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METES AND BOUNDS A common method of land description that identifies a property by specifying the shape and boundary dimensions of the parcel, using terminal points and angles. QUIET ENJOYMENT The right of a new owner or a lessee legally in possession to uninterrupted use of the property without interference from the former owner, lessor or any third party claiming superior title. REAL PROPERTY All land and appurtenances to land, including buildings, structures, fixtures, fences, and improvements erected upon or affixed to the same; excluding, however, growing crops. HABITABLE Being fit to live in. The residential landlord has an obligation to keep the leased premises in a habitable condition. ANCHOR TENANT Major department or chain stores which are strategically located at shopping centers so as to give maximum exposure to smaller satellite stores. RESPA Real Estate Settlement Procedures Act. RESPA is a federal law that gives consumers the right to review information about loan settlement costs. The law gives you the right to review this information after you apply for a loan, and again at loan settlement. The law only obliges lenders to provide these settlement costs after application. VARIANCE Permission obtained from governmental zoning authorities to build a structure or conduct a use which is expressly prohibited by the current zoning laws; an exception from the zoning laws. NOMINAL CONSIDERATION A consideration bearing no relation to the real value of the contract. A deed often recites a nominal consideration, such as "ten dollars and other valuable consideration." CASHIER'S CHECK (OR BANK CHECK) A check whose payment is guaranteed because it was paid for in advance and is drawn on the bank's account instead of the customer's. |
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