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AGREEMENT OF SALE An agreement between the seller (vendor) and buyer (vendee) for the purchase of real property. SUBJECT TO MORTGAGE A grantee taking title to real property "subject to mortgage" is not personally liable to the mortgagee for payment of the mortgage note. In the event the grantor-mortgagor defaults in paying the note, the grantee could, however, lose property, and thus his equity, in a foreclosure sale. RELEASE CLAUSE A provision found in many blanket mortgages enabling the mortgagor to obtain partial releases of specific parcels from the mortgage upon the payment of, typically, a larger-than-pro-rata portion of the loan. 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. FIXED RATE An interest rate which is fixed for the term of the loan. WEAR AND TEAR The gradual physical deterioration of property, resulting from use, passage of time and weather. Only property subject to wear and tear is depreciable. BROKER One who acts as an intermediary between parties to a transaction. A real estate broker is a properly licensed person who, for a valuable consideration, serves as an agent to others to facilitate the sale or lease of real property. 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. ALIENATION CLAUSE A clause in a promissory note or mortgage which provides that the balance of the secured debt becomes immediately due and payable at the option of the mortgagee upon the alienation of the property by the mortgagor. |
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