http://www.ameraco.com/investor-blog Private Real Estate Investors Thu, 03 Dec 2009 18:08:55 +0000 http://backend.userland.com/rss092 en JOINT AND SEVERAL LIABILITY: When two or more people agree to take on the same obligation (such as a loan), they may each be responsible for a certain portion of the obligation or they may each be responsible for the entire obligation. When the contract states that liability is ‘joint and ... http://www.ameraco.com/investor-blog/?p=48 IMPLIED CONTRACT: An agreement which is not reduced to writing but is created, under the common law, on the basis of the behavior of the parties which suggests that they are acting under an agreement. IMPLIED WARRANTY: A guarantee of the condition of a thing or the truth of a statement which is ... http://www.ameraco.com/investor-blog/?p=46 HANDYMAN’S SPECIAL: A descriptive term for a property which requires significant work to bring it up to normal standards of condition and repair. Often marketed at a lesser price. HIDDEN AMENITIES: Qualities of a property which may not be immediately noticeable but add to the value of the property, such as high quality ... http://www.ameraco.com/investor-blog/?p=44 GST CERTIFICATE: Document, required under the standard form of Agreement of Purchase and Sale, signed by a Vendor upon which the Purchaser may rely stating that Goods and Services Tax is not payable on the purchase price of the property because the subject property is a ‘used residential premises’. GST is ... http://www.ameraco.com/investor-blog/?p=42 FAIR MARKET VALUE: The value of an item as established by a consideration of how much an independent buyer would pay to an independent seller in a completely free transaction for the item. FEES: 1) The money required at the outset by a lender from the borrower or held back from the mortgage ... http://www.ameraco.com/investor-blog/?p=40 EARNEST MONEY DEPOSIT: A sum of money paid by a potential purchaser as proof of her intention to complete the purchase transaction. Held in trust, usually but the Listing Agent, and credited to Purchaser off purchase price. May be forfeited if Purchaser fails to complete transaction. ENCUMBRANCE: Any right, interest or other claim ... http://www.ameraco.com/investor-blog/?p=38 DATE OF APPRAISAL: The precise day, month and year upon which an assessment of the value of a property has been given. DATE OF INSTRUMENT: The specific day, month and year a legal document was signed or prepared. DATE OF REGISTRATION: The specific day, month and year upon which an instrument was registered on title ... http://www.ameraco.com/investor-blog/?p=36 CANCELLATION CLAUSE: Provision in a contract that gives one or more parties the right to terminate the contract if a specific event occurs. CAPITAL IMPROVEMENT: Value enhancing work carried out on a capital property. CAPITAL: The working money in a business venture. CARRYING CHARGES (COSTS): The expense required to maintain a property over a given period of ... http://www.ameraco.com/investor-blog/?p=32 B:   BACKUP CONTRACT An Agreement of Purchase and Sale for a particular property which is conditional (becomes binding) upon the failure of another Agreement for the same property.   BETTERMENT The improvement of real estate that results in a rise in market value. Also, a legal concept of civil law: when a court award, ... http://www.ameraco.com/investor-blog/?p=25 A: ABANDONMENT Abandonment occurs when a person with a right or interest in a property voluntarily gives up that right or interest, either by physically ‘abandoning’ the property or by showing the intention to give up the right or interest. ABATEMENT A decrease or reduction in the price of a property (or in rent ... http://www.ameraco.com/investor-blog/?p=28