1.
addendum: Something added, or to be added to a contract.
2.
amendments: Official changes, corrections, or additions to a law or constitution.
3.
bilateral contract: A contract in which both parties have reciprocal obligations towards each other.
4.
Bond for deed: An instrument used in the conveying LA properties whereby the seller retains title after execution until such time as a designated amount has been paid in by the buyer at which time title passes and the seller assumes the position of a mortgagee with a security interest and the buyer-mortgagor assumes title.
5.
Breach of Contract: Violation of any of the terms or conditions of contract; default; non-performance
6.
consideration: a promise or an act of legal value bargained for and received in return for a promise;
7.
contingency: Dependent up on uncertain future event.
8.
conveyance: The transfer of the title of land from one to another; an instrument which carries from one person to another an interest in land.
9.
counter-offer: A response to a contract offer, changing some of the terms of the original offer.
10.
duress: Unlawful constraint or action against a person forcing him to perform some act against his will.
11.
exclusive-agency listing: A written instrument giving one agent the right to sell property for a specified time, but reserving the right of the owner to sell the property himself without the payment of a commission.
12.
exclusive-right-to-sell: A written agreement between owner and agent giving the agent the right to collect a commission if the property is sold by anyone during the term of his agreement.
13.
graduated lease: Lease where the tenant agrees to periodic increases in rent.
14.
gross lease: A lease of property in which the lessor meets all property charges incurred through ownership.
15.
implied contract: Not expressed in words, but understood form actions or circumstances.
16.
index lease: A type of graduated lease in which the periodic rent increases are tied to increases in the consumer price index, or some other economic indicator.
17.
lease: A contract whereby the lawful owner of the property transfers his rights of use and possession to another for a specified period of time.
18.
liquidated damages: An amount pre-dertermined by the parties to an agreement that will be forfeited as compensation for breach of contract.
19.
mistake: part of a statement that is not correct
20.
mortgage: An instrument in writing which, when recorded, creates alien upon property pledged as security for the repayment of a debt or obligation.
21.
multiple listing: Clause that may be included in a listing for an arrangement between a group of brokers, wherein all broker-members of the multiple listing service "pool" their listings in order to give maximum exposure to possible prospects.
22.
net lease: A lease in which the tenant pays rent for occupancy; plus maintenance and operation expenses, and usually including taxes and insurance.
23.
net listing: A listing which provides that the agent may retain all sums received over and above a net price to the owner as compensation for his services.
24.
open listing: A listing 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.
25.
optionee: the one obtaining the option right.
26.
optionor: The one granting the option to another
27.
percentage lease: A lease of property in which the rental is based upon the volume of gross sales made on the leased premises.
28.
statute of frauds: State law requires among other things that certain contracts relating to real estate must be in writing to be enforceable law.
29.
undue influence: Taking any advantage of another by playing on his weakness or distress.
30.
unilateral contact: A contract whereby only one party is obligated to perform his obligation to another.
