Buying Home New Thinking
Buying Home New Thinking
Buying Home New Thinking

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Real Estate Terms of the Day for Buying Home New Thinking



TENANT
In general, one who holds or possesses property, such as a life tenant or a tenant for years; commonly used to refer to a lessee under a lease.

ENVIRONMENTAL IMPACT STATEMENT
A report which includes a detailed description of a proposed development project with emphasis on the existing environment setting, viewed from both a local and regional perspective, and a discussion of the probable impact of the project on the environment during all phases.

POWER OF SALE
A clause written into a mortgage authorizing the mortgagee to sell the property in the event of default.

CERTIFIED CHECK
A check which the bank guarantees to be good, and against which a stop payment is ineffective.

PREPAID EXPENSES
Taxes, insurance and assessments paid in advance of their due dates. These expenses are included at closing.

RENT CONTROL
Regulation by state or local governmental agencies restricting the amount of rent landlords can charge their tenants; such regulation is a valid exercise of the state's police power.

PERSONAL PROPERTY
Things which are tangible and moveable; property which is not classified as real property; chattels; personalty.

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