one who rents or leases property. This classification includes an estate for years, periodic tenancy, estate at will, and estate at sufferance. DEVELOPER One who attempts to put land to its most profitable use by the construction of improvements. PUNCH LIST A discrepancy list showing defects in construction which need some corrective work to bring the building up to standards set by the plans and specifications. REFINANCING The process of paying off one loan with the proceeds from a new loan secured by the same property. |
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