Definition: a disclosure document required under the federal Interstate Land Sales Full Disclosure Act Pronunciation: \ˈprä-pər-tē\ \ri-ˈpȯrt\ Used in a Sentence: Developers of 25 acres or more must provide buyers with a property report prior to signing the sale..
Category : P
Definition: a written lease in a cooperative apartment building, between the owner/corporation and the tenant/stockholder, in which the tenant receives the right to occupy a particular unit Pronunciation: \prə-ˈprī-ə-ˌter-ē\ \ˈlēs\ Used in a Sentence: A proprietary lease entitles the purchaser to the right to occupy..
Definition: the division of proportionate shares of charges and credits between the buyer and seller according to their period of ownership Pronunciation: \(ˌ)prō-ˈrāt\ Used in a Sentence: Some of the most common items to be prorated are interest on loans, insurance premiums, utilities and real prope..
Definition: a document prepared by a developer of 20 or more new condominium units that summarizes some of the major points contained in the condominium documents Pronunciation: \prə-ˈspek-təs\ Used in a Sentence: We were give a copy of the prospectus when we went to view the new condominium..
Definition: comments or opinions not made as representations of fact and thus not grounds for misrepresentation Pronunciation: Used in a Sentence: A licensee’s boasting of a properties benefits is calle..
Definition: any new mortgage taken as part of the purchase price of real property by the seller Pronunciation: Used in a Sentence: A purchase money mortgage is usually used to fill the gap between the buyer’s downpayment and a new first or assumed..