Bump Clause

2017-03-13T19:40:27+00:00

A clause often included in an offer to purchase when the buyer has a home sale contingency. If a buyer needs to sell another property in order to be able to purchase the subject property, they will often also include a bump clause to make the home sale contingency more acceptable to the seller. When an [...]

Bump Clause2017-03-13T19:40:27+00:00

Warranty Deed

2017-03-13T19:40:26+00:00

A deed in which the grantor warrants clear title to a property. The warranty deed is the most protective of all deeds and offers the grantee five covenants: seisin, against encumbrances, further assurance, quiet enjoyment and warranty forever.

Warranty Deed2017-03-13T19:40:26+00:00

Variance

2017-03-13T19:40:25+00:00

Issued by the governing authority, a variance grants permission to deviate from a zoning restriction.

Variance2017-03-13T19:40:25+00:00

Triple Net Lease

2017-03-13T19:40:24+00:00

Refers to a type of lease a commercial tenant enters into in a retail, industrial or office property.  Triple net describes a type of tenancy in which the tenant pays  not only rent, but also pays for three other major expenses associated with the lease 1) property taxes, 2) insurance and 3) common area maintenance.  The [...]

Triple Net Lease2017-03-13T19:40:24+00:00

Target Housing

2017-03-13T19:40:23+00:00

Housing constructed prior to 1978, which under the Lead Based Paint Disclosure Law, requires a Lead Based Paint Addendum included with the Offer to Purchase. The exemptions from the law include housing for the elderly, housing for the disabled or zero bedroom dwellings.

Target Housing2017-03-13T19:40:23+00:00

Tenants in Common

2017-03-13T19:40:23+00:00

A form of real estate ownership in which each tenant (owner) holds an undivided fractional interest in the property.  Tenants in common hold their interest in severalty. That is because the co-owners own separate interests, each can sell, convey, mortgage or transfer his or her interest without the consent of the other co-owners. Aso: Joint Tenancy, [...]

Tenants in Common2017-03-13T19:40:23+00:00

Time is of the Essence

2017-03-13T19:40:23+00:00

A term in contract law, and used on offers to purchase real property that indicates that the parties to the agreement must perform by the time to which the parties have agreed,  if a delay will cause material harm. 

Time is of the Essence2017-03-13T19:40:23+00:00

Title

2017-03-13T19:40:23+00:00

The legal right to the possession of property. It implies that the title owner has acquired the property and the bundle of legal rights which accompany ownership. See also “Bundle of Legal Rights”.

Title2017-03-13T19:40:23+00:00

Title Insurance

2017-03-13T19:40:23+00:00

An insurance contract that protects the buyer against financial loss from defects in title to real property due to title defects, liens or other matters. Normally when a property is transferred the seller provides a title policy to the buyer at closing. If the buyer is financing the purchase, the mortgage company will require a buyer’s [...]

Title Insurance2017-03-13T19:40:23+00:00

Strict Foreclosure

2017-03-13T19:40:22+00:00

A method of foreclosure where the seller sues the defaulted buyer for possession of the property. Used only in Wisconsin for land contracts.

Strict Foreclosure2017-03-13T19:40:22+00:00
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