Aussie Home Loan
Aussie Home Loan
Aussie Home Loan

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Real Estate Terms of the Day for Aussie Home Loan



GROSS LEASE
A lease of property under which the lessee pays a fixed rent, and the lessor pays the taxes, insurance, and other charges regularly incurred through ownership.

PRINCIPAL
The amount of debt, not counting interest, left on a loan.

RESCISSION
The legal remedy of canceling, terminating or annulling a contract and restoring the parties to their original positions; a return to the status quo.

DEFAULT
Failure to meet legal obligations in a contract, including failure to make payments on a loan.

ADHESION CONTRACT
A contract which is very one-sided and favors the party who drafted the document.

IMPLIED WARRANTY OF HABITABILITY
A legal doctrine imposing on the landlord a duty to make the leased premises acceptable to live in and ready for occupancy and to continue to maintain them in a state of repair throughout the entire term of the lease.

TITLE SEARCH
Examination of municipal records to ensure that the seller is the legal owner of a property and that there are no liens or other claims against the property.

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