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TRANSFER TAX Tax paid when title passes from one owner to another. SUBJECT TO MORTGAGE A grantee taking title to real property "subject to mortgage" is not personally liable to the mortgagee for payment of the mortgage note. In the event the grantor-mortgagor defaults in paying the note, the grantee could, however, lose property, and thus his equity, in a foreclosure sale. PUFFING Exaggerated or superlative comments or opinions not made as representations of fact and thus not a grounds for misrepresentation. A statement such as "the apartment has a fantastic view," is puffing because the prospective buyer can clearly assess the view in each case. LEGAL NOTICE That notice which is either implied or required by law. Constructive notice under the recording laws is also referred to as legal notice. FRONTAGE The length of a property abutting a street or body of water; that is, the number of feet that "front" the street or water. TENANCY AT WILL A tenancy in which a person is in possession of real estate with the permission of the owner, for a term of unspecified or uncertain duration, as when an owner permits a tenant to occupy a property until it is sold. MONEY The cash deposit (including initial and additional deposits) paid by the prospective buyer of real property as evidence of his good faith intention to complete the transaction; called hand money or a binder in some states. |
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