myLVagent - Glossary


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Glossary

Abstract of Title – An outline history of a parcel of real estate, showing the original grant and all subsequent conveyances and encumbrances.

Acceleration Clause – A clause in a mortgage or deed of trust that gives the lender the right to declare the entire debt due and payable immediately, should the borrower default.

Accretion – The increase of land by gradual natural additions, such as soil deposits washed up from a body of water.

Acknowledgement – A declaration made by the signer of a document before a public official or notary public that he has executed a legal document of his own free will, and has the capacity to do so.

Acre – A unit of land measure whose area is equal to 43,560 square feet.

Ad Valorem Tax – Property taxes assessed in proportion to the value of the land and its improvements.

Adjustable Rate Mortgage (ARM) – A mortgage with a variable interest rate, usually tied to an index such as the prime rate.

Adjusted Basis – The value of an asset that determined by taking the original cost, adding and capital expenditures for improvements, and subtracting any depreciation.

Adverse Possession – Actual, open, notorious, hostile, and continuous use of another’s land under a claim of title. Possession for a long enough period may be a means of acquiring title and being awarded ownership by a court.

Agent – A person who has been authorized to act on behalf of another.

Alienation – Transferring or conveying the ownership of property to another.

Alienation Clause – A clause in a mortgage or deed of trust that gives the lender the right to declare the entire remaining debt due and payable immediately, should the borrower sell the property. This clause restricts the sale of a property, and prevents a borrower from assigning debt without the lender’s approval.

Allodial System – A system of land ownership (the one used in the United States) in which private ownership is allowed free of any rent or service due to the government, but subject to government rights through police power, taxation, and eminent domain.

Amenity – Any feature that increases the value or desirability of a property.

Amortization – The method or repayment of a loan through regular periodic payments of principal and interest over the term of the loan.

Annual Percentage Rate (APR) – The rate of annual interest and finance charges associated with a loan.

Antitrust Laws – Laws designed to preserve free enterprise and promote business competition by making illegal certain conspiracies to control markets, price fix, or boycott another company.

Appraisal – An estimated, defensible, and carefully documented opinion of value in a report detailing the process of estimation and conclusion of value by a licensed professional appraiser.

Appreciation – An increase in worth or value of property.

Arms-Length Transaction – A transaction between two unconnected parties that share no common interests or mutual goals.

Assessment Ratio – The relationship of a property’s assessed value to it’s fair market value; also, the reduction of a property’s fair market value by a percentage to arrive at the assessed value.

Assignment – The transfer in writing of one’s rights, duties, and interests in a mortgage, bond, lease, or other instrument to another entity.

Assumable Mortgage – A mortgage that allows the rights and duties of the loan to be transferred to, or taken over by another party.

Assumption of Mortgage – Acquiring title to a property on which there is an existing mortgage, and agreeing to take over and become personally liable for the remaining payments on the debt and all other terms and conditions of the mortgage.

Attachment – The act of making a claim against a person’s property by judicial order because of a debt owed to a creditor by the property’s owner.

Balloon Payment – A final payment on a loan that was not fully amortized. This payment is larger than the required periodic payments, and pays off the loan in full.

Base Line – The main, imaginary east-west line used by surveyors as a reference to locate and describe land under the U.S. Government Survey System to determine the legal description of a property.

Benchmark – A permanent mark or point established for reference use by surveyors to measure differences in elevation to determine the legal description of property boundaries.

Beneficiary – The person designated to receive the funds or benefits from a trust; the lender in a deed of trust.

Bilateral Contract – A promise or set of promises that are mutually obligating, must be performed, and for which, if there is a breach, the law provides a remedy. Both parties are subject to the terms of the contract, and are simultaneously obligated.

Bill of Sale – A physical written receipt indicating the sale and conveyance of property.

Blanket Loan – A mortgage in which more than one parcel of land is offered as collateral; it provides for the partial release of each parcel upon repayment of a definite portion of the debt.

Blockbusting – The illegal practice of attempting to profit by inducing panic selling by property owners at prices below value, especially by exploiting racial prejudices and making representations about the entry or prospective entry of persons of a certain race or national origin into the neighborhood.

Breach of Contract – Default or violation of any terms, conditions, or obligations due under a contract without legal excuse.

Broker – An agent or intermediary who acts on behalf of others to buy or sell on a commission basis.

Buffer Zone – A segment of land between two municipal zones which separates the zones, and keeps them from encroaching on each other (e.g. separating residential from commercial).

Building Code – An ordinance that specifies minimum standards for the construction of buildings to ensure public safety and health are protected.

Bundle of Legal Rights – All the legal rights to the land of an owner of real estate, including possession, control within the law, enjoyment, exclusion, and alienation.

Buydown – A financing technique of paying a lump sum of money to a lender for discount points to lower the interest rate on a fixed-rate mortgage for a period of time, lowering the monthly payments at the beginning of the mortgage.

Capitalization – A process of value estimation which uses the desired rate of return on an investment, and the net operating income expected to be produced by the property.

Caveat Emptor – Latin, meaning “Let the buyer beware”. In a real estate transaction, the buyer must take steps to protect their own interests and verify any and all claims made by the seller.

Certificate of Reasonable Value (CRV) – A form indicating the appraised value of a property, and establishing the maximum amount that can be secured by a VA mortgage.

Certificate of Title – A document designating the legal owner of a parcel of real property, and a statement of opinion of the status of the title based on an examination of public records.

Chain of Title – The complete history of ownership and conveyances of a piece of real property.

Chattel – Movable items not attached or an integral part of a property, and not fitting the definition of real property; also called personal property.

Closing Statement – A detailed accounting of the final financial arrangement made between buyer and seller, and all cash received, all charges and credits, and all cash paid out in the transaction.

Cloud on Title – Any document, claim, unreleased lien, or encumbrance that may impair or negatively affect the quality of title to real property.

Codicil – A supplement to a will or trust containing an addition, explanation, modification, etc. of some part of the will or trust.

Commission – Payment of a fixed fee or percentage of the selling price to a broker for services rendered to sell or purchase property.

Community Property – In many states, any property acquired by either spouse during a marriage; the ownership is considered equal between the spouses.

Comparables – Recently sold properties which are similar in size, location, condition, and amenities to a subject property whose value is being determined through an appraisal under the market data approach.

Condemnation – A judicial or administrative process under eminent domain through which a house is deemed uninhabitable or unusable because of internal damage or other external conditions, and the government takes the privately owned land for public use in exchange for just compensation.

Condominium – Ownership of a unit in a multi-unit building based on the three-dimensional legal description of the airspace the unit actually occupies; ownership of the common areas and amenities is shared equally among all the owners.

Conformity – The greater the similarity and consistency of surrounding properties and their uses, the better the properties will hold their value.

Consideration – Something of value that induces another party to engage in a contract.

Construction Loan – A loan made to a builder or homeowner to finance the initial construction, or add improvements to the real estate that is offered as collateral.

Constructive Notice – Notice given to the public regarding one’s interest in a piece of real estate either by publicly recorded and available documents, or through possession of the property.

Contingency – A provision in a contract that requires a certain act to be performed, or a certain event to occur before the rest of the contract can proceed or become binding.

Contract – A legally binding and enforceable agreement between two parties, or a set of promises that must be performed, and for which, if a breach occurs, the law provides a remedy.

Contribution – An appraisal principle that states the value of any component or improvement is equal to what the market would pay, or the value it adds to the whole, regardless of the actual cost.

Conventional Loan – A residential real estate loan that does not require any insurance or guarantee, and is not backed by any government or other agency.

Cooperative – A form of ownership of a residential multi-unit building, in which the residents of the building own shares of the corporation which owns the building.

Corporation – An entity created under the law that has essentially the same rights as a natural person. The entity has continuous, perpetual existence until it is legally dissolved.

Correction Lines – Used in the government survey system to compensate for the narrowing of range lines caused by the curvature of the earth. Every fourth township line, an adjustment is made to bring the distance between them to a full six miles.

Cost Approach – A process of value estimation in which the appraiser’s estimated cost to replace the building and improvements on the subject property, less the depreciation is added to the estimated land value.

Covenant – A written promise or provision in a contract between two parties in which one or more parties agree to perform or not perform certain acts. These stipulations are found in leases, deeds, and mortgages, and if not met, can be cause for a lender to foreclose.

Covenant of Quiet Enjoyment – A guarantee by the grantor or landlord that they will not interfere or challenge the grantee or tenant’s possession and use of the property.

Deed – A document, which when executed and delivered, conveys title to or interest in real estate.

Deed in Lieu of Foreclosure – A document conveying title from a borrower to a lender, in order to avoid credit-damaging foreclosure proceedings.

Deed of Trust – A financing arrangement in which a trustee holds title on behalf of the lender as security for the loan.

Deed Restriction – A clause in a deed that limits the use of the property.

Default – The nonperformance of a duty under a contract, or failure to meet an obligation when due.

Defeasance Clause – A clause found in mortgages and leases that removes a specified right when certain conditions have been met, such as removing a lender’s interest in a property when the loan is repaid.

Deficiency Judgment – A claim by a lender against a borrower when the proceeds from a foreclosure sale do not pay the mortgage debt in full.

Demand – The amount of goods people need, desire, or are willing and able to buy at a given price in a marketplace.

Depreciation – A loss or decline in property value due to any cause.

Discount Points – One point is equal to one percent of the loan amount; used for various loan charges.

Dominant Tenement – A property that includes in its ownership the right of access or use of an easement over another parson’s property.

Dower – A wife’s legal right to or interest in an estate that her deceased husband held or acquired during the marriage.

Dual Agency – When an agent represents both parties in a transaction, with both parties’ knowledge and permission.

Due on Sale Clause – A clause in a mortgage that gives the lender the right to declare the entire amount due and payable in full immediately, if the borrower sells the property.

Duress – Coercion or action exercised upon a person to force or induce them to action against their will. Contracts entered into under duress are voidable under the law.

Earnest Money – A deposit made by a buyer when submitting an offer to show good faith, and give the seller some security. This money is often forfeited if the buyer backs out or defaults.

Easement – A right to use, access, or exert control over the land of another for a specific purpose.

Economic Life – The amount of time an improvement will add value to the land it’s on, or the amount of time an income-producing property will be able to provide benefits to its owner.

Emblements – The products or profits of land which has been planted or sown with crops, such as grapes, corn, etc. Also called fructus industrials. These are considered personal property because they did not occur naturally on the land, they were planted.

Eminent Domain – The power of the government to take private land for public use with payment of just compensation to the owner.

Encroachment – A building or improvement that extends illegally onto the land of an adjoining property belonging to another owner.

Encumbrance – Any claim, easement, or restriction on use of the land that might limit the quality of the title, or diminish the value, use, or enjoyment of real property.

Equal Credit Opportunity Act (ECOA) – A U.S. federal law prohibiting discrimination in the extension of credit based on race, color, sex, age, national origin, religion, marital status, or source of income.

Equity – The interest an owner has in a property in excess of any debts against the property. Equal to the value of the property less any debts secured by or against the property.

Escheat – Reversion of property to the state when a decedent dies without leaving a will or any heirs capable of inheriting, or when an owner has abandoned the property.

Escrow – The closing of a real estate transaction through a third party, the escrow agent, who holds all money and documents until both parties are in compliance with and have performed certain conditions as required in the contract.

Estate at Sufferance – The leasehold of a tenant who entered the property legally under the terms of a lease, but who has continued to occupy the property after the tenants rights under the lease, including the legal right to possession, have expired.

Estate at Will – The leasehold that gives the lessee the legal right of possession for an indefinite period of time, until either party terminates the leasehold, or dies.

Estate for Years – The leasehold for an exact period of time that terminates automatically at the end of that period.

Eviction – The legal process to remove a tenant’s right to possession of a piece of real estate, normally due to some breach of the lease.

Exclusive Agency Listing – A listing agreement under which the seller appoints a broker as their exclusive agent for a specific period of time, for a set commission. The seller is not required to pay a commission if they produce the ready, willing, and able buyer themselves, and the broker was not the procuring cause.

Exclusive Right to Sell Listing – A listing agreement under which the seller appoints a broker as their exclusive agent for a specific period of time, for a set commission. The seller pays the broker’s commission regardless of who produces the buyer, be it the broker, the owner, or another broker.

Executed Contract – A contract that has been completed because all parties have fulfilled their obligations and promises.

Execution – A court order directing an official to enforce a judgment by seizing and selling a property to satisfy a debt.

Executor – A person named and appointed in a decedent’s will to administer the estate, manage and distribute the decedent’s property in the manner specified in the will.

Executory Contract – A contract that has not yet been completed because some terms or conditions remain to be completed by one or both of the parties.

Fannie Mae – A private, shareholder-owned company created by Congress that purchases mortgages on the secondary mortgage market from primary lenders, and makes sure mortgage money is available to buyers wanting to purchase homes.

Farmers Home Administration – Provides home financing assistance to farmers and people in rural areas.

Federal Home Loan Mortgage Corporation – A privately owned corporation that purchases primarily conventional mortgage loans on the secondary mortgage market from primary lenders.

Federal Housing Administration (FHA) – A federal sub-agency of the U.S. Department of Housing and Urban Development that facilitates the purchasing of homes, especially for first-time buyers and low-income buyers. Also provides mortgage insurance for private lenders.

Fiduciary – One to whom property is entrusted for the benefit of another, and in whom confidence is placed.

FHA Mortgage – A mortgage loan insured by the Federal Housing Administration, and meeting the FHA’s regulations.

Fixture – An item of personal property that has been converted to real property by affixing it to real estate.

Foreclosure – A legal process whereby a lender can seize and sell a property used by a borrower to secure a debt when the buyer defaults on the mortgage.

Forfeiture – The total loss of a property or money due and all rights to that property, due to nonperformance of obligations or duties under a mortgage that was secured by the property.

Fraud – Intentional deceit, breach of confidence, or misstatement or omission of materials facts to gain an unfair or dishonest advantage, which could cause a person harm by relying on these facts.

Frontage – The distance of a segment of property that adjoins a point of access such as a road or water.

General Lien – A broad-based, unsecured claim that allows the creditor to pursue any assets owned by the defaulting party.

Graduated Payment Mortgage (GPM) – A mortgage whose initial payments start low, but increase over time.

Grantee – A person who receives ownership to a title of a piece of real property in a deed of conveyance.

Grantor – A person who gives ownership of a title of a piece of real property to someone else in a deed of conveyance.

Highest and Best Use – The most profitable and likely legal use of a property.

Holdover Tenancy – A leasehold in which the tenant continues to occupy the property after his legal right of possession has expired.

Homestead – A dwelling, its land and buildings that the owner occupies as a home. Protected by the Homestead Act from some creditors of unsecured debt.

HUD 1 Statement – Uniform Settlement Statement published by the U.S. Department of Housing and Urban Development. Required in most residential real estate transactions, this form is an itemized list of closing costs and all funds received and disbursed by the escrow officer.

Improvement – An item added to land in order to increase its value or usability.

Income Property – A piece of property that generated income through rents or other sources.

Incorporeal Rights – Intangible rights to real estate.

Interest – A charge paid to a lender as compensation for loaning funds.

Intestate – When a person dies without leaving a will.

Involuntary Alienation – To lose ownership to the title of a property against one’s will.

Joint Tenancy – Ownership of a piece of property by two or more parties with equal shares and rights, including the right of survivorship.

Judgment – An official decision by a court.

Judicial Foreclosure – A type of foreclosure proceeding conducted as a civil suit in a court of law.

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Lease Option – A lease agreement under which the tenant has the right to purchase the property at an agreed upon price.

Legal Description – A unique description of a parcel of real estate that is detailed and specific enough for a surveyor to locate and identify the property.

License – Permission given to someone to temporarily use the land of another.

Lien – A monetary claim against a piece of property resulting from an unpaid debt or obligation.

Life Estate – Ownership of real property that is limited to someone’s lifetime.

Life Tenant – A person in possession of a life estate.

Limited Partnership – A business arrangement with two classes of partners, those who manage the operations of the business, and those who only invest and have limited liability.

Liquidated Damages – A predetermined compensation amount in a contract, payable to the injured party should the other party default.

Liquidity – The ability to convert an asset to cash quickly, at a price close to its true value.

Listing Agreement – A contract between an owner of real property and a real estate broker, under which the broker is employed as the owner’s agent to locate a buyer or tenant for the property in exchange for a commission.

Littoral Rights – The right of a landowner to use the water in large, navigable, non-flowing bodies of water that are adjacent to his property.

Loan-to-Value Ratio – The comparison relationship between the amount of the mortgage loan and the fair market value of the real estate being used to secure the loan.

Market Value – The highest most probable price a property would sell for under normal conditions on an open market.

Mechanic’s Lien – A statutory lien in favor of contractors, laborers, and material men who have improved property, provided materials, or performed work on a building.

Meridian – A set of imaginary lines running north and south and crossing the base line in the government survey system.

Metes and Bounds Description – A legal description of a parcel of land that tells the reader where to begin, and how to progress along the boundaries to arrive back at the beginning point.

Misrepresentation – A misstatement or omission of a material fact, or making a statement that is incorrect or misleading.

Mortgage – A financial arrangement in which a person borrows money to purchase real property, which is then used to secure the debt.

Mortgage Banker – A financial institution that originates, services, and sells primary and secondary loans to investors.

Mortgage Broker – A person or organization that facilitates the mortgage process by matching a buyer with a lender.

Mortgage Insurance Premium (MIP) – A fee for mortgage insurance coverage, often on FHA loans.

Mortgagee – The lender or entity that loans money in a mortgage loan transaction.

Mortgagor – The borrower or entity that borrows money in a mortgage loan transaction.

Net Lease – A lease under which the tenant is responsible for paying the operating expenses.

Net Operating Income (NOI) – The income from an income-producing property, less costs for vacancy and operating expenses.

Nonconforming Use – A use of property that is allowed to continue after the zoning is changed to prohibit that type of use.

Note – A legal promise by a borrower to repay a mortgage loan according to an agreed schedule, at a set interest rate.

Novation – Assigning rights and obligations under a contract to another party, releasing the assignor of all liability previously held under the contract.

Obsolescence – A loss of value due to an object becoming outmoded or less useful.

Open Listing – A listing agreement in which the broker receives a commission only if he is the procuring cause of the ready, willing, and able buyer.

Open-End Mortgage – A mortgage loan that can be expanded up to a maximum amount, and secured by the same real property.

Package Mortgage – A real estate loan that includes both real property and personal property.

Partition – The court-ordered separation of two or more co-tenants’ interests in real property when the parties do not all voluntarily agree to terminate their co-ownership.

Percentage Lease – A lease commonly used for commercial property in which the lessor collects a percentage of the tenant’s business income in addition to, or instead of a stated base rent.

Periodic Tenancy – A leasehold that is automatically renewed for set periods of time, until notice of termination is given.

Personal Property – Movable items that do not fit the definition of real property, and are not attached to the land; commonly referred to as chattel.

Physical Deterioration – A reduction in a property’s value due to a decline in its physical condition.

Planned Unit Development (PUD) – A master planned development that includes many different land uses, such as housing, shopping, and recreation.

Plat Map – A map depicting the layout, dimensions, locations, and boundaries of the individual parcels, along with each lot and block number.

Point of Beginning – In a metes and bounds description, this is the starting point of the survey, from which the directions are given.

Police Power – The power of the government to regulate the conduct of its citizens and the private sector in the interest of the common good.

Prepayment Penalty – A fee that is charged to a borrower who pays off his loan early.

Principal – A main party in a transaction, whom an agent would represent, or the amount due on a loan, not including interest or other fees.

Priority – The order of position, specifically concerning liens or claims against a property.

Private Mortgage Insurance (PMI) – An insurance policy issued by a private entity that protects a lender of conventional loans should a buyer default on the payments.

Procuring Cause – The reason or effort that causes a result to occur. In real estate transactions, this refers to the person who produced the ready, willing, and able buyer.

Progression – An appraisal principle that says, among dissimilar properties, the value of the lower quality properties is increased because of the presence of the higher quality and better use properties.

Proprietary Lease – A lease between a cooperative apartment building corporation and a shareholder for a specific unit.

Puffing – Exaggerated comments or opinions regarding the value of a property.

Purchase Money Mortgage – A form of seller-financing. A mortgage is extended by the seller to the buyer as part of the purchase price.

Quit Claim Deed – A legal document that transfers one individual’s ownership of a property to another, and releases any and all claims of the grantor to the grantee.

Range – A strip of land six miles wide, running north and south; used in the government survey system.

Ready, Willing, and Able Buyer – One who is legally and financially able to purchase a property, and prepared to purchase said property at the seller’s terms.

Real Estate – A piece of land and any improvements, structures, or appurtenances affixed to or located on that land.

Real Estate Settlement Procedures Act (RESPA) – A federal law requiring lenders to disclose to consumers certain closing costs and other details involved in their transaction.

Real Property – The land, improvements, appurtenances, and the interests and benefits inherent in real estate ownership.

Realtor – An active member of the local, state, and/or national association of REALTORS®.

Reconciliation – The final step an appraiser takes in the appraisal process, in which the estimates from several different approaches are combined to arrive at the final appraised value.

Reconveyance Deed – A document that returns title from a trustee under a deed of trust to the trustor.

Recording – The process of entering documents affecting or conveying interests in real estate into public record by filing them with the recorder’s office.

Redemption – The right of a defaulting property owner to recover the property by curing the default, or paying the entire debt.

Redlining – The illegal process of lenders refusing to loan to certain areas of the community, or restricting the number of loans they grant to those areas as a means of discrimination.

Regression – An appraisal principle that says, among dissimilar properties, the value of the higher quality properties will decrease because of the presence of lower quality or inferior properties.

Regulation Z – A federal law also called the Truth-in-Lending Act that requires credit institutions to disclose to buyers the true cost of financing and obtaining credit.

Replacement Cost – The cost at current prices to construct a functionally similar property that is not necessarily an exact duplicate of the subject property.

Reproduction Cost – The cost at current prices to construct an exact duplicate of the subject property.

Reverse Annuity Mortgage (RAM) – A loan under which the borrower receives monthly payments based on the equity he has accumulated in his property, payable upon death of the homeowner or sale of the property.

Right of First Refusal – The right of a party to match the terms and conditions of a bona fide offer to purchase the property that the seller/landlord is considering.

Right of Survivorship – The right of remaining co-owners to receive an equal portion of a deceased co-owner’s share. The deceased co-owner has no rights of inheritance for his share.

Riparian Rights – An owner’s right of access and use of water, such as a stream, river, or lake that is on or adjacent to his land.

Sales Comparison Approach – The process of estimating the value of a property by examining and comparing actual sales of comparable properties that have sold recently.

Scarcity – Refers to the economic principle of supply and demand; if there is a limited supply of desirable properties in a given area, the value of those properties will increase.

Secondary Mortgage Market – The purchase and sale of existing mortgages as investments.

Section – One square mile of land, or 640 acres, under the government survey system.

Separate Property – In a community property state, property owned solely by either spouse.

Servient Tenement – Property over which an easement exists in favor of an adjacent property.

Setback – The distance required by local zoning restrictions between a building line and the property’s lot lines.

Special Assessment – A fee charged to property owners who will benefit from the proposed improvements funded by the fee.

Specific Lien – A lien that affects only a certain, specific parcel of real estate.

Statute of Frauds – A state law requiring certain contracts to be in writing to be enforceable in a court of law.

Statute of Limitations – Law specifying the time period within which certain actions must be brought to court to enforce one’s rights.

Steering – The illegal practice of directing home buyers to certain areas based on their ethnicity, race, etc, to either maintain or change the character of an area.

Subdivision – A tract of land that has been subdivided by the owner, according to local regulations, into blocks, lots, and streets.

Subordination Agreement – An agreement between lien holders on a property to change the order of priority of liens, claims, judgments, or mortgages.

Substitution – An appraisal principle that says, the value of a property tends to be set by the cost of purchasing an equally desirable alternative property.

Suit to Quiet Title – A court action intended to determine the proper owner or settle a title when there is a dispute or a cloud on the title.

Taxation – A government assessment against the private sector.

Tenancy – A possessaoy interest or the right to occupy a property.

Tenancy in Common – A form of vesting in which several co-owners own their own stated portion of the property. Each co-owner has a right of inheritance.

Testate – To die with a valid will in place.

Title Insurance – A policy that protects the homeowner should a prior title defect arise later or go undiscovered in the title report.

Title Search – The process of researching and examining a property’s title history to make sure that title is clear, and free of any claims.

Trustee – A person who holds title in trust on behalf of another.

Truth-in-Lending - A federal law also called Regulation Z that requires credit institutions to disclose to buyers the true cost of financing and obtaining credit.

Unilateral Contract – A contract in which the promises of one party are contingent upon the performance of the other party (e.g. money due when services are performed)

Usury – Lenders charging an interest rate that exceeds the legal limit for those circumstances.

VA Mortgage – A loan that is guaranteed by the Department of Veterans Affairs, and made within their guidelines.

Variance – An allowance by the zoning commission to use a property in a way that does not conform to the established zoning.

Voidable – A contract that appears valid, but may be treated as legally unenforceable if one of the parties, the one that has been placed at a disadvantage, chooses to exercise that option and terminate the contract.

Will – A written document that details how a person wishes their property to be disposed after their death.

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