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COMPARABLES Recently sold properties which are similar to a particular property being evaluated, and which are used to indicate a reasonable fair market value for the subject property. BROKERAGE That aspect of the real estate business which is concerned with bringing together the parties and completing a real estate transaction. Brokerage involves exchanges, rentals, trade-ins and management of property, as well as sales. JUNIOR MORTGAGE A mortgage subordinate to the claim of a prior lien or mortgage. In the case of a foreclosure, a senior mortgage or lien will be paid first. SUMMARY POSSESSION A legal process used by a landlord to regain possession of the leased premises if the tenant has breached the lease or is holding over after the termination of tenancy. WAIVER Voluntary relinquishment or surrender of some right or privilege. INCORPOREAL RIGHTS Intangible or non-possessory rights in real property such as easements, licenses, profits and the like. MINERAL RIGHTS Rights to subsurface land and profits. Normally, when real property is conveyed, the grantee receives all right and title to the land including everything above and below the surface, unless excepted by the grantor. LEASE A lease is both a contract between lessor (landlord)and lessee (tenant) and a conveyance or demise of the premises by the lessor to the lessee. A lease is a contract in that item bodies the agreement between the parties. |
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