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Acceptance

An offeree's consent to enter into a contract and be bound by the terms of the...

Settlement

See closing.

Eminent Domain

The right of a government to take private property for public use upon payment of its fair market value. Eminent domain is the basis for...

Balance Sheet

A financial statement that shows assets, liabilities, and net worth as of a specific...

Building Code

Local regulations that control design, construction, and materials used in construction. Building codes are based on safety and health...

Inflation

An increase in the amount of money or credit available in relation to the amount of goods or services available, which causes an increase...

Chain Of Title

The history of all of the documents that transfer title to a parcel of real property, starting with the earliest existing document and...

Effective Age

An appraiser's estimate of the physical condition of a building. The actual age of a building may be shorter or longer than its effective...

Binder

A preliminary agreement, secured by the payment of an earnest money deposit, under which a buyer offers to purchase real...

Subdivision

A housing development that is created by dividing a tract of land into individual lots for sale or lease....