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ESCROW AGENT A person with fiduciary responsibility to the buyer and seller, or the borrower and lender, to ensure that the terms of the purchase/sale or loan are carried out. YEAR-TO-YEAR TENANCY A periodic tenancy in which the rent is reserved from year to year. FARM AREA A selected geographical area or one specific building to which a real estate salesperson devotes special attention and study. INJUNCTION A legal action which forbids a party defendant from doing some act; it requires a person to whom it is directed to refrain from doing a particular thing. RUNNING WITH THE LAND Rights or covenants which bind or benefit successive owners of a property are said to run with the land, such as restrictive building covenants in a recorded deed which would affect all future owners of the property. CLOUD ON TITLE Any document, claim, unreleased lien or encumbrance which many impair or injure the title to property or make the title doubtful because of its apparent or possible validity. 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. |
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