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BARGAIN AND SALE DEED A deed which recites a consideration and conveys all of the grantor's interest in the property to the grantee. AMORTIZATION Repayment of a loan with periodic payments of both principal and interest calculated to payoff the loan at the end of a fixed period of time. PROSPECTUS A printed statement distributed to describe, advertise and give advance information on a business, venture, project or stock issue. INVENTORY An itemized list of property. Many brokers recommend that their clients attach to the sales contract an inventory of property to be included in the sale of a residential property, including a condominium dwelling. GARNISHMENT A legal process designed to provide a means for creditors to safeguard for themselves the personal property of a debtor which is in the hands of a third party ("garnishee"). LIQUIDATED DAMAGES An amount predetermined by the parties to an agreement as the total amount of compensation an injured party should receive in the event the other party breaches a specified part of the contract. ENCUMBRANCE Any claim, lien, charge or liability attached to and binding upon real property which may lessen the value of the property but will not necessarily prevent transfer of title. |
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