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INCOME APPROACH An approach to the valuation or appraisal of real property as determined by the amount of net income the property will produce over its remaining economic life. REFINANCING The process of paying off one loan with the proceeds from a new loan secured by the same property. REFORMATION A legal action to correct or modify a contract or deed which has not accurately reflected the intentions of the parties due to some mechanical error, such as a typo graphical error in the legal description. STATUTE OF LIMITATIONS That law pertaining to the period of time within which certain actions must be brought to court. IMPLIED WARRANTY OF HABITABILITY A legal doctrine imposing on the landlord a duty to make the leased premises acceptable to live in and ready for occupancy and to continue to maintain them in a state of repair throughout the entire term of the lease. CONVERSION CLAUSE A provision in some ARMs that allows you to change an ARM to a fixed-rate loan, usually after the first adjustment period. The new fixed rate will be set at current rates, and there may be a charge for the conversion feature. ADHESION CONTRACT A contract which is very one-sided and favors the party who drafted the document. FUNCTIONAL OBSOLESCENCE A loss in value of an improvement due to functional inadequacies, often caused by age or poor design. DESCENT The acquisition of an estate by inheritance, where an heir succeeds to the property by operation of law. Descent literally means the hereditary succession of an heir to property of an ancestor who dies intestate. |
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