Loss in value due to reduced desirability and usefulness of a structure because its design and construction become obsolete; loss because of becoming old-fashioned and not in keeping with the modern need with consequent loss of income.

Residence or tenancy in a dwelling or on a piece of land.

This provision is a good way to help ensure that your home will be ready for occupancy after the closing takes place. As part of your formal purchase offer, consider including a provision that holds the seller for paying you rent should they not move out on or prior to the agreed-upon date. This allows you, for example, to use the money you receive to pay your own rent if you are leasing your current residence.

An offer is when a buyer puts in a price offer on a home that the seller can accept or counter. When you make an offer on a house, it means you are making a formal bid to buy a home. Your offer should include such aspects as the address of the home, the sales price, the type of mortgage financing you will use to purchase the home, any personal property that might be included as part of the sale, and a target date for closing and occupancy. An earnest money deposit typically accompanies the offer. Once you have made an offer, the seller has the opportunity to accept, decline, or make a counter-offer. If your offer is accepted, you have a ratified sales contract

A statement by the owner of property or the owner of a lien against property, setting forth the present status of lien against the said property.

A mortgage containing a clause which permits a mortgagor to borrow additional money after the loan was reduced, without re-writing the mortgage.

An open house is held by the selling agent for prospective buyers to come and look at a property. It enables interested parties to view property without scheduling a showing with their agent. This is a scheduled time period in which a home is open to public viewing by potential property seekers.

An authorization given by a property owner to a real estate agent wherein said agent is given the non-exclusive right to secure a purchaser; open listing may be given to any number of agents without liability to compensate any except the one who first secures a buyer ready, willing, and able to meet the terms of the listing or secures the acceptance by the seller of a satisfactory offer. An “open listing” is a non-exclusive real estate contract in which more than one broker may be employed to sell a property, including the owners themselves.

A mortgage which can be paid off any time even before its maturity.

A right given for a consideration to purchase or lease a property upon specified terms within a specified time.