An agreement of either so vague a nature that one cannot reasonably understand what is to be done, or an agreement where the agreed-upon performance is optional.
To guarantee against any losses another party might suffer.
A Latin term meaning “signs,” used to refer to circumstances indicating that something is probable. “Indicia of title,” for example, might refer to letters, certificates, or other documents indicating that a party owns a property.
A court order requiring a party to either perform an act or demanding that an act be prohibited; injunctions can be either temporary or permanent.
The special privilege offered to tenants currently occupying apartments in a building that is in the process of being converted to a co-op or condo, which gives them the exclusive opportunity to buy their apartments for a limited period of time and, typically, at a discounted price.
Also called an “owner carry” sale, refers to a contract between two parties where one party agrees to deliver funds, goods, or services to another party according to a fixed schedule or upon the occurrence of certain events. Failure to deliver the agreed-upon payments when due is considered a breach of contract and can result in damages being assessed or even the right of repossession.
Interest Rate Swap
A transaction between two parties in which an agreement is reached that payments tied to different interest rates will be exchanged for a specified period of time.
When acquiring a home mortgage loan, the difference between the retail interest rate charged to a borrower and the wholesale interest rate accepted by the finance industry. The profit gained by the lending bank is equal to this differential.
A short-term or temporary loan, such as might be needed for a construction project.
Refers to a situation where an individual dies without leaving a legally binding will.
The transfer to the state of a property title as the result of adverse possession, a lien foreclosure sale, condemnation under power of eminent domain, filing a petition for bankruptcy, or upon the death of a titleholder who has no heirs.