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TOWNSHIP A piece of property, used in the government survey system of land description, which is 6 miles square, and contains36 sections, each 1 mile square; and consists of 23,040 acres. RENTAL POOL A rental arrangement whereby participating owners of rental apartments agree to have their apartment units available for rental as determined by the rental agent, and then share in the profits and losses of all the rental apartments in the pool according to an agreed formula. FEASIBILITY STUDY An analysis of a proposed project with emphasis on the attainable income, probable expenses, and most advantageous use and design. HEIR A person who inherits under a will or a person who succeeds to property by the laws of descent if the decedent dies without a will (intestate). REFINANCING The process of paying off one loan with the proceeds from a new loan secured by the same property. RENT CONTROL Regulation by state or local governmental agencies restricting the amount of rent landlords can charge their tenants; such regulation is a valid exercise of the state's police power. DEED A written instrument by which a property owner "grantor" transfers to a "grantee" an ownership in real property. |
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